Monthly Minute | Financial Relief for COVID-19
How to Navigate the After Effects of the U.S. Stimulus Packages
As part of its ongoing investigation into the Federal Reserve’s administration of pandemic relief lending programs, House Select Subcommittee on the Coronavirus Crisis Chair James E. Clyburn sent a letter to Fed Chair Jerome...more
Happy post-election, post-socially-distanced Thanksgiving, and pre-New Year’s newsletter. Banks, non-banks, and FinTechs can look forward to eight days of announcements from the Biden transition team with their latkes and...more
The COVID-19 pandemic has stressed the M&A market at every stage of the deal-making process – from complicating on-site visits and intensifying the diligence process to introducing valuation gaps (relative to pre-COVID-19...more
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
The window for the Main Street Loan Program (“Main Street Program”), designed to provide loans with favorable terms to midsize companies to help address the economic fallout caused by the pandemic, is closing on December 31,...more
The Federal Reserve recently adjusted the terms of the Main Street Lending Program (MSLP) to better target support to smaller businesses....more
Updated Benefits for Senior Living Facility Owners and Operators - Effective October 30, 2020, the Federal Reserve updated its Term Sheets and Frequently Asked Questions (the “Updated FAQs”) describing the Main Street...more
In our last general discussion on the Main Street Lending Program (the “Program”), we focused on providing an overview of the Program and some key commercial and legal matters for borrowers and lenders to consider when making...more
Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the U.S. Small Business Administration (the “SBA”) and the U.S Treasury Department (“Treasury”) have issued a...more
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
On August 24, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) published an updated set of Frequently Asked Questions for the Business Facilities (defined below) and an updated set of Frequently Asked Questions for...more
Comments made by Department of Justice (DOJ) attorneys during a recent webinar provided insight into the government’s civil enforcement priorities related to the coronavirus pandemic. In particular, government attorneys...more
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
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
Once a month, we cover an interesting topic. This month, Senior Associate Richard Goldstucker and Summer Associate Bennett Gillogly discuss COVID-19 financial relief and the Main Street Lending Program....more
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
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
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
On July 15, 2020, the Federal Reserve published a number of changes to the Main Street Lending Program’s frequently asked questions, which FAQs were amended to provide further guidance on a number of issues. The Federal...more