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ARTICLE · 14 JULY 2020

Main Street Lending Program: Open For Business

Reinhart, Boerner, Van Deuren SC
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The Main Street Lending Program (Program) is intended to facilitate lending to small and mid-sized businesses that were in sound financial condition prior ...

United StatesFinance and Banking
Robert Heinrich
Robert Heinrich
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The Main Street Lending Program (Program) is intended to facilitate lending to small and mid-sized businesses that were in sound financial condition prior to the onset of the COVID-19 pandemic. The Program became fully operational on July 6, 2020.

For a deep dive into the details of the Program, see our summary reflecting the most recent guidance.

Under the Program, eligible lenders will originate new term loans (or expand the size of an existing credit facility) to eligible borrowers. A special purpose vehicle (SPV) funded by the Federal Reserve Bank of Boston will then purchase a 95 percent participation in such loans, and lenders will retain 5 percent. The purchases by the SPV are capped at $600 billion and will cease on September 30, 2020, unless the Program is extended.

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