The window for the Main Street Loan Program (“Main Street Program”), designed to provide loans with favorable terms to midsize companies to help address the economic fallout caused by the pandemic, is closing on December 31,...more
On September 4, 2020, the Federal Reserve Bank of Boston (the “Reserve Bank”) announced that the Main Street Lending Program’s Nonprofit Organization New Loan Facility (the “NONLF”) and Nonprofit Organization Expanded Loan...more
On July 31, 2020, the Federal Reserve Bank of Boston (the “Reserve Bank”) released amended form documents and certifications (the “Form Documents”) for the Main Street Lending Program (the “Program”) to accommodate the...more
On June 15, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) proposed the expansion of its Main Street Lending Program (the “Program”), which was originally established to support lending to...more
Is it just us or does March 4 — the date of our last issue — feel like a million years ago? Like you, and not necessarily in this order, we have been: doing our work; keeping up with COVID-19-related laws, guidance, and...more
The Board of Governors of the Federal Reserve System (the “Federal Reserve”) is seeking public comment on a proposal to expand the availability of its existing Main Street Lending Program (the “Program”) to nonprofit...more
As the Federal Reserve (the “Fed”) prepares to launch its Main Street Lending Program (the “Main Street Program”), it continues to refine program details and guidance, including based on feedback received from US banks and...more
The Federal Reserve recently announced that the Federal Reserve Bank of Boston has set up the special purpose vehicle (SPV) to purchase participations in loans originated by eligible lenders under the Main Street Lending...more
On May 27, 2020, the Federal Reserve Bank of Boston released updated Frequently Asked Questions (FAQs) and certain operational documents with respect to the Main Street Lending Program. The additional materials provide...more
The Board of Governors of the Federal Reserve System (the “Federal Reserve”), through the Federal Reserve Bank of New York (the “Reserve Bank”), continues to roll out its new CARES Act lending program, known as the Municipal...more
On April 30, 2020, the Board of Governors of the Federal Reserve System (“FRB”) announced an expansion of the Main Street Lending Program (“MSLP”) and clarified certain aspects of the program through publication of a list of...more
On April 30, the Federal Reserve announced substantial changes to the initial terms of its Main Street Lending Program originally released on April 9, 2020: After receiving over 2,200 comment letters and consulting with...more
On April 9, the U.S. Treasury Department (Treasury) and Federal Reserve released initial details regarding the establishment of the Main Street Business Lending Program (Main Street Program) to provide up to $600 billion in...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
The U.S. Federal Reserve (Federal Reserve) announced revisions to the Main Street Lending Program (Program) to facilitate lending to small and medium-sized businesses by eligible lenders...more
The CARES Act provides for the Federal Reserve creating an SPV that will purchase participation interests in eligible term loans. On April 30, the Federal Reserve posted to its website term sheets that update the Main Street...more
On April 27, 2020, the Board of Governors of the Federal Reserve System (“FRB”) amended the term sheet for its Municipal Liquidity Facility (“MLF”) to expand the scope and duration of the facility (the “April 27 Update”). ...more
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted into law on March 27, 2020, established an emergency lending program for state and local governments due to the COVID-19 pandemic....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
On April 9, 2020, the Federal Reserve issued an updated term sheet for the Term Asset-Backed Securities Loan Facility (“TALF”). Under TALF, the Federal Reserve will make an equity investment of $10 billion in a special...more
On April 9, 2020, the Federal Reserve Board announced the creation of a new Municipal Liquidity Facility (the “Facility”) to purchase up to $500 billion of short-term municipal debt as part of the Coronavirus Aid, Relief, and...more
On March 23, 2020, the Federal Reserve announced that it will use its powers under Section 13(3) of the Federal Reserve Act to launch new liquidity facilities to help provide financing to U.S. businesses, employers, and...more