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 October 30, 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 (For Profits)
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Fri, Jul 17, 2020- Fed expands eligibility to nonprofit organizations such as educational institutions, hospitals, and social service organizations through two facilities for nonprofits (Nonprofit New Loan Facility and Nonprofit Expanded Loan Facility)Fed 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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Thu, Aug 6, 2020- Nonprofit FAQs updated to provide guidance regarding total compensation and funding requirements Nonprofit FAQ
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Fri, Aug 7, 2020- Congressional Oversight Commission holds first public hearing COC Announcement
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Rosengren Testimony
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Rosengren Figures
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Wed, Aug 12, 2020- Boston Fed President, Eric Rosengren, gives speech regarding COVID and MSLPRosengren Speech
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Rosengren Slides
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Mon, Aug 24, 2020- Boston Fed released updated FAQs for the For-Profit facilities and the Nonprofit facilitiesNonprofit FAQ
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For-profit FAQ
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Fri, Sep 4, 2020- Boston Fed announced that nonprofit loan facilities are fully operational and released updated FAQsFed press release
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Nonprofit FAQs
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Fri, Sep 18, 2020- FRB released updated FAQs regarding the FRB & Treasury's expecations for lender underwriting. These FAQs were developed with the FDIC and OCC
- FRBB expects MSLP to accept loans to mutliple co-borrowers starting week of 9/21
FRB Press Release
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Nonprofit FAQ comparison
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For Profit FAQ comparison
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Lender Requirements comparison
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Mon, Sep 21, 2020- FRBB announces that it can begin accepting the multi-borrower loansFRBB Website
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Tue, Sep 22, 2020- Chair Powell's testimony before the House Committee on Financial ServicesPowell Testimony
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Tue, Sep 29, 2020- Fed released results from supplementary Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) in order to understand the experiences of domestically chartered banks with the Main Street Lending Program (MSLP).Fed press release
Survey results (charts)Survey results (charts)
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Fri, Oct 30, 2020- Minimum loan size decreased from $250,000 to $100,000; fees on smaller loans more favorable to lenders to encourage usage
- Fed also clarified that PPP loans of less than $2 million could be excluded from the calculation of total outstanding and undrawn debt
Press Release
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MSNLF Term Sheet
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MSPLF Term Sheet
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MSELF Term Sheet
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NONLF Term Sheet
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NOELF Term Sheet
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FAQ on PPP loan