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
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
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
On August 4, 2020, the Federal Reserve presented on the use of the Main Street Lending Program by Tribal Entities (as defined below). While the presentation was in large part a summary of the already well-known components of...more
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
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
In a news cycle dominated by labor negotiations between Major League Baseball (MLB) and the Major League Baseball Players Association (MLBPA), pressing Minor League Baseball (MiLB) issues have been relegated to a footnote. ...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
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
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
On June 8, 2020, the Board of Governors of the Federal Reserve System (Federal Reserve) issued a Press Release (the FRB Press Release) announcing an expansion of its Main Street Lending Program (Program) to help more small-...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
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
The Federal Reserve Bank of Boston (Fed) recently issued updated FAQs, form agreements and instructions for the Main Street Lending Program (MSLP). The MSLP was established pursuant to the Coronavirus Aid, Relief, and...more
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