News & Analysis as of

Eligibility Federal Reserve

Troutman Pepper

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

Troutman Pepper on

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

Proskauer Rose LLP

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

Proskauer Rose LLP on

Fed Releases Updated Frequently Asked Questions for Business and Nonprofit Facilities and Instructions for Lender Required Documentation - On September 18, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”)...more

Proskauer Rose LLP

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

Proskauer Rose LLP on

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

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

Gould + Ratner LLP on

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

Fox Rothschild LLP

Main Street 101 – What Businesses Need To Know About The Main Street Lending Program

Fox Rothschild LLP on

The now-operational Main Street Lending Program (MSLP) provides opportunities for low-interest, federally subsidized loans for businesses with 15,000 or fewer employees and up to $5 billion in revenue in 2019. However,...more

Pullman & Comley, LLC

Federal Reserve Board Expands Main Street Lending Program to Provide Loans for Non-Profit Organizations

Pullman & Comley, LLC on

On July 17, 2020, the U.S. Federal Reserve Board expanded the Main Street Lending Program to provide access to loans for eligible nonprofit organizations.  Previously, nonprofit organizations were not eligible to participate...more

Hicks Johnson

Guidance for MSLP Lenders: How to Minimize Litigation Exposure

Hicks Johnson on

While the Main Street Lending Program (“MSLP”) was designed to ameliorate economic harm caused by the COVID-19 pandemic, it leaves lenders open to possible litigation exposure if borrowers fail to satisfy their obligations....more

Schwabe, Williamson & Wyatt PC

CARES Act Questions for the Agricultural Industry - Update #3

Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more

Schwabe, Williamson & Wyatt PC

CARES Act Questions for the Manufacturing, Distribution and Retail Industry - Update #5

Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more

Proskauer Rose LLP

Where is Main Street? The Federal Reserve Provides Guidance on the Main Street Lending Program (Updated June 2020)

Proskauer Rose LLP on

UPDATE: Fed Proposes Expansion of Program to Cover Nonprofits - On June 15, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) announced it was seeking public feedback on its proposal to expand the Main Street...more

Foley Hoag LLP

Main Street Lending Facilities under the CARES Act - Update #2

Foley Hoag LLP on

On June 8, 2020, the Board of Governors of the Federal Reserve System (the “Fed”) released improvements favorable to borrowers for its three lending programs (the “Main Street Facilities”) under the Coronavirus Aid, Relief...more

Hinshaw & Culbertson LLP

Federal Reserve Expands Scope of Loan Options and Size of Eligible Businesses Under Main Street Lending Program

On June 8, 2020, the Federal Reserve Board (Board) announced an expansion of the scope and eligibility for its Main Street Lending Program. The Board also issued an updated FAQ for the program on June 9, 2020. Under the...more

Partridge Snow & Hahn LLP

Federal Reserve Board Expands Municipal Liquidity Facility Eligibility

The Federal Reserve Board has expanded the number and type of governmental entities eligible to utilize the Municipal Liquidity Facility (MLF) that was established to help state and local governments manage cash flow...more

Perkins Coie

The Federal Reserve’s Main Street Lending Program: What Borrowers Need to Know (Updated June 9, 2020)

Perkins Coie on

This update amends our prior publication on June 5, 2020, and contains new information based on additional guidance provided by the Federal Reserve on June 8, 2020. Authorized under the Coronavirus Aid, Relief, and...more

Lowenstein Sandler LLP

Five Things to Know About the Pre-Launch Update to the Main Street Lending Program

Certain provisions of the coronavirus economic stimulus legislation are subject to the ongoing issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified,...more

White & Case LLP

Federal Reserve Releases New Details About TALF 2.0

White & Case LLP on

In response to the economic consequences of the measures being taken to contain the spread of the novel coronavirus (COVID-19), the Board of Governors of the Federal Reserve System (the "Federal Reserve") revived the Term...more

Dechert LLP

Federal Reserve Further Revises Term Sheet and Releases FAQ for the Term Asset-Backed Securities Loan Facility (TALF 2.0)

Dechert LLP on

On May 12, 2020, the Federal Reserve Board of Governors (the “Fed”) and the Federal Reserve Bank of New York (the “FRBNY”) released an updated term sheet (the “New Term Sheet”) and Frequently Asked Questions (the “TALF FAQs”)...more

Dechert LLP

Federal Reserve Releases FAQ for the Primary Market Corporate Credit Facility (PMCCF)

Dechert LLP on

On May 4, 2020, the Federal Reserve Bank of New York (the “Federal Reserve”) released Frequently Asked Questions (the “FAQs”) regarding the Primary Market Corporate Credit Facility (“PMCCF”) program, providing greater detail...more

Hinshaw & Culbertson LLP

Federal Reserve Board Expands Scope and Eligibility of Main Street Lending Program

On April 30, 2020 the Federal Reserve Board (the "Board") announced an expansion of the scope and eligibility for its Main Street Lending Program. Under the three Facilities—the Main Street New Loan Facility (the "New...more

Proskauer Rose LLP

Corporate Credit Facility Update: Latest Federal Reserve Guidance on CCF Programs

Proskauer Rose LLP on

On May 4, 2020, the Federal Reserve published an updated set of Frequently Asked Questions (“FAQs”) concerning the Primary Market Corporate Credit Facility (the “PMCCF”) and Secondary Market Corporate Credit Facility (the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Updated Guide to the Main Street Lending Program

The Main Street lending program is a key component of the federal government's response to the economic impact of the COVID-19 pandemic. Implemented and primarily funded by the Federal Reserve, the program is expected to...more

Dechert LLP

Summary of the Federal Reserve Main Street Lending Program

Dechert LLP on

The Federal Reserve Bank (the “Fed”) and the U.S. Department of the Treasury (the “Treasury”) announced preliminary details for the Main Street Lending Program (the “MSLP”) on April 9, 2020. Additional details and guidance as...more

Manatt, Phelps & Phillips, LLP

Main Street Lending Program Expansion Announced

On April 30, the Federal Reserve Board, after receiving more than 2,200 letters in response to a request for feedback on its Main Street Lending Program, announced an expansion of the scope of and eligibility for the program....more

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