Smith Anderson (North Carolina): Federal Reserve Modifies Main Street Lending Program to Attract More Businesses

On June 8, 2020, the Board of Governors of the Federal Reserve System (Federal Reserve) issued a Press Release (the FRB Press Release) announcing an expansion of its Main Street Lending Program (Program) to help more small- and medium-sized businesses that are not eligible for emergency loans due to negative economic impacts of the COVID-19 pandemic under the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), or that require additional financial assistance. This Alert provides an overview of the Program as revised by the FRB Press Release and the accompanying documentation. MORE.

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