As the Federal Reserve (the “Fed”) prepares to launch its Main Street Lending Program (the “Main Street Program”), it continues to refine program details and guidance, including based on feedback received from US banks and businesses. On June 8, 2020, the Fed announced additional changes to the Main Street Program terms, aimed at allowing more small and medium-sized businesses to be able to receive support. The Main Street Program, the terms of which were originally announced by the Fed on April 9, 2020, and updated on April 30, 2020 and May 27, 2020, was established to purchase up to $600 billion in loans from eligible lenders using funds appropriated to the Fed under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to support lending to small and medium-sized businesses impacted by the coronavirus disease 2019 (“COVID-19”) pandemic
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