U.S. Federal Reserve Expands and Provides Additional Details on Main Street Lending Program for Small and Mid-Sized Businesses
On April 30, 2020, the Federal Reserve Board announced expanded loan offerings and terms for the forthcoming Main Street Lending Program. Among other changes, Main Street is now open to larger businesses with up to 15,000 employees or $5 billion in 2019 annual revenue (previously up to 10,000 employees or $2.5 billion in 2019 annual revenue). The minimum size of certain loans was also reduced to $500,000 from $1 million to help provide assistance to smaller businesses. This Legal Update provides an overview of these and other revisions to the program.
For more information about the topics raised in this Legal Update, please contact Adam C. Wolk, Logan S. Payne, Jeffrey P. Taft, Frederick C. Fisher, Matthew D. O’Meara, Ryan Suda, Joanna C. Nicholas, Arthur S. Rublin, Eric T. Mitzenmacher or Alexander J. Warents.
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