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Main Street Priority Loan Facility Borrowers

Bond Schoeneck & King PLLC

Main Street Lending Program Update: Minimum Loan Size for Certain Facilities Available to For-Profit and Non-Profit Borrowers...

The Federal Reserve announced on October 30, 2020 that the minimum loan size for three Main Street Lending Program facilities available to for-profit and nonprofit borrowers, (1) the Main Street New Loan Facility (MSNLF), (2)...more

Schwabe, Williamson & Wyatt PC

Main Street Lending Program Overview for Nonprofits and For-Profit Businesses - Update

The Federal Reserve Bank of Boston announced on July 6, 2020, that the Main Street Lending Program (“Main Street Program” or “Program”) is now fully operational and ready to purchase participation in eligible loans that are...more

McGuireWoods LLP

Main Street Lending Program Opens to Nonprofits, Multiborrower Loans

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The Federal Reserve recently expanded access to the Main Street Lending Program (MSLP) by fully opening the program to nonprofit organizations (NPOs) and accepting submissions of multiborrower loans. The Federal Reserve also...more

Jackson Walker

CARES Act Update – Overview of Expanded Main Street Lending Program

Jackson Walker on

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

Troutman Pepper

Federal Reserve Adds Nonprofit Loan Facilities and Other Updates to the Main Street Lending Program

Troutman Pepper on

MSLP Facilities for For-Profit Businesses - Since mid-July, the Boston Fed has updated the business MSLP FAQs twice (releases on July 15 and July 31) with additional details and clarifications. Significant changes and...more

Pillsbury Winthrop Shaw Pittman LLP

Fed Updates its Guidance for the Main Street Lending Program

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

Kilpatrick

Main Street Lending Program Update: Lenders Accepting Applications

Kilpatrick on

The Boston Federal Reserve Board (Fed) announced that the Main Street Lending Program (MSLP) is fully operational. Approved lenders across the country are now accepting MSLP applications for loans ranging from $250,000 to...more

McGuireWoods LLP

Main Street Lending Program Now Open: Eligible Loans Under Old Term Sheets to be Submitted Within 14 Days

McGuireWoods LLP on

On July 6, 2020, the Federal Reserve Bank of Boston announced that it is now ready to purchase 95 percent participations in eligible loans submitted by registered lenders under the Main Street Lending Program (MSLP)....more

Pillsbury Winthrop Shaw Pittman LLP

Main Street Lending Program: Summary for Small and Medium-Sized Businesses

On June 8, the Federal Reserve released updated guidance for the Main Street Lending Program. Pillsbury’s Public Policy and Finance teams provide a synopsis of the often-updated program’s eligibility requirements and loan...more

ArentFox Schiff

Main Street Lending Program: Updated Benefits for Senior Living Facility Owners and Operators

ArentFox Schiff on

Effective June 20, 2020, the Federal Reserve updated its Term Sheet and Frequently Asked Questions (the “Updated FAQs”) describing the Main Street Lending Program (the “Program”) to expand the number of businesses that may be...more

ArentFox Schiff

Fed Once Again Expands Main Street Lending Program for Hotel Owners and Operators

ArentFox Schiff on

Effective June 20, 2020, the Federal Reserve updated its Term Sheet and Frequently Asked Questions (the “Updated FAQs”) describing the Main Street Lending Program (the “Program”) to expand the number of businesses that may be...more

Jackson Walker

CARES Act Update – Overview of Expanded Main Street Lending Program

Jackson Walker on

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

ArentFox Schiff

Federal Reserve Board Announces Nonprofit Organization Loan Facilities Under Main Street Lending Program

ArentFox Schiff on

Draft term sheets issued by the Federal Reserve Board announce a proposed expansion of the Main Street Lending Program to certain Nonprofit Organizations. On Monday, June 15, 2020, the Federal Reserve Board (the Board)...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

Sheppard Mullin Richter & Hampton LLP

Main Street Loan Program – US Subsidiaries of Foreign Companies Can Apply

The US Federal Reserve has confirmed in its Main Street Loans frequently-asked-questions-faqs about the Main Street lending program (the “FAQ”) that US subsidiaries of foreign companies can be eligible borrowers under the...more

Sheppard Mullin Richter & Hampton LLP

Fed Provides Further Updates to Main Street Lending Program, Expanding Availability in Advance of Program Launch

On June 8, 2020, the Federal Reserve Bank of Boston, the administrator of the Federal Reserve’s Main Street Lending Program, released updated term sheets for the three types of loans, “New,” “Priority” and “Expanded,” that...more

Foley & Lardner LLP

CARES Act – Federal Reserve Main Street Loan Facilities - Updated June 12, 2020

Foley & Lardner LLP on

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

McGuireWoods LLP

Federal Reserve Tweaks Terms of Main Street Lending Program Ahead of Launch

McGuireWoods LLP on

On June 8, 2020, the Federal Reserve released updated term sheets and guidance for the Main Street Lending Program (MSLP). The MSLP is designed to provide support to small and medium-sized businesses and their employees...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

Locke Lord LLP

Help for Main Street: Borrower Certifications and Covenants for the Main Street Lending Program

Locke Lord LLP on

On May 27, 2020, the Federal Reserve Bank of Boston (the “Boston FRB”), which will administer the Federal Reserve’s Main Street Lending Program (the “Program”), released updates to the Federal Reserve’s Frequently Asked...more

Ballard Spahr LLP

FRB Boston Releases Main Street Lending Program Documentation and FAQs

Ballard Spahr LLP on

On May 27, 2020, the FRB Boston (the FRB Boston) released form documents and expanded explanatory materials including updated Frequently Asked Questions (the FAQs) for the Main Street Lending Program (the MSLP)....more

White and Williams LLP

The Main Street Business Lending Program – Forms and Agreements

On May 27, 2020, the Federal Reserve Bank of Boston (FRBB) released several forms, agreements and instructions (Required Documentation) for Eligible Lenders and Eligible Borrowers pertaining to the Main Street Business...more

Pillsbury Winthrop Shaw Pittman LLP

The Main Street Lending Program: Additional Guidance for Borrowers

Companies that may want to borrow under the Main Street Lending Program should take note of additional guidance recently issued by the Federal Reserve Bank of Boston. The Federal Reserve Bank of Boston has issued further...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

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