The MSLP is designed for small and mid-size businesses that are unable to access the Paycheck Protection Program (PPP) or that require additional financial support after receiving a PPP loan. In general, eligible companies must have 15,000 or fewer employees or 2019 annual revenues of $5 billion or less. The Fed has committed to extending up to $600 billion of credit under the MSLP. The program, however, has come under some criticism from market participants and Capitol Hill for being too restrictive for businesses that want to borrow. 

While the Fed has made some changes to the initial terms set in April, and released the eligible lender application, as of today the MSLP is still not operational. SBIA members have expressed significant interest in the MSLP and how it might benefit their middle market companies.