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ARTICLE · 06 MAY 2020

Main Street Lending Facilities Under The CARES Act

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On April 30, 2020, the Board of Governors of the Federal Reserve System (the "Fed") released further details regarding three lending programs (the "Main Street Facilities")

United StatesCoronavirus (COVID-19)
Malcolm Henderson
Malcolm Henderson
Jennifer Audeh
Jennifer Audeh
Thomas Draper
Thomas Draper
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On April 30, 2020, the Board of Governors of the Federal Reserve System (the "Fed") released further details regarding three lending programs (the "Main Street Facilities") under the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). The Main Street Facilities will make credit available to small and medium sized businesses through (i) a New Loan Facility, (ii) a new Priority Loan Facility or (ii) an Expanded Loan Facility for an existing loan agreement. Through these facilities, the Fed will use up to $600 billion to purchase loan participations equal to (i) 95% of eligible term loans under New Loan Facilities and Expanded Loan Facilities and (ii) 85% of eligible term loans under Priority Loan Facilities.

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