The Federal Reserve began accepting lender applications to participate in the Main Street Lending Program (the “Program”), which is a lending program intended to provide liquidity to small and medium-sized businesses with 15,000 or fewer employees or $5 billion or less in 2019 revenue. See our prior client alerts for general information about the Program, specific information on prior revisions to the terms of the Program, information on recent guidance from the Federal Reserve Bank of Boston and news on the expansion of the Program. This presentation describes the Program in detail, and this cheat sheet provides a high-level summary of the Program.

The Federal Reserve began lender registration and is expected to begin buying loan participations soon. Term sheets for each of the facilities can be found at the following links: New Loan Facility, Priority Loan Facility, and Expanded Loan Facility.