COVID-19 - The Main Street Lending Program - July 20, 2020 Update
Monday, July 20, 2020
There have been a number of significant developments since we released our last Client Alert regarding the Program:
- On July 8th the Fed announced that about 400 banks had registered or were in the process of registering for the Program, but only about 90 banks would accept applications from new business customers (or at least were willing to admit it publicly).
- On July 15th the Fed released amendments to the Program’s frequently asked questions. The amendments included the following changes or clarifications, among others: