Timeline Main Street Lending Program
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Main Street Lending Program Timeline
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Usage: see latest reports to congressLast updated on July 20, 2020
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DateActionLinks
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Thu, Apr 9, 2020- Program announced
- $600 billion (w/$75 billion from Treasury)
- 4 year loans for small/mid size businesses up to 10,000 workers or revenue less than $2.5 billion
- Principle and interest deferred for one year
- Fed takes 5%, lender takes 95%
- Minimum loan size $1 million
- Accepts comments through April 16
YPFS blog post
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Fed Board press release
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First term sheet (1) new loans
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First term sheet (3) expanded loans
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Thu, Apr 16, 2020- First report to Congress for (1) New and (3) ExpandedFirst report to Congress (1) new loans
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First report to Congress (3) expanded loans
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Thu, Apr 30, 2020- Program expanded to include another loan option for borrowers w/higher leverage (2) Priority Loans
- Total of three facilities now
- Minimum loan size lowered from $1 million to $500,000 for (1) and (2)
- Eligible business increased to 15,000 employees (from 10,000) or $5 billion (from $2.5 billion) annual revenue.
- Allows borrowers to use adjusted EBITDA and swtiched from SOFR to LIBOR
YPFS blog post
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Second term sheet (1) new loans
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First term sheet (2) priority loans
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Second term sheet (3) expanded loans
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First FAQ
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Thu, May 7, 2020- First report to Congress for (2)First report to Congress (2) priority
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Fri, May 15, 2020- Second report to Congress for (1), (2), and (3)Second report to Congress (1), (2), and (3)
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Mon, May 18, 2020- Congressional Oversight Commission releases first reportFirst COC Report
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Wed, May 27, 2020- FAQ updatedFRBB press release
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Second FAQ
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Sun, Jun 7, 2020- Third report to Congress for (1), (2), and (3)Third report to Congress (1), (2), and (3)
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Mon, Jun 8, 2020- Program updated
- Minimum loan size lowered from $500,000 to $250,000 for (1) and (2)
- Increases max loan size for all three facilities: from $25 to $35 million for (1) and (2) and from $200 to $300 million for (3).
- Increases term from four to five years for all three
- principal payments delayed two years (interest still delayed just one year) for all three and repayment schedule modified
- Fed stake increased from 85% to 95% for (2) loans
Fed Board press release
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Third term sheet (1) new loans
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Second term sheet (2) priority loans
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Third term sheet (3) expanded loans
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Third FAQ
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Thu, Jun 18, 2020- Congressional Oversight Commission releases second reportSecond COC Report
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Mon, Jun 15, 2020- Program opened for lender registration for (1), (2), and (3)
- Fed Board proposes two new loan types for nonprofits and accepts comments to June 22
- Minimum loan size $250,000 for (4) and $10 million for (5)
- Must have less than $3 billion endowment and more than 5 years in operation
- Between 50 and 15,000 employees
- Less than $5 billion 2019 revenue, with less than 30% from donations
- Fed stake 5%
- Principal delayed two years; Interest delayed one year
FRBB press release
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Fed Board press release
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First term sheet (4) nonprofit new loans (draft)
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First term sheet (5) nonprofit expanded loans (draft)
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Sat, Jun 20, 2020- FAQ updated (Covered individuals and entities)Fourth FAQ
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Mon, Jun 22, 2020- Comments for nonprofit inclusion in MSLP closedn/a
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Fri, Jun 26, 2020- FAQ updated (compensation calculation, borrower financial information required)Fifth FAQ
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Mon, Jul 6, 2020- Boston Fed announces MSLP is fully operational and ready to purchase participations in eligible loansBoston Fed Press Release
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Wed, Jul 8, 2020- Boston Fed released interactive list of lenders participating in the MSLP by stateList of Lenders (not a PDF document)
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Sun, Jul 12, 2020- Wall Street Journal reporting that MSLP was slowed by disagreements early on between Fed and TreasuryWSJ article
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Wed, Jul 15, 2020- Boston Fed released updated FAQs
- Updates include a clarification on mortgage debt security, removal of the "purchase by" date for a lender in an upsized tranche, incorporating SBA rules on eligible businesses, removing restrictions of dividends for tribal busineses, clarifying the sole proprietorships are ineligible, clarifying fees and rates, and rules for businesses established in 2020, among others
Sixth FAQ
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Fri, Jul 17, 2020- Fed expands eligibility via (4) and (5) to nonprofit organizations such as educational institutions, hospitals, and social service organizationsFed Board press release
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Second term sheet (4) nonprofit new loans
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Second term sheet (5) nonprofit expanded loans
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YPFS blog post
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Mon, Jul 20, 2020- Congressional Oversight Commission releases third reportThird COC Report
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Tue, Jul 28, 2020- Fed extends deadline from Sep 30 to Dec 31Fed press release
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