The Federal Reserve (the “Fed”) has announced further changes to its now $600 billion Main Street Lending Program. From the program’s initial construct, which seemed aimed at larger companies, minimum loan sizes have been...more
The Paycheck Protection Program (PPP) was originally funded with $349 billion, and Congress recently appropriated another $310 billion for the program. ...more
With the dire economic contractions occasioned by the rapid spread of COVID-19 nationally and globally, many businesses are quickly running short of capital to make payroll, pay rent, cover other critical overhead and remain...more
In an April 9, 2020, press release, the Federal Reserve (the “Fed”) announced additional actions to provide up to $2.3 trillion in loans to support the economy. The Fed’s stated goal is to “assist households and employers of...more
The Coronavirus Aid, Relief, and Economic Security Act (H.R. 748) (CARES Act), enacted on March 27, contains several debt financing provisions to provide economic stabilization and assistance to severely distressed sectors of...more
In FAQs: COVID-19 – Potential Impacts to Borrowers and Lenders, we noted that many borrowers likely would at least consider fully drawing down their revolving lines of credit now even if they did not yet have an immediate...more
The COVID-19 outbreak that is inducing intense volatility in global financial markets and dramatically impacting operations and revenues in numerous industries around the world raises several questions concerning the impacts...more