U.S. Federal Reserve Further Expands Main Street Lending Program to Offer Support to More Small and Medium-Sized Businesses

On June 8, 2020, the Federal Reserve Board announced a further expansion of the terms for the forthcoming Main Street Lending Program, which includes two facilities for new loans and one for upsized tranches of existing loans. This Legal Update provides an overview of the Federal Reserve’s most recent revisions to the program’s terms—updates intended to broaden the appeal and workability of the program, making more small and medium-sized businesses eligible (and, potentially, willing) to receive support.