Main Street Lending Program

Originally published on May 4, 2020. Last updated as of November 23, 2020. The Federal Reserve Bank of Boston recently published updated Frequently Asked Questions for the Main Street Lending Program’s Business and Nonprofit Facilities to (1) provide guidance on the process for requesting certain modifications to loans made under the Business and Nonprofit Facilities, (2) clarify limits on restructuring underlying loan facilities before utilizing the Business and Nonprofit Facilities and (3) clarify the circumstances under which an underlying credit facility can be upsized and expanded to multiple co-borrowers under the Business and Nonprofit Facilities. This client alert describes the…
On April 9, 2020, the Federal Reserve announced additional programs under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to provide up to $2.3 trillion in loans and other investments to support the U.S. economy. These actions include: Supplying liquidity to financial institutions participating in the Small Business Administration’s Paycheck Protection Program (the “PPP”) (for more information on the PPP, see here); Expanding the size and scope of the Primary Market Corporate Credit Facility (the “PMCCF”), the Secondary Market Corporate Credit Facility, and Term Asset-Backed Securities Loan Facility, which will support up to $850 billion in…