The “Main Street Lending Program” has 3 “Facilities” or sub programs.
The “Priority Loan Facility”.
*Requires this loan to be priority or the same secured as other debt.
*limited to 6 times EBITDA.
*500k - 25M.
The “New Loan Facility”.
*Can be added to existing debt.
*Combined outstanding debt limited to 4 times EBITDA.
*500k - 25M
The “Extended Loan Facility”.
*Increases existing debt by up to 35%.
*Combined outstanding debt limited to 6 times EBITDA.
*10M - 200M.
Sounds too good? The catch? Distributions are not allowed.. only to pay taxes on shareholders income.
But salaries are allowed.. and anyone over 425k can’t get an increase.
EBITDA =
Earnings before interest, taxes, depreciation, and amortization.
EBITDA is higher than Net Income. It is used to calculate how much income a business potentially has available to pay debt.
The program is in the process of being rolled out... speak to you banker if this seems for you, or you can DM for a banker's contact info #covid19relief#mainstreetlending
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