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Special Purpose Vehicles Federal Reserve

Cadwalader, Wickersham & Taft LLP

Fed Issues FAQs Clarifying That Credit-Linked Notes Can Serve as Valid Capital Relief Tools for U.S. Banks

On September 28, the Federal Reserve Board (“FRB”) posted three new FAQs to its website regarding Regulation Q (Capital Adequacy of Bank Holding Companies, Savings and Loan Holding Companies, and State Member Banks). The FAQ...more

Buchalter

Buchalter COVID-19 Client Alert: Expert Advice for New Phases for Lenders and Borrowers on PPP and MSLP Loans: PPP Loan...

Buchalter on

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

Morgan Lewis

Main Street Lending Program (UPDATED)

Morgan Lewis on

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

Morgan Lewis

Federal Reserve’s Main Street Lending Program Throws Lifeline to Nonprofits (UPDATED)

Morgan Lewis on

Nonprofit organizations are on the front lines in the battle against the coronavirus (COVID-19), but they also number among the many victims of COVID-19’s devastating financial impact. In response, the Federal Reserve...more

Troutman Pepper

Nonprofit, Multi-Borrower Loans and Other Updates to the Main Street Lending Program

Troutman Pepper on

Who Needs to Know - Lenders and potential borrowers considering making loans or borrowing under the MSLP. Why It Matters - In the month of September, the Federal Reserve Bank of Boston (Boston Fed) released...more

Proskauer Rose LLP

Where is Main Street?—Fed Provides Guidance on the Main Street Lending Program - September 2020

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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

Proskauer Rose LLP

Where is Main Street? The Federal Reserve Provides Guidance on the Main Street Lending Program (Updated September 2020)

Proskauer Rose LLP on

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

Proskauer Rose LLP

TALF Program Update: Master Loan and Security Agreement and Updated FAQs

Proskauer Rose LLP on

On May 20, 2020, the Federal Reserve Bank of New York (the “New York Fed”) released the form of Master Loan and Security Agreement (“MLSA”) that will govern loans issued under its Term Asset-Backed Loan Facility (“TALF”) and...more

Morgan Lewis

Main Street Lending Program Assistance During COVID-19: Can Your Business Benefit? (UPDATED)

Morgan Lewis on

The US federal government has taken significant actions to quell the economic fallout for businesses weathering the coronavirus (COVID-19) pandemic, including the Federal Reserve providing $600 billion through the Main Street...more

Proskauer Rose LLP

Where is Main Street?—Fed Provides Guidance on the Main Street Lending Program - August 2020

Proskauer Rose LLP on

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

Locke Lord LLP

Help for Main Street: Federal Reserve Announces Expansion of Main Street Lending Program to Provide Greater Access to Credit for...

Locke Lord LLP on

The Main Street Lending Program (“MSLP”), established pursuant to Title IV of the Coronavirus Aid, Relief, and Economic Security Act, or “CARES Act” and Section 13(3) of the Federal Reserve Act, was created to provide up to...more

Hicks Johnson

Guidance for MSLP Lenders: How to Minimize Litigation Exposure

Hicks Johnson on

While the Main Street Lending Program (“MSLP”) was designed to ameliorate economic harm caused by the COVID-19 pandemic, it leaves lenders open to possible litigation exposure if borrowers fail to satisfy their obligations....more

Proskauer Rose LLP

Where is Main Street?—Fed Provides Guidance on the Main Street Lending Program - July 2020

Proskauer Rose LLP on

Originally published on May 4, 2020. Last updated as of July 10, 2020. The Federal Reserve Bank of Boston recently published information in anticipation of the launch of the Main Street Lending Program under the CARES Act,...more

Troutman Pepper

Federal Reserve To Expand Main Street Lending Program To Nonprofits

Troutman Pepper on

On June 15, the Federal Reserve Board released proposed term sheets to expand the Main Street Lending Program to nonprofit entities in sound financial condition before the onset of the COVID-19 pandemic. The announcement...more

Faegre Drinker Biddle & Reath LLP

Main Street Nonprofit Organization Loan Facilities: Summary of Proposed Terms and Considerations

In early April, the Federal Reserve announced proposed terms for the Main Street Loan Program. The program is designed to provide small and medium-sized businesses that were in sound financial condition prior to the outbreak...more

Proskauer Rose LLP

Where is Main Street? The Federal Reserve Provides Guidance on the Main Street Lending Program (Updated June 2020)

Proskauer Rose LLP on

UPDATE: Fed Proposes Expansion of Program to Cover Nonprofits - On June 15, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) announced it was seeking public feedback on its proposal to expand the Main Street...more

Mayer Brown Free Writings + Perspectives

U.S. Federal Reserve Launches Main Street Lending Program by Opening Lender Registration and Updates Loan and Participation...

On June 15, 2020, the Federal Reserve launched the highly anticipated Main Street Lending Program by announcing that the program is open for lender registration and encouraged lenders to begin making program loans to small...more

Hinshaw & Culbertson LLP

Federal Reserve Expands Scope of Loan Options and Size of Eligible Businesses Under Main Street Lending Program

On June 8, 2020, the Federal Reserve Board (Board) announced an expansion of the scope and eligibility for its Main Street Lending Program. The Board also issued an updated FAQ for the program on June 9, 2020. Under the...more

Partridge Snow & Hahn LLP

Federal Reserve Board Expands Municipal Liquidity Facility Eligibility

The Federal Reserve Board has expanded the number and type of governmental entities eligible to utilize the Municipal Liquidity Facility (MLF) that was established to help state and local governments manage cash flow...more

Bilzin Sumberg

Federal Reserve Further Expands Main Street Lending Program

Bilzin Sumberg on

The Federal Reserve Board last Monday expanded its Main Street Lending Program, the $600 billion program of financial assistance to small and medium-sized businesses authorized under Title IV of the CARES Act, to allow more...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

Morgan Lewis

Main Street Lending Program

Morgan Lewis on

The Federal Reserve Bank of Boston on May 27, 2020 released the legal forms and agreements to be utilized by eligible borrowers and eligible lenders looking to participate in the Main Street Lending Program. ...more

Dechert LLP

Summary of the Federal Reserve Main Street Lending Program (UPDATED)

Dechert LLP on

The Federal Reserve Bank (the “Fed”) and the U.S. Department of the Treasury (the “Treasury”) announced preliminary details for the Main Street Lending Program (the “MSLP”) on April 9, 2020. Additional details and guidance as...more

Proskauer Rose LLP

Where is Main Street? The Federal Reserve Provides Guidance on the Main Street Lending Program (Updated)

Proskauer Rose LLP on

UPDATE: Where is Main Street?—Fed Provides Guidance on the Main Street Lending Program - On June 8, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) released information for potential lenders and borrowers in...more

Carlton Fields

Federal Reserve Board Expands Main Street Lending Program

Carlton Fields on

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

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