Since required interest payments began in August 2021, most borrowers have been making them on time. However, delinquent payments increased to about 7.6% in August 2023. This, the GAO said, may reflect the effects of increased interest payments as rates on Main Street loans rose from less than 0.2% at the program's start to 5.33% in August 2023. GAO reported that 610 loans (or about 3%) had been fully repaid, and 45 loans (or about 2.5%) had recorded losses. Supporting loans to non-profit institutions: In July 2020, the Fed expanded the Main Street Lending Program to non-profits, including hospitals, schools, and social service organizations that were in sound financial condition before the pandemic. Borrowers needed at least 10 employees and endowments of no more than $3 billion, among other eligibility conditions. The loans were for five years, but payment of principal was deferred for the first two years. As with loans to businesses, lenders retained 5% of the loans. This addition to the Main Street program lapsed with the rest of the facility on January 8, 2021

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