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ARTICLE · 24 JUNE 2020

Navigating The New Main Street Lending Program Updates

Buchanan Ingersoll & Rooney
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The long awaited Main Street Lending Program (MSLP) officially became available to eligible borrowers on June 15, 2020.

United StatesFinance and Banking
Sean M. Girdwood
Sean M. Girdwood
Brian W. Sullivan
Brian W. Sullivan
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The long awaited Main Street Lending Program (MSLP) officially became available to eligible borrowers on June 15, 2020.  Aimed to help small and mid-sized U.S. businesses obtain credit to alleviate the economic difficulties caused by the various COVID-19 pandemic-related shut downs, reopenings, and recovery, the MSLP may prove beneficial for many businesses.  Originally announced on April 9, 2020 as part of the C.A.R.E.S. Act, the program has received various updates to expand loan eligibility, alter loan amounts, and offer greater flexibility on repayment terms.  As part of the June 8, 2020 updates to the MSLP, the minimum loan amounts were lowered for each type of facility, collateral exceptions were clarified, and repayment terms were expanded.  The deferral period for principal payments was increased to the end of year two and interest payments are deferred for one year for all facilities.    

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