Where is Main Street?—The Federal Reserve Provides Guidance on the Main Street Lending Program - July 2020 #2

Originally published on May 4, 2020. Last updated as of July 20, 2020.

On July 17, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) released updated term sheets for two new loan facilities: the Main Street Nonprofit Organization New Loan Facility (“Nonprofit New Loan Facility,”) and the Main Street Nonprofit Organization Expanded Loan Facility (“Nonprofit Expanded Loan Facility,”). The Nonprofit New Loan Facility and the Nonprofit Expanded Loan Facility are collectively referred to in this alert as the “Nonprofit Facilities.”

On July 15, 2020, the Boston Fed released an updated set of Frequently Asked Questions (“FAQs”,) in the wake of the launch of the Main Street Lending Program (the “Program”) on July 6, 2020. The Federal Reserve has indicated the Program is fully operational and ready to purchase participations in Eligible Loans that are submitted to the Program by registered Eligible Lenders, and the Boston Fed is encouraging Eligible Lenders to begin submitting qualifying loans.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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