The CARES Act: A Guide to the Main Street Lending Program for Small and Mid-Sized Businesses
Posted on:COVID-19 Updates, Features, What's New on the Watch?
On April 9, 2020, the Federal Reserve Board announced the purchase of up to $600 billion in loans to small and mid-sized businesses through the Main Street Lending Program, authorized under section 13(3) of the Federal Reserve Act. The Treasury Department will provide $75 billion in equity to the Main Street Lending Program using funding from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This program is structured to provide financing through loan purchase facilities and does not involve direct lending to borrowers from the Federal Reserve Bank or the Treasury Department.
More from the Private Equity Blog
Copyright © 2023 Weil, Gotshal & Manges LLP, All Rights Reserved. The contents of this website may contain attorney advertising under the laws of various states. Prior results do not guarantee a similar outcome. Weil, Gotshal & Manges LLP is headquartered in New York and has office locations in Beijing, Boston, Brussels, Dallas, Frankfurt, Hong Kong, Houston, London, Miami, Munich, New York, Paris, Princeton, Shanghai, Silicon Valley and Washington, D.C.