On August 6, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) published an updated set of Frequently Asked Questions for the Nonprofit Facilities (defined below) (“Nonprofit FAQs”) which are part of the Main Street Lending Program (the “Program”).
As noted in our prior alerts (and in numerous updates to this alert), the Department of the Treasury will use funding from the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to make a $75 billion equity investment in the Program through MS Facilities LLC (the “SPV”), a special purpose vehicle operated by the Boston Fed. The Program will leverage this investment from Treasury up to eight times, for up to $600 billion in term loans for eligible borrowers.
Please see full publication below for more information.