- On November 25, 2020, FAQ L.13 was added to the Main Street Lending Program For-Profit Business FAQs and Nonprofit Organization FAQs to provide guidance with respect to termination of the Main Street facilities at the end of this year, advising that (i) lender registration should be initiated by December 4, 2020, (ii) eligible loans should be submitted to the Main Street Portal for participation by December 14, 2020, and (iii) the Main Street SPV will cease issuing commitment letters as of December 23, 2020. See what changed in the For-Profit Business FAQs and Nonprofit Organization FAQs.
- On November 24, 2020, the Federal Reserve Board of Governors released the latest 30-day report on the operation of the MSLP facilities, including disclosure of loan details. These reports are made to Congress pursuant to the CARES Act & Section 13(3) of the Federal Reserve Act. To reflect the data released, the Main Street Lending Program updated the interactive dashboard report providing a visual depiction of the MSLP’s usage, including a geographic distribution of MSLP loans. The dashboard is updated based on the Federal Reserve’s Periodic Report.
- On November 18, 2020, the Main Street Lending Program’s For-Profit Business Frequently Asked Questions (FAQs) and Nonprofit Organization FAQs were amended to, among other things, provide guidance on how Main Street lenders can seek instructions from the Main Street SPV regarding a “Core Rights Act” under the Participation Agreement, as well as a related form (see FAQ J.8). See what changed in the For-Profit Business FAQs and Nonprofit Organization FAQs.
- As of October 31, 2020, the Main Street Portal is now also accepting MSNLF, MSPLF, and NONLF loans with a principal amount of $100,000 to $250,000, in accordance with the terms announced on October 30, 2020 by the Federal Reserve. The Participation Agreement Transaction Specific Terms, Servicing Agreement, and Lender Transaction Specific Certifications and Covenants for each Main Street facility have now been updated and are available, together with comparisons showing changes, here.
- On October 30, 2020, the Federal Reserve announced changes to the Main Street Lending Program to lower the minimum loan size for MSNLF, MSPLF, and NONLF loans from $250,000 to $100,000, and change the fee structure for loans with a principal amount of less than $250,000. New versions of key legal documents will be posted and an announcement will be made within the coming days when the Main Street Portal is ready to accept loans relying on these revised terms.
In addition, the For-Profit Business Frequently Asked Questions (FAQs) and Nonprofit Organization FAQs were amended to, among other things, enable lenders and borrowers to exclude certain Paycheck Protection Program (PPP) loans from the calculation of “outstanding debt” (FAQ G.16); provide further guidance on term sheet changes (FAQs G.7 and G.9); and link to a letter from the General Counsel of the National Indian Gaming Commission. See what changed in the For-Profit Business FAQs and Nonprofit Organization FAQs.