Deadline Extended for Main Street Lending Program Loans

The Federal Reserve’s Main Street Lending Program (MSLP) recently expanded to include two new loans specifically for nonprofit organizations. In addition to this further explanation, all the loan facilities offered under MSLP received a deadline extension.

Now all five facilities will see the SPV cease making purchases of participations in Eligible Loans after December 31, 2020. Of course, this is subject to change should the Federal Reserve and Department of the Treasury decide it is necessary to extend the facilities.

All our blog posts on this topic have been updated (see below) and term sheets and forms are available at https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm.

Loan Relief for Nonprofit Organizations Through the Main Street Lending Program Expansion

What Business Owners Need to Know About the Main Street Lending Program Expansion

Federal Reserve Offers Lending Program for Small and Medium-Size Businesses

For further questions, please do not hesitate to reach out to one of our corporate attorneys.

For additional COVID-19 related information, go to our Coronavirus/COVID-19 Resource Center.

Posted by Attorney Hannah E. Mudd. Mudd is a member of Danna McKitrick’s transaction team. As a member of the team she advises clients on a variety of corporate and business transactions including entrepreneurial, real estate, banking, employment, and corporate formation and governance matters.