Understanding the Main Street Lending Program

July 16, 2020
11:00 am – 12:00 pm
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The Federal Reserve Board has established the Main Street Lending Program which will offer three different loan facilities that will sell 95% loan participations to a special purpose vehicle established by the Federal Reserve Bank of Boston. Depending upon the borrower, the facilities will be able to offer loans ranging up to $35 million, $50 million, or $300 million with a five-year maturity. Interest payments will be deferred for one year with principal payments of 15% of the principal at the end of the third and fourth years and the remaining 70% at the end of the fifth year.

The presentation will review the rules for the three Main Street Lending Program facilities, as well as providing an update on the Paycheck Protection Program due to the Paycheck Protection Program Flexibility Act of June 5, 2020.

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T.J. Leake concentrates his practice in the areas of business transactions and estate and financial planning. Mr. Leake has been involved in advising corporations, associations and not-for-profit corporate entities on various corporate formation matters, mergers, acquisitions and governmental issues. He also advises clients regarding estate planning and administration matters. In addition, Mr. Leake focuses his practice on advising closely held and family businesses on ownership relations and succession planning issues. He is active in the pro bono program at Hinshaw & Culbertson LLP, assisting various charitable organizations in all aspects of corporate matters.
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Timothy Sullivan is an experienced transactional lawyer. He has orchestrated a number of mergers and acquisitions, handling all aspects of compliance with federal and state securities laws and regulations, and issues relating to ERISA, tax, labor and environmental matters. Mr. Sullivan is a past leader of Hinshaw & Culbertson LLP’s national Commercial Transactions Practice Group.
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