Expansion of the Main Street Lending Programs: Small Businesses & Nonprofit Organizations

A brief history: On April 9, 2020, the Federal Reserve published term sheets for a lending program—known as the Main Street Lending Program—for small and/or mid-size businesses. There were two separate loan programs under the Main Street Lending Program—the Main Street Lending Program and the Main Street Expanded Lending…
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Paycheck Protection Flexibility Act: Changes to the Paycheck Protection Program

On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (the “Act”), to amend sections of the Paycheck Protection Program (“PPP”). The Act: Prospectively extends PPP loan maturity from two years to five (lenders and borrowers may mutually agree to modify the…
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