Client Alert: FRB Releases Updated FAQ Regarding The “Main Street Lending Program”

The “Main Street Lending Program” (the “Program”) was established by the Federal Reserve Board (the “FRB”) to support lending to small and medium-sized businesses that were in sound financial condition prior to the onset of the COVID-19 pandemic. Under the Program, which was authorized under Title IV the “Coronavirus Aid, Relief, and Economic Security Act” (the “CARES Act”) and previously announced on April 9, 2020, the FRB has currently allocated $600 billion in funds to indirectly facilitate loans to eligible borrowers. This Client Alert written by Partners Anthony Zeoli and Kenneth Crane provides insight on the latest FAQ  released by the FRB regarding the Program.