CARES法案（“Act”) enacted on March 27, 2020 provides the Treasury with $454 billion to make loans, loan guarantees and other investments in Federal Reserve programs and facilities that will give support to eligible businesses, States and municipalities. On April 9, 2020, the Federal Reserve released information on the Main Street Lending Program established pursuant to Section 13(3) of the Federal Reserve 法案 that will leverage the Treasury’s $75 billion equity investment of CARES 法案 funds to provide up to $600 billion in new financing to small and medium-sized businesses. 大街新贷款计划将为符合条件的借款人提供新的贷款便利，大街扩展贷款计划将在2020年4月8日之前为符合条件的借款人和符合条件的放款人提供适当的贷款便利，以增加现有的贷款额度，从而扩大现有的贷款便利。定期贷款债务。财政部长努钦宣布这项贷款计划“对于雇用3500万美国人的40,000家中型企业而言，这将产生重大影响。”
在大街新贷款计划和大街扩展贷款计划下（“大街贷款计划”），美联储将向面临财务压力和流动性问题的中小企业直接贷款的合格贷款人提供流动性。 美联储将贷款给单一用途的汽车（“SPV”）。 反之，SPV将从合格贷款人那里购买面值95％的合格贷款（合格贷款人保留5％的合格贷款），购买贷款的限额为6000亿美元。 SPV将按比例与合格贷款人分担预支资金的风险。 Loans under the 大街贷款计划 are reported to be available until September 30, 2020 unless the programs are extended or the funds are expended.
Eligible lenders are U.S. insured depository institutions, U.S. bank holding companies, and U.S. savings and loan holding companies. 合格贷款人 will be required to make certain attestations, including that (i) proceeds of the upsized tranche of the eligible loan will not be used to repay or refinance pre-existing loans or lines of credit made by the eligible lender to the eligible borrower, including the pre-existing portion of the eligible loan, (ii) it will not cancel or reduce any existing lines of credit outstanding to the eligible borrower, and (iii) the entity is eligible to participate in the 大街贷款计划, including in light of the conflicts of interest prohibition in section 4019(b) of the CARES 法案.
Due to the evolving nature of the 大街贷款计划 and the indication by the Federal Reserve that the Treasury and Federal Reserve may make adjustments to the terms and conditions of the 大街贷款计划 and will continue to seek input from lenders, borrowers, and other stakeholders, please keep your 佛利 contact apprised of any steps that you take so we are best positioned to assist once the Treasury and Federal Reserve release further guidance.
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