Federal Reserve Releases Updated Main Street Lending Program FAQs, Form Documents
The Federal Reserve Board issued updated Frequently Asked Questions (FAQs) for the Main Street Lending Program (MSLP) loans on May 27, 2020.
The Federal Reserve Bank of Boston has provided certain form language and documents as well as instructions for completing the required documents to be used with MSLP loans. The MSLP was created in early April by the Federal Reserve Board and the U.S. Department of the Treasury in response to the coronavirus (COVID-19) pandemic and its impact on U.S. businesses, states and municipalities. (See Holland & Knight's previous alert, "Treasury, Federal Reserve Release Final Main Street Facility Term Sheets," April 30, 2020.)
The new FAQs include some significant changes and revisions to the program, and Holland & Knight is in the process of reviewing and analyzing the new content. Additionally, the Federal Reserve Bank of Boston has provided instructions and a series of legal forms and agreements for an eligible lender and an eligible borrower to use with the various MSLP loan programs.
Holland & Knight plans to issue an eligible borrower alert and an eligible lender alert in the coming days. These two new alerts will analyze the changes and revisions in the new FAQs, and the instructions and documents provided by the Federal Reserve Bank of Boston, as well as provide a review of the programs from the perspective of each of the eligible borrower and the eligible lender.
DISCLAIMER: Please note that the situation surrounding COVID-19 is evolving and that the subject matter discussed in these publications may change on a daily basis. Please contact your responsible Holland & Knight lawyer or the author of this alert for timely advice.
Information contained in this alert is for the general education and knowledge of our readers. It is not designed to be, and should not be used as, the sole source of information when analyzing and resolving a legal problem. Moreover, the laws of each jurisdiction are different and are constantly changing. If you have specific questions regarding a particular fact situation, we urge you to consult competent legal counsel.