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On June 8, 2020, the Board of Governors of the Federal Reserve System (“Federal Reserve”) announced the expansion of the Main Street Lending Program (“MSLP”)[1] to enable more small- and medium-sized businesses to access the MSLP. This Alert summarizes the changes and, thus, supplements our prior Alerts on the MSLP, dated June 4, 2020 and May 1, 2020.

Notably, the Federal Reserve enacted the following changes:

  • Lowered the minimum loan size for certain loans from $500,000 to $250,000;
  • Increased the maximum loan size for all facilities in the MSLP;
  • Increased the term of each loan option from four years to five years;
  • Extended the repayment period for all loans by delaying principal payments for two years, rather than one year; and
  • Raised the Federal Reserve Bank of Boston’s participation to 95% for all MSLP loans.

Click here to view the chart that summarizes the updated terms of each of the MSLP’s three facilities.[2]

Authored by Joseph P. Vitale and Kristen Q. Lin.

If you have any questions concerning this Alert, please contact your attorney at Schulte Roth & Zabel or one of the authors.

[1] The Main Street Lending Program was created to support small- and medium-sized businesses affected by the COVID-19 pandemic through the provision of credit in order to help them maintain their payroll and day-to-day operations. 

[2] Updated term sheets for each of the MSLP facilities are available at Main Street New Loan Facility, available here; Main Street Priority Loan Facility, available here; and Main Street Expanded Loan Facility, available here.

This is a fast-moving topic and the information contained in this Alert is current as of the date it was published.

This communication is issued by Schulte Roth & Zabel LLP for informational purposes only and does not constitute legal advice or establish an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. ©2020 Schulte Roth & Zabel LLP.

All rights reserved. SCHULTE ROTH & ZABEL is the registered trademark of Schulte Roth & Zabel LLP.