On April 8, 2020, and then again on April 30, 2020, the United
States Department of the Treasury and the Board of Governors of the
Federal Reserve System announced new details of their joint
"Main Street Lending Program" that is intended to provide
additional financing for small- and medium-sized businesses
impacted by the ongoing COVID-19 pandemic.
The Main Street Lending Program, alongside the Payroll
Protection Program Loan ("PPP") Economic Injury Disaster
Loan ("EIDL"), are part of the recently enacted
Coronavirus Aid, Relief, and Economic Security Act of 2020 (the
"CARES Act") designed to provide liquidity for eligible
business borrowers participating in the program.
Under the Main Street Lending Program, eligible borrowers can
take low interest loans in minimum amounts of $500,000 with maximum
amounts determined by formulas involving multiples of EBITDA and
taking into account existing amounts of indebtedness. Eligible
Borrowers should undertake good-faith
