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ARTICLE · 05 JUNE 2020

Boston Fed Releases FAQs, Operational Documents For Main Street Lending Program

Cooley LLP
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Borrowers and lenders have eagerly anticipated additional details and guidance on the Federal Reserve's rollout of the $600 billion Main Street Lending Program.

United StatesFinance and Banking
Patrick Flanagan
Patrick Flanagan
Ron Hopkinson
Ron Hopkinson
Vince Sampson
Vince Sampson
David Silverman
David Silverman
Andrea Bromfeld
Andrea Bromfeld
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Borrowers and lenders have eagerly anticipated additional details and guidance on the Federal Reserve's rollout of the $600 billion Main Street Lending Program, as there has been scant information regarding the specific timing and processes for the loans contemplated by the new programs. On May 27, 2020, the Boston Fed released the Main Street Lending Program's forms and agreements as well as related FAQs to provide more information regarding eligibility and conditions for the borrowers and lenders thereunder. The FAQs supersede in their entirety the prior FAQs released by the Federal Reserve on April 30, 2020.

The Main Street Lending Program consists of three facilities, the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF) and the Main Street Expanded Loan Facility (MSELF), the terms of which remain unchanged from the term sheets posted previously by the Federal Reserve.

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