On April 30, 2020, the Federal Reserve System, in conjunction
with the U.S. Department of the Treasury, released updated guidance
outlining the parameters of a program to support lending to small-
and mid-sized businesses by eligible lenders. The April 30
guidance expands on and, in several areas, supersedes prior
materials published on April 9.
Known as the Main Street Lending Program (the Program), this
initiative establishes new loan facilities for entities (1) with up
to 15,000 employees or (2) whose 2019 annual revenue was less than
$5 billion, regardless of employee headcount. The
Program's loan facilities can take the form of either new loans
(a Main Street New Loan Facility or a Main Street Priority Loan
Facility) or expansions to existing loans (a Main Street Expanded
Loan Facility). These facilities are "designed to
provide support to small and medium-sized businesses and their
employees across the United States during the current period of
financial
