On June 15, 2020, the Federal Reserve announced that its Main Street Lending Program was open for lender registration. Once an eligible lender has registered to participate in the program, the eligible lender can begin making Main Street loans immediately. In addition, on June 8, 2020, the Federal Reserve announced certain changes to the Main Street Lending Program to increase participation by borrower and lenders.
As discussed in our previously published Alerts, the Main Street Lending Program was initially announced on April 9, 2020, and will make up to $600 billion available for loans to certain small and mid-sized businesses, utilizing funding from the Coronavirus Aid, Relief and Economic Security Act (CARES Act).