5-1-2020 Update: We plan to provide an update later today to
reflect the Fed's April 30, 2020 release of the new terms
sheets and FAQs.
On April 9, 2020, the Federal Reserve took additional actions to
provide up to $2.3 trillion in loans to support the economy. This
blog focuses on the Main Street Lending Program, which is a $600
billion loan program, that will include $75 billion capitalized by
the Treasury Department under the $454 billion Congressional
appropriation of Section 4003(b)(4) of Title IV of the CARES Act.
The loans will target mid-sized companies, defined as having less
than 10,000 employees or $2.5 billion in 2019 annual revenue, and
will be made by banks and other eligible lenders, with the
government then purchasing 95% of the lenders' interest in the
loans.
