Main Street Lending Program is now live (as in lenders can sign up and start offering loans).
Detailed write-up available in my signature line.
They're offering great loan amounts (4X or 6X 2019 EBIDTA less outstanding and undrawn debt)
Unimpressed with interest rate (floating rate of 3%+ 1mos or 3mos LIBOR)
Unimpressed with origination fee (1% for most .75% for some large lenders upping existing loans)
Businesses who received a PPP or EIDL loan are eligible.
It is unclear if sole proprietors are eligible.
Businesses operating in certain industries (banking, life insurance, gambling, illegal activities, etc) are ineligible, same as with PPP/EIDL.
Unlike EIDL (but along the lines of PPP) passive income entities (such as developers and landlords) are ineligible.