News & Analysis as of

Borrowers Main Street Lending Programs

Buchalter

Buchalter COVID-19 Client Alert: Expert Advice for New Phases for Lenders and Borrowers on PPP and MSLP Loans: PPP Loan...

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The Federal government’s COVID emergency loan programs and credit facilities have moved into critical new phases. As highlighted by the recent media focus on the new SBA PPP Forgiveness Questionnaire for borrowers, both...more

Buchalter

Buchalter COVID-19 Client Alert: Federal Reserve Issues New Main Street Lending Program FAQs Regarding Restrictions on Underlying...

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The Federal Reserve has issued amended FAQs for the for-profit and non-profit Main Street Lending Programs. The FAQs address the following: • Restrictions on underlying credit facilities for MSELF Upsize Tranches; •...more

Bond Schoeneck & King PLLC

Main Street Lending Program Update: Minimum Loan Size for Certain Facilities Available to For-Profit and Non-Profit Borrowers...

The Federal Reserve announced on October 30, 2020 that the minimum loan size for three Main Street Lending Program facilities available to for-profit and nonprofit borrowers, (1) the Main Street New Loan Facility (MSNLF), (2)...more

Schwabe, Williamson & Wyatt PC

Main Street Lending Program Overview for Nonprofits and For-Profit Businesses - Update

The Federal Reserve Bank of Boston announced on July 6, 2020, that the Main Street Lending Program (“Main Street Program” or “Program”) is now fully operational and ready to purchase participation in eligible loans that are...more

Baker Donelson

Main Street Lending: Practical Insights

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For six months, the Federal Reserve has been developing and refining the products, purpose and eligibility for the Main Street Lending Program. The portal finally opened for loans at the end of July, and in September, the...more

Bond Schoeneck & King PLLC

Main Street Lending Program Update: Webinar for Borrowers with Q&A to be Presented by the Federal Reserve Bank of Boston on...

October 15, 2020 By: Jeffrey B. Scheer and Anna W. Richards As we previously advised, the Main Street Lending Program is fully operational and is accepting submissions of eligible loans to nonprofit organizations and...more

Troutman Pepper

Nonprofit, Multi-Borrower Loans and Other Updates to the Main Street Lending Program

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Who Needs to Know - Lenders and potential borrowers considering making loans or borrowing under the MSLP. Why It Matters - In the month of September, the Federal Reserve Bank of Boston (Boston Fed) released...more

Goodwin

Federal Reserve Proposes Rules To Modernize Regulations That Implement CRA

Goodwin on

In the News. The Board of Governors of the Federal Reserve System (Federal Reserve) proposed rules to modernize the regulations that implement the Community Reinvestment Act (CRA); the Conference of State Bank Supervisors...more

McGuireWoods LLP

Main Street Lending Program Opens to Nonprofits, Multiborrower Loans

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The Federal Reserve recently expanded access to the Main Street Lending Program (MSLP) by fully opening the program to nonprofit organizations (NPOs) and accepting submissions of multiborrower loans. The Federal Reserve also...more

Bond Schoeneck & King PLLC

The Main Street Lending Program is Now Operational for Loans to Nonprofit Organizations

The Federal Reserve Bank of Boston announced on Friday that the Main Street Lending Program is now fully operational and is accepting submissions of eligible loans to nonprofit organizations, submitted by eligible lenders....more

Jackson Walker

CARES Act Update – Overview of Expanded Main Street Lending Program

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides emergency economic stimulus to small businesses and certain eligible recipients in response to the economic distress caused by the COVID-19 pandemic. The...more

Adler Pollock & Sheehan P.C.

Federal Reserve Releases Amended Form Documents For Its Main Street Lending Program To Accommodate Nonprofit Lending Facilities

On July 31, 2020, the Federal Reserve Bank of Boston (the “Reserve Bank”) released amended form documents and certifications (the “Form Documents”) for the Main Street Lending Program (the “Program”) to accommodate the...more

Proskauer Rose LLP

Where is Main Street?—Fed Provides Guidance on the Main Street Lending Program - August 2020

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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...more

Bond Schoeneck & King PLLC

Recent Updates on the Main Street Lending Program Applicable to Nonprofits

The Main Street Lending Program (MSLP) includes facilities for for-profit businesses as well as nonprofit organizations. The Federal Reserve Board has recently announced a number of clarifications and changes to the Main...more

Troutman Pepper

Federal Reserve Adds Nonprofit Loan Facilities and Other Updates to the Main Street Lending Program

Troutman Pepper on

MSLP Facilities for For-Profit Businesses - Since mid-July, the Boston Fed has updated the business MSLP FAQs twice (releases on July 15 and July 31) with additional details and clarifications. Significant changes and...more

Clark Hill PLC

Main Street Lending Program Open to Businesses

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As part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted by Congress and signed into law by the President last March, the Federal Reserve has made the Main Street Lending Program (the...more

McGuireWoods LLP

Federal Reserve Extends, Expands Main Street Lending Program

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The Federal Reserve recently extended the Main Street Lending Program (MSLP) through the end of 2020 and expanded eligibility for nonprofit organizations (NPOs). The Federal Reserve established the MSLP to support lending...more

Hinshaw & Culbertson LLP

Main Street Lending Program Expanded for Nonprofit Organizations

The Main Street Lending Program has been modified by the Federal Reserve Board (Board) to provide new access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations....more

Adler Pollock & Sheehan P.C.

Federal Reserve Releases FAQs For Nonprofit Lending Facilities Under Main Street Lending Program

On July 23, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) released Frequently Asked Questions (“FAQs”) for its Nonprofit Organization New Loan Facility (the “NONLF”) and Nonprofit...more

Gould + Ratner LLP

Main Street Lending Program Now Provides Opportunities for Nonprofits

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Nearly three months after its initial announcement, on June 15, 2020, the Federal Reserve launched its Main Street Lending Program (MSLP), offering additional support for small and mid-size businesses struggling as a result...more

Locke Lord LLP

Help for Main Street: Federal Reserve Announces Expansion of Main Street Lending Program to Provide Greater Access to Credit for...

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The Main Street Lending Program (“MSLP”), established pursuant to Title IV of the Coronavirus Aid, Relief, and Economic Security Act, or “CARES Act” and Section 13(3) of the Federal Reserve Act, was created to provide up to...more

Adler Pollock & Sheehan P.C.

Federal Reserve Approves Nonprofit Organizations For Main Street Lending Program And Releases Updated Term Sheets

On June 15, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) proposed the expansion of its Main Street Lending Program (the “Program”), which was originally established to support lending to...more

Pillsbury Winthrop Shaw Pittman LLP

Fed Updates its Guidance for the Main Street Lending Program

The update generally provides further clarifications to existing guidance, but one change regarding the Expanded Loan Facility could enable eligible borrowers to access additional funding that was previously unavailable to...more

Kilpatrick

Main Street Lending Program Update: Lenders Accepting Applications

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The Boston Federal Reserve Board (Fed) announced that the Main Street Lending Program (MSLP) is fully operational. Approved lenders across the country are now accepting MSLP applications for loans ranging from $250,000 to...more

Holland & Hart LLP

Main Street Lending Program Now Open to Borrowers and Lenders

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On July 6, 2020, the Federal Reserve Bank of Boston announced that the Main Street Lending Program is now fully operational. This means that lenders who registered for the program can administer, and borrowers can apply for,...more

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