The Federal Reserve formally unveiled terms Friday that will allow nonprofit organizations to borrow through its $600 billion loan program for small and midsize businesses disrupted by the coronavirus pandemic. The central bank had earlier put forward a proposal to extend the Main Street Lending Program to schools, hospitals and other social-service organizations. The terms announced Friday will open the program to nonprofit organizations with at least 10 employees and as many as 15,000 employees. The Fed also eased certain financial eligibility criteria to allow a wider range of nonprofit operating models. The loans will be available to nonprofits with endowments of no more than $3 billion and that have been in operation at least five years. source