In This Issue. The U.S. Department of the Treasury (Treasury) and the Small Business Administration (SBA) released an interim final rule to reflect changes made by H.R. 7010, the Paycheck Protection Program Flexibility Act,...more
The CARES Act included language permitting the Federal Reserve Board to establish a "Main Street Lending Program," or other similar program or facility to support lending to small and mid-sized businesses. Toward this end,...more
On April 9, 2020, the Federal Reserve (the “Fed”) announced that it is taking additional action to provide up to $2.3 trillion in loans to support the economy through various programs, including the Main Street Lending...more
On April 9, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) announced several programs intended to address the negative economic effect of business closures resulting from the COVID-19...more
On April 9, the Federal Reserve announced the general terms of the Main Street Lending Program provided for in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and published a term sheet for each of the...more
On April 9, the Treasury Department announced the establishment of a Main Street Business Lending Program designed to fund a special purpose vehicle (SPV) that will purchase 95 percent of loans from eligible lenders that make...more
On April 9, 2020, the Federal Reserve announced actions to implement the Main Street Lending Program authorized under Section 13(3) of the Federal Reserve Act. The program consists of two credit facilities aimed at small and...more
Title IV of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) provides for up to $500 billion in loans and loan guarantees to Federal Reserve programs and facilities to be made available to mid-size...more
In response to unprecedented health care demands and economic conditions caused by the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on Friday, March 27, 2020. The Act...more
On April 9, the U.S. Federal Reserve provided details on $2.3 trillion of new loan programs that are made available under the CARES Act, including terms for the Main Street New Loan Facility and Main Street Expanded Loan...more
The Federal Reserve Board recently unveiled several programs under the CARES Act. The two primary programs, the Main Street New Loan Facility and Main Street Expanded Loan Facility, are available to privately held mid-sized...more
On April 9, 2020, the Federal Reserve announced the details of the Main Street Lending Program (the Program), which is a lending program authorized by the CARES Act for purposes of supporting the economy during the COVID-19...more