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Federal Reserve Announces Main Street Lending Program

Client memorandum | April 9, 2020

On April 9, 2020, the Federal Reserve announced details of the Main Street Lending Program (the “MSL Program”) which seeks to ensure credit flows to small and mid-sized businesses through the purchase of up to $600 billion in loans to eligible borrowers. The MSL Program consists of two new facilities: the Main Street Expanded Loan Facility (which will expand existing term loans) and the Main Street New Loan Facility (which will facilitate the origination of new loans). Through a special purpose vehicle, the Federal Reserve will acquire a 95% participation in loans financed through the MSL Program with eligible lenders retaining the remaining 5% share.

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