The Main Street Lending Program is designed to help companies that were in sound financial condition prior to the COVID-19 pandemic to maintain their operations and payroll until conditions normalize. The Federal Reserve Bank...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
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
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides emergency economic stimulus to small businesses and certain eligible recipients in response to the economic distress caused by the COVID-19 pandemic. The...more
The Main Street Lending Program (MSLP) was established by the Treasury Department with $75 billion from the CARES Act to enhance access to credit for small and medium-sized businesses during the COVID-19 pandemic which were...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
Effective July 6, 2020, the Federal Reserve Bank of Boston announced that the “Main Street Lending Program” is now fully operational and ready to begin purchasing commitments from eligible lenders. After months of periodic...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
On June 15, 2020, the Federal Reserve announced the launch of its Main Street Lending Program (“Main Street Program” or “Program”) under the CARES Act. This Program was created to provide up to $600 billion in liquidity to...more
The Board of Governors of the Federal Reserve System (the “Federal Reserve”) is seeking public comment on a proposal to expand the availability of its existing Main Street Lending Program (the “Program”) to nonprofit...more
The Main Street Lending Program, authorized under the CARES Act and Section 13(3) of the Federal Reserve Act, is designed to provide financial assistance to small and medium sized businesses. There will be three Main Street...more
As the Federal Reserve (the “Fed”) prepares to launch its Main Street Lending Program (the “Main Street Program”), it continues to refine program details and guidance, including based on feedback received from US banks and...more
After extensively seeking feedback from small and midsize businesses, the Federal Reserve Board expanded its $600 billion Main Street Lending Program on June 8, 2020. The Main Street Lending Program was originally established...more
In an effort to provide more support for small and medium-sized businesses, on June 8, 2020, the Federal Reserve Board (Board) revised the terms of its “Main Street Lending Program” (Program). The significant changes include:...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
In response to the coronavirus (COVID-19) pandemic, the Federal Reserve Board and the U.S. Department of the Treasury have unveiled the Main Street Lending Program (MSLP) — consisting of the Main Street New Loan Facility...more
On May 27, 2020, the Federal Reserve Bank of Boston released additional guidance in the form of revised Frequently Asked Questions (“FAQs”), along with forms and agreements, on the Main Street Lending Program...more
Federal Reserve Chairman Jerome Powell announced on May 19, 2020, before a Senate Committee that the Main Street Lending Program (Program) is anticipated to be launched around the end of May. Prospective borrowers should be...more