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
On July 28, the Federal Reserve announced that many of its emergency lending facilities, including the Main Street Lending Program’s New Loan Facility, Priority Loan Facility, Expanded Loan Facility, Nonprofit Organization...more
Originally published on May 6, 2020. Last updated as of June 29, 2020. On June 29, 2020, the Federal Reserve Bank of New York (the “New York Fed”) published an updated set of Frequently Asked Questions (“FAQs”) concerning...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
Originally published on May 6, 2020. Last updated as of June 22, 2020. On June 15, 2020, the Federal Reserve Bank of New York (the “New York Fed”) published an updated set of Frequently Asked Questions (“FAQs”) concerning...more
The Federal Reserve took additional actions on April 9 to provide up to $2.3 trillion in loans to support the US economy during the coronavirus (COVID-19) pandemic. This LawFlash covers the new and expanded programs, and...more
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
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
The Federal Reserve Bank of New York (“NY Fed”) published additional guidance for the Primary Market Corporate Credit Facility (“PMCCF”) and the Secondary Market Corporate Credit Facility (“SMCCF”, and, jointly, the...more
On May 4, 2020, the Federal Reserve Bank of New York (“the Fed”) released Frequently Asked Questions (“FAQ”) regarding the previously announced Primary Market Corporate Credit Facility (“PMCCF”) and the Secondary Market...more
In response to public input, loan options under the Main Street Lending Program have increased and eligible businesses expanded. The pool of businesses eligible to borrow has been expanded....more
Additional corporate credit facilities under the CARES Act for corporate debt and corporate bonds issued by eligible issuers. Treasury will provide $75 billion in equity to the PMCCF and SMCCF. ...more
Further economic measures provide support for small and mid-sized businesses, as well as state and local economies facing pandemic hardships. The Federal Reserve, in its continuing efforts to safeguard financial markets,...more
Like our clients, Holland & Knight's Financial Services Industry Group is committed to actively contributing to our nation's response to the coronavirus (COVID-19) pandemic and related economic fallout and recovery efforts....more
On April 9, 2020, the Federal Reserve released the term sheet for the Primary Market Corporate Credit Facility (PMCCF) to support the flow of credit to highly rated issuers with significant operations and a majority of its...more
Section 13(3) of the Federal Reserve Act authorizes the Federal Reserve Board (FRB) in “unusual and exigent circumstances” to establish programs or facilities with “broad-based eligibility” that allow a Federal Reserve Bank...more
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, or Act) was signed into law. The Act provides much-needed financial relief to businesses in the United States. While most of the aid is...more
On April 9, 2020, the Federal Reserve Board of Governors (the “Fed”) released an updated term sheet for the Primary Market Corporate Credit Facility (“PMCCF”) program, providing additional detail and further clarification of...more
On March 23, 2020, the Federal Reserve announced several new measures aimed at confronting the economic fallout from the COVID-19 pandemic and keeping credit markets functioning. One of these measures is the establishment of...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became law on March 27, 2020. The economic stimulus package in the CARES Act includes federal funding for business stimulus across three broad categories. ...more
The Federal Reserve has established a number of programs to provide targeted support to the corporate credit, asset-backed securities, money market and commercial paper markets in light of the evolving coronavirus disease...more
On March 23, the Federal Reserve announced several new measures it will take in an effort to support and stimulate the economy during the COVID-19 pandemic. The Federal Open Market Committee will purchase Treasury securities...more
In response to the ongoing market turmoil created by the coronavirus/COVID-19 pandemic, the Federal Reserve has established a number of market stability and liquidity programs, many of which may be of interest to funds (both...more