Feinstein Supports Federal Reserve Effort to Help Nonprofits During Pandemic

Press Release

Senator Dianne Feinstein (D-Calif.) today applauded the Federal Reserve for a proposal that would allow nonprofits to receive loans through the Main Street Lending Program.

In April, Senator Feinstein called for this change based on a provision in the CARES Act. That letter is available here.

Her statement on this week's Fed proposal follows:

"The Federal Reserve's proposal to allow nonprofits to receive Main Street Lending Program loans is an important move in the right direction. I strongly support allowing nonprofits to participate in this program as it would help many organizations suffering substantial harm during this pandemic.

"The proposal would allow creditworthy small and medium nonprofits -- organizations with between 50 and 15,000 employees that have operated for at least five years and have an endowment of no more than $3 billion -- to participate in the Fed's $600 billion lending program.

"This plan would help many California nonprofits that may otherwise have to lay off many workers or close permanently. This is particularly important during the pandemic when nonprofits are providing vital social services.

"These nonprofits boost our economy, provide critical services and are key part of our communities. They deserve our support. I encourage the public to weigh in by contacting the Federal Reserve directly during this week's public comment period."

Feedback on this proposal can be submitted online here through June 22.
Feedback will be made public so comments shouldn't include private information.

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