The Main Street Lending Program has been modified by the Federal Reserve Board (Board) to provide new access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations....more
8/1/2020
/ 501(c)(19) ,
501(c)(3) ,
Borrowers ,
CARES Act ,
Compliance ,
Contract Terms ,
Coronavirus/COVID-19 ,
Eligibility ,
Federal Reserve ,
Hospitals ,
Interest Rates ,
Lenders ,
Loan Agreements ,
Main Street Lending Programs ,
Midsize and Large Business Loans ,
Nonprofit Organization Expanded Loan Facility (NOELF) ,
Nonprofit Organization New Loan Facility (NONLF) ,
Relief Measures ,
Social Services ,
Tax Exempt Entities ,
Universities
On June 8, 2020, the Federal Reserve Board (Board) announced an expansion of the scope and eligibility for its Main Street Lending Program. The Board also issued an updated FAQ for the program on June 9, 2020.
Under the...more
6/16/2020
/ Borrowers ,
CARES Act ,
EBITDA ,
Economic Injury Disaster Loans ,
Eligibility ,
Federal Reserve ,
Libor ,
Loan Forgiveness ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Paycheck Protection Program (PPP) ,
Small Business Loans ,
Special Purpose Vehicles
On April 30, 2020 the Federal Reserve Board (the "Board") announced an expansion of the scope and eligibility for its Main Street Lending Program.
Under the three Facilities—the Main Street New Loan Facility (the "New...more
5/13/2020
/ Borrowers ,
CARES Act ,
Certification Requirements ,
Compliance ,
Credit Unions ,
EBITDA ,
Eligibility ,
Employee Retention ,
Federal Reserve ,
Financial Stimulus ,
Lenders ,
Loan Origination Funds ,
Main Street Lending Programs ,
Midsize and Large Business Loans ,
Relief Measures ,
Small Business Loans ,
Special Purpose Vehicles
In a recent alert, we reviewed a series of developments regarding implementation of the $2.2 trillion federal CARES Act, including news that the Federal Reserve had released details on two new loan facilities. This alert...more
4/16/2020
/ Attestation Requirements ,
CARES Act ,
Coronavirus/COVID-19 ,
EBITDA ,
Eligibility ,
Federal Reserve ,
Main Street Lending Programs ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Special Purpose Vehicles ,
U.S. Treasury
The CARES Act established the Paycheck Protection Program ("PPP" or "Program"), which provides nearly $350 billion in forgivable loans designed to keep workers employed during the COVID-19 crisis. In this alert, we are...more
4/15/2020
/ Borrowers ,
Economic Injury Disaster Loans ,
Lenders ,
Loan Agreements ,
Loan Applications ,
Loan Forgiveness ,
Main Street Lending Programs ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Popular ,
SBA