The Federal Reserve Board (the “Fed”) recently released additional changes relating to the expansion of its Main Street Lending Program (the “Main Street Program”), which originally targeted small and medium-sized for-profit...more
As the Federal Reserve (the “Fed”) prepares to launch its Main Street Lending Program (the “Main Street Program”), it continues to refine program details and guidance, including based on feedback received from US banks and...more
6/11/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Popular ,
SPVs ,
Term Sheets ,
U.S. Treasury
The Federal Reserve Bank of Boston (Fed) recently issued updated FAQs, form agreements and instructions for the Main Street Lending Program (MSLP). The MSLP was established pursuant to the Coronavirus Aid, Relief, and...more
On Thursday, May 28, 2020, the House passed the Paycheck Protection Program Flexibility Act of 2020 (“Flexibility Act”) 417-1, and, on Wednesday, June 3, 2020, the Flexibility Act passed the Senate. The bill is expected to be...more
On May 27, 2020, the Federal Reserve Bank of Boston issued a trove of additional details, instructions and documentation for borrowers and lenders regarding the Federal Reserve Board’s (the “Fed”) Main Street Lending Program...more
On April 30, 2020, following a period of public comment, the Federal Reserve Board (“Fed”) published additional guidance and revisions to its Main Street Lending Program (the “Main Street Program”), expanding the program’s...more
The COVID-19 pandemic and the drastic measures taken in an effort to mitigate its adverse impact have sent shock waves throughout the US and global financial systems. ...more
4/29/2020
/ Appeals ,
Article III ,
Asset Purchaser ,
Auction ,
Bankruptcy Code ,
Chapter 11 ,
Commercial Bankruptcy ,
Debtors ,
Equitable Relief ,
Financial Institutions ,
Mootness ,
Sale of Assets ,
Section 363 ,
Standing
On April 24, 2020, the Paycheck Protection Program and Health Care Enhancement Act was signed into law, appropriating $75 billion for hospitals and other eligible health care providers for health care related expenses or lost...more
4/29/2020
/ Affiliated-Business Arrangements ,
Affiliates ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Electronic Records ,
Employee Retention ,
Federal Loans ,
Financial Stimulus ,
Health Insurance ,
Medicaid ,
Medicare ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Shareholders ,
Shelter-In-Place ,
Small Business ,
Social Distancing ,
Tax Relief
On April 9, 2020, the Federal Reserve Board (“Fed”) announced details of its Main Street Lending Program through which it will purchase up to $600 billion in loans from eligible lenders using funds appropriated to it under...more
Seyfarth is actively monitoring all aspects of federal legislation impacting our corporate clients based on COVID-19 business stimulus funding. We expect there to be rolling updates to these provisions based on programs yet...more