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
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...more
UPDATE: Where is Main Street?—Fed Provides Guidance on the Main Street Lending Program - On June 8, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) released information for potential lenders and borrowers in...more
On Monday, June 8, 2020, the Federal Reserve Board announced changes to the Main Street Lending Program intended to allow a greater number of small and medium sized businesses to participate in the program. The Federal...more
On April 9, 2020, the Federal Reserve unveiled the “Main Street Lending Program” (Program) which will make loans available for small and medium-sized businesses impacted by the COVID-19 pandemic. After considering more than...more
The Main Street Lending Program (the “MSLP”) is designed to provide capital to small- and medium-sized businesses that were in sound financial condition before the pandemic. The MSLP will operate through three facilities...more
On April 30, 2020, the Federal Reserve (the “Fed”) released additional details about the Main Street Lending Program (“MSLP”), and announced that it is expanding the scope of and eligibility for the program. Initially, the...more
On April 9, 2020, the Federal Reserve announced additional programs under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to provide up to $2.3 trillion in loans and other investments to support the...more
On April 15, 2020, we provided an industry alert giving a summary of the initial structure of the Main Street Lending Program (MSLP). Since that date, the Board of Governors of the Federal Reserve System (the “Board”) has...more
On April 30, the Federal Reserve announced it is expanding the scope of the Main Street Lending Program and the number of businesses eligible for it. The Fed also updated the program’s initial term sheets issued on April 9...more
On April 30, 2020, the Federal Reserve announced actions to expand the Main Street Lending Program authorized under Section 13(3) of the Federal Reserve Act. The expanded program now consists of three credit facilities (up...more
The Federal Reserve Board unanimously voted on April 30 to expand the much-anticipated Main Street Lending Program (MSLP) to facilitate lending to small and medium-sized businesses seeking to address the economic effects of...more
Like our clients, Holland & Knight's Financial Services Industry Group is committed to actively contributing to our nation's response to the coronavirus (COVID-19) pandemic and related economic fallout and recovery efforts. ...more
On April 9, 2020, the Federal Reserve, acting under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and Section 13(3) of the Federal Reserve Act (12 USC §344), announced the creation of a new “Main Street...more
Title IV of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) permits the Federal Reserve to establish the Main Street Lending Program (Program). The Program will provide eligible borrowers loans in the...more
As previously reported, in response to the coronavirus (COVID-19) pandemic, the Federal Reserve and the U.S. Department of the Treasury unveiled two lending programs – the Main Street New Loan Facility (MSNLF) and the Main...more
The Federal Reserve (Fed) this morning materially modified its “Main Street” lending program aimed at mid-sized businesses from the original concepts in its press release on April 9, as discussed here. Under the earlier...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
Further economic measures provide support for small and mid-sized businesses, as well as state and local economies facing pandemic hardships. The Federal Reserve, in its continuing efforts to safeguard financial markets,...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
Under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), the Federal Reserve System was given the discretion to create a Main Street Lending Program to support small and mid-sized businesses. On Thursday,...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