The Federal Reserve announced on Monday, June 8, 2020, revisions to its Main Street Loan Program (“MSLP”) that may make the program more appealing to borrowers. The MSLP is expected to become available in the coming days. In order to participate in the MSLP, borrowers must satisfy certain requirements, including having 15,000 or fewer employees or having 2019 annual revenues of $5 billion or less. Paycheck Protection Program (“PPP”) borrowers also may participate in this program. Unlike the PPP, this is a more traditional form of financing and is not subject to forgiveness.
For more information, please contact Chad Walker or your Bose McKinney & Evans attorney.