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Board Report: 2023-FMIC-B-017 October 18, 2023
The Board authorized the Main Street Lending Program to keep credit flowing to small and medium for-profit businesses and nonprofits during the COVID-19 pandemic.
To monitor the credit quality of MSLP loans, the Federal Reserve Bank of Boston, which administers the MSLP, established and followed processes for quarterly credit scoring, including monitoring payment performance, as well as a process for loan modification in case of borrower delinquency, bankruptcy, or other such risks.