Main Street Lending Moves Closer to Launch Date as Boston Fed Publishes Forms and Updated FAQs
As we previously reported, the Federal Reserve Board’s Main Street Lending Program (“MSLP”) is soon expected to be up and running. In a significant move toward launching the program, on May 27, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”), which is tasked with administering the MSLP, published several forms, agreements and instructions for eligible borrowers and lenders, and updated Frequently Asked Questions (“FAQs”). The newly published forms include borrower and lender certifications and covenants, lender registration instructions and guidance, a form of participation agreement and a form of servicing agreement. The updated FAQs provide more detail about the three MSLP facilities, borrower and lender eligibility, EBITDA adjustments, and regulatory matters. The forms and updated FAQs are available on the Boston Fed website.
Blank Rome’s attorneys are reviewing the new MSLP materials and will publish updated alerts on relevant topics of interest. In the meantime, if you have questions about the MSLP please feel free to contact us.
© 2020 Blank Rome LLP. All rights reserved. Please contact Blank Rome for permission to reprint. Notice: The purpose of this update is to identify select developments that may be of interest to readers. The information contained herein is abridged and summarized from various sources, the accuracy and completeness of which cannot be assured. This update should not be construed as legal advice or opinion, and is not a substitute for the advice of counsel.