UPDATE: Federal Reserve Updates and Expands the Scope of the Main Street Business Lending Program
On June 11, 2020, the Federal Reserve updated the terms for the Main Street Lending Program, which commenced operations on July 6, 2020 and which shall remain operational until September 30, 2020 unless extended by the Board and the Treasury Department. As previously stated, the Main Street Lending Program will make up to $600 billion in new financing in the form of four-year term loans available to eligible small- and mid-sized businesses. The Treasury Department, using funds appropriated to the Exchange Stabilization Fund under the CARES Act, will make a $75 billion equity investment to backstop the Main Street Lending Program.