The US Federal Reserve’s Main Street Lending Program: Demystifying the Good, the Bad, and the Ugly
Overview:
Designed to provide support for businesses having difficulties obtaining sufficient debt financing during today's market situations, the US Federal Reserve established the Main Street Lending Program in March 2020. The program promised several opportunities especially for businesses that are too large for the SBA’s Paycheck Protection Program. However, a myriad of legal issues must still be considered thoroughly by companies who plan to register. Having a thorough understanding of its legal requirements and provisions is essential to ensure sound compliance and avoid pitfalls.
Join a panel of key thought leaders and practitioners assembled by The Knowledge Group as they provide the audience with a comprehensive discussion of the US Federal Reserve’s Main Street Lending Program. Speakers will provide the audience with an in-depth discussion of legal issues and will offer practical tips in maximizing opportunities while mitigating risks.
In this LIVE Webcast, seasoned finance lawyers Neal Pandozzi (Adler Pollock & Sheehan P.C.) and Meghan Tyson (Frost Brown Todd) will provide the audience with a comprehensive discussion of the US Federal Reserve’s Main Street Lending Program. Speakers will also provide the audience with an in-depth discussion of legal issues and will offer practical tips in maximizing opportunities while mitigating risks.
Some of the major topics that will be covered in this course are:
- Overview of the US Federal Reserve’s Main Street Lending Program
- Current and Emerging Issues
- Opportunities and Challenges
- Best Practices
- Outlook
Agenda:
Neal R. Pandozzi, Senior Counsel
Adler Pollock & Sheehan P.C.
- The Federal Reserve Bank of Boston operates an emergency lending program for for-profit businesses and nonprofit organizations known as the Main Street Lending Program.
- For nonprofit organizations, the Program is divided into the Nonprofit Organization New Loan Facility (the “NONLF”) and the Nonprofit Organization Expanded Loan Facility (the “NOELF” and together with the NONLF, the “Nonprofit Facilities”).
- The Nonprofit Facilities support lending to small and medium-sized nonprofit organizations that were in sound financial condition prior to, but are now experiencing cash flow interruptions as a result of, the COVID-19 pandemic.
- The Nonprofit Facilities purchase participation interests in newly-originated loans under the NONLF, or upsized tranches of existing loans under the NOELF, in each instance, originated by eligible lenders for the benefit of eligible nonprofit organizations.
- The minimum loan size under the NONLF and the NOELF is $100,000 and $10 million, respectively. The loans mature in five years and eligible borrowers make no payments on the loans during year one (interest payments deferred for one year and principal payments deferred for two years). The loans bear interest at a variable rate of LIBOR + 3%.
- The Nonprofit Facilities will cease purchasing loan participations on December 31, 2020, subject to extension by the Federal Reserve Board and the Treasury Department.
Meghan Tyson, Managing Associate
Frost Brown Todd
- Overview of Main Street Lending Program For-Profit Facilities
- Lender and Borrower Eligibility Criteria under the For-Profit Facilities
- Program Requirements Specific to the For-Profit Facilities
- Required Loan Documentation for the For-Profit Facilities
Who Should Attend:
- Loan Officers
- Loan Operations Staff
- Financial Advisors
- Chief Financial Officers
- Chief Executive Officers
- Financial Analysts
- Corporate Counsel
Neal Pandozzi is Co-Chair of the firm’s Public Finance group. He has served as bond counsel, disclosure counsel, borrower’s counsel, …
Meghan is a member of Frost Brown Todd’s CMBS Lending & Servicing Practice Group. Meghan primarily represents institutional lenders in …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
General knowledge of the Main Street Lending Program
Course Code:
149270
NY Category of CLE Credit:
Areas of Professional Practice
Total Credit:
1.0 CLE
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SPEAKERS' FIRMS:
About Adler Pollock & Sheehan P.C.
Adler Pollock & Sheehan (AP&S) is a New England law firm representing local, national and international clients in a wide range of complex legal matters. Since 1960, we have been committed to providing clients with the highest levels of legal services through a wide variety of practice areas in our four office locations: Providence and Newport, RI, Boston, MA and Manchester, NH. We are proud of our demonstrated record of achievement, which is sustained by a genuine and deep-rooted commitment to the ideals of the legal profession. The core of the AP&S approach is our focus on the client, which is evident in the personal high-level attention each client receives.
We represent interests across a broad spectrum of industries and a diverse client base, ranging from large and small companies to families and individuals. Our clients include:
- Fortune 100 and 500 companies
- Publicly traded and privately held companies
- REITs
- Public and quasi-public agencies
- Governmental entities
- Public utilities
- Financial services companies
- Hospitals and health care organizations
- Colleges and universities
- Not-for-profit organizations and associations
Among the largest and most experienced in New England, our Litigation Department is recognized nationally for its high quality work and cost-effective approach. The firm has litigated cases in 44 jurisdictions throughout the country.
Our Corporate Department has a practice which is local, regional and global in reach. It offers a broad range of sophisticated business counseling and transactional services to a diverse clientele, including individuals, entrepreneurs, family-owned businesses, emerging companies, governmental and economic development agencies, public companies and multinationals.
Website: https://www.apslaw.com/
About Frost Brown Todd
A full-service law firm with more than 525 attorneys in multiple states, Frost Brown Todd offers that rare blend of local market knowledge and world-class problem solving. Our attorneys work together across disciplines and across the map to support a diverse client base, including some of the world’s best-known companies as well as numerous startups, government entities, and social-sector organizations. Whether we’re crafting deals or compliance solutions that are above reproach, or intervening in high-stakes commercial disputes, we’re driven to exceed expectations and deliver value by working creatively, meticulously and passionately.
Website: https://frostbrowntodd.com/
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