CARES Act Developments And Deadlines As Of April 3, 2020

On March 23, the Federal Reserve announced a range of actions to support the stability of the financial system, promote maximum employment and stabilize prices. These actions include establishing a number of facilities, including the Primary Market Corporate Credit Facility (PMCCF) for new bond and loan issuance, the Secondary Market Corporate Credit Facility (SMCCF) to provide liquidity for outstanding corporate bonds, and the Term Asset-Backed Securities Loan Facility (TALF), to support the flow of credit to consumers and businesses. The Federal Reserve also said that it expects to announce soon the establishment of a Main Street Business Lending Program (MSBLP) to support lending to eligible small-and-medium sized businesses. The MSBLP is billed as complementing efforts by the SBA, which suggests it will target medium size business, i.e. business with more than 500 employees. See https://www.federalreserve.gov/newsevents/pressreleases/monetary20200323b.htm.