Effective June 20, 2020, the Federal Reserve updated its Term Sheet and Frequently Asked Questions (the “Updated FAQs”) describing the Main Street Lending Program (the “Program”) to expand the number of businesses that may be...more
In response to public feedback to the initial terms of the Main Street Lending Program (the “Program”), the Federal Reserve Board announced on April 30, 2020, an expansion of the loan options available to businesses and an...more
Revised term sheets and FAQs issued by the Federal Reserve Board expand the program and provide additional guidance for borrowers affected by the COVID-19 crisis. A chart outlining the updated term sheets can be found in the...more
Many senior living owners and operators have found that the Payroll Protection Program loan program either provides insufficient support to them or that they are ineligible for PPP loans. PPP loans are sized to only cover...more
Payroll Protection Program loans may not be sufficient to bail out cash-strapped hotel operators. The current limits hold that PPP loans will only fund payroll and other expenses for up to eight weeks (depending on the loan...more
Below is a summary of the Main Street New Loan Facility and the Main Street Expanded Loan Facility, details of which were released by the Federal Reserve this morning. Arent Fox will continue to update, and expand on, this...more