ABA Business Law Section Webinar - Banking on Main Street

Morgan Lewis finance partners Matthew Schernecke and Kristen Campana will present on a panel in the American Bar Association (ABA) Business Law Section’s webinar, Banking on Main Street. Panelists will cover the establishment of the Main Street Lending Program (MSLP) developed, among other programs, by the Federal Reserve as part of its broad effort to support the economy and help credit flow to small and medium-sized American businesses that were in sound financial condition prior to the COVID-19 pandemic.

Under the MSLP, established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) signed by President Trump on March 27, 2020, eligible borrowers can qualify for a Main Street New Loan Facility; the Main Street Priority Loan Facility; or Main Street Expanded Loan Facility.  The Federal Reserve has issued guidance in the form of term sheets for each of the loans under the Program and frequently asked questions (FAQ) guidance. The Program has not yet become operational.