WHERE HAVE YOU GONE, CHIP HILTON?
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
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
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
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 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
This White Paper gives a broad understanding of the terms and implications of the Main Street Lending Program by delving into the key questions market participants are likely to have and addressing the latest changes...more
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
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
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
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
On June 15, 2020, the Federal Reserve Bank of Boston (“Boston Fed”), which administers the Main Street Lending Program (“MSLP”), announced that the program is now open for lender registration. We refer you to our earlier...more
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
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
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
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
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
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
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
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 June 8, 2020, the Federal Reserve announced that it is expanding the Main Street Lending Program (the “Program”) to allow more businesses to participate and to provide greater flexibility to borrowers in repaying loans...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
On May 27, 2020, the Federal Reserve Bank of Boston (the “Boston FRB”), the entity that will administer the Federal Reserve’s Main Street Lending Program (the “Program”), released additional details of the Program, most...more
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
On Wednesday, May 27, the Federal Reserve Bank of Boston (Boston Fed) released additional information on the Main Street Lending Program (MSLP), which includes the form of the participation agreement governing the...more
On May 19, 2020 during a Senate hearing Federal Reserve Chairman Jerome Powell announced that Federal Reserve anticipates launching the Main Street Lending Program (the “Program”) near the end of May. As a result, media...more