At long last, the Federal Reserve has officially opened its Main Street Lending Program this week, inviting lender to register for the program so they can begin loaning immediately. The program, which has been in the works and on the drawing board since early April, not long after the coronavirus pandemic caused the economic shutdown across the United States, offers up to $600 billion in loans for larger businesses including those ineligible for the Paycheck Protection Program (PPP). As we advised a few weeks ago, the original parameters necessary to qualify for the program were increased over the past few weeks to fewer than 15,000 employees (originally 10,000 employees) and less than $5 billion in revenue (doubled from the earlier ceiling of $2.5 billion in revenue). More detailed information for businesses is available here on the Federal Bank of Boston website for those businesses interested in borrowing under the program. In order to participate as program lenders, financial institutions must register with the central bank through its program portal here. In related news, Federal Reserve Chairman Jerome Powell testified before the Senate Banking Committee this week and warned the committee that the U.S. economy would not recover quickly by merely having businesses reopen. Rather, he opined that true economic recovery will most likely require more COVID-19 related economic stimulus initiatives from Washington.