Main Street Lending Program Under The CARES Act

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 credit to companies rated investment-grade as of March 22, 2020, the secondary market for investment-grade corporate debt, and holders of AAA-rated asset-backed securities, respectively;