The Federal Reserve Bank of Boston (Fed) recently issued updated FAQs, form agreements and instructions for the Main Street Lending Program (MSLP). The MSLP was established pursuant to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to purchase up to $600 billion in loans from eligible borrowers. This Legal Update sets forth considerations for borrowers and lenders in the real estate industry in evaluating whether to participate in the MSLP. This Legal Update is not intended as a comprehensive description of the terms, conditions and requirements for the MSLP, which can be found in our June 1, 2020 Legal Update. This Legal Update incorporates changes made to the MSLP on June 7, 2020 and we continue to monitor the developments with respect to the MSLP and will issue updates as the Fed publishes additional guidance.