This week we continue our focus on NAV loans and, more specifically, a common structuring issue for NAV secondaries facilities: the “indirect pledge.” For our purposes, NAV secondaries facilities refer to loans to secondary...more
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
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
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
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
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, 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
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
As a result of tax and other revenue deferrals and other Coronavirus-related stressors affecting state and local governments, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) announced on April 9,...more
Below is a summary of the Main Street New Loan Facility and the Main Street Expanded Loan Facility, details of which were released by the Federal Reserve this morning. Arent Fox will continue to update, and expand on, this...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 Treasury Department and the Federal Reserve announced two new lending facilities to provide capital to small- and medium-sized businesses. The Main Street New Loan Facility (the “New Loan Facility”) will...more
On April 9, the Federal Reserve Board announced updated terms for two facilities to support corporate debt markets. The Primary Market Corporate Credit Facility (“PMCCF”) will serve as a funding backstop for corporate debt...more
Federal Reserve set to make up to $600 billion available to eligible small and mid-sized businesses. On April 9, 2020, the Board of Governors of the Federal Reserve System (Federal Reserve) announced details regarding the...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