Federal Reserve Announces Registration for Eligible Lenders and New Information Session Regarding Legal Forms and Agreements

On June 15, 2020, the Board of Governors of the Federal Reserve System (the “FRB”) announced that registration for the Main Street Lending Program (the “MSLP”) is now open for eligible lenders. Eligible lenders must register for the MSLP through the MSLP lender portal, and each eligible lender will be required to submit Lender Registration Certifications and Covenants as well as Lender Wire Instructions upon registering. The FRB encourages all eligible lenders who wish to participate in the MSLP to register for the program and begin making Main Street loans immediately.

In addition to the above, the FRB also announced a new information session on Thursday, June 18, 2020 at 3:00 pm ET for internal and external legal counsel to learn about the various legal documents associated with the MSLP, factors relevant to a true sale analysis, and key issues raised by the certifications. If you are interested in attending the information session, register here.

Please contact John A. Harenza at jah@stevenslee.com, Sunjeet S. Gill at ssg@stevenslee.com or the Stevens & Lee attorney with whom you regularly work if you have questions or need assistance with this process.