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Jun 2020
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June 29, 2020

Matt Casey Discusses the Main Street Lending Program with Crain’s Detroit Business

Matthew K. Casey discussed the market’s lukewarm reception to the Federal Reserve’s Main Street Lending Program in a Crain’s Detroit Business article titled, “This program has $600B available. Demand? Not so Much.”

 
Unlike the earlier Paycheck Protection Program that garnered immediate support for its potentially forgivable loans, Main Street’s initial response has been slow. “I have not heard anything with respect to great demand yet,” said Casey, a partner in Warner’s Macomb office. 
 
Casey was among several industry insiders who suggested there are a myriad of reasons for the program’s muted response thus far, including program complexity, competitive rates, few participating banks and the continued economic uncertainly resulting from the pandemic. However, as Main Street becomes more established and increases the number of lending partners, it will likely begin attracting interest from businesses that had been financially stable prior to COVID’s arrival, but are now in need of additional liquidity to help bridge the gap until the economy more fully recovers. 
 
Casey and the Warner’s Financial Services Group attorneys have been closely monitoring Main Street Lending Program and are ready to help businesses assess if the program is right for them. Crain’s Detroit Business subscribers can read the full article HERE.

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