{"id":5791,"date":"2020-06-17T16:12:55","date_gmt":"2020-06-17T16:12:55","guid":{"rendered":"https:\/\/www.sherin.com\/real-estate\/?p=5791"},"modified":"2026-06-22T16:21:48","modified_gmt":"2026-06-22T16:21:48","slug":"main-street-lending-program-major-changes-and-proposed-program-for-nonprofit-borrowers","status":"publish","type":"post","link":"https:\/\/www.sherin.com\/real-estate\/2020\/06\/17\/main-street-lending-program-major-changes-and-proposed-program-for-nonprofit-borrowers\/","title":{"rendered":"Main Street Lending Program \u2013 Major Changes and Proposed Program for Nonprofit Borrowers"},"content":{"rendered":"<p>On Monday, June 15, 2020, the Federal Reserve opened the Main Street Lending Program (the \u201cMSLP\u201d), which is designed to increase access to capital for small and medium-sized businesses.<\/p>\n<p>Established by the Federal Reserve under the CARES Act in April and May, the MSLP comprises three loan facilities: the Main Street New Loan Facility (the \u201cNew Loan Facility\u201d or \u201cNLF\u201d); the Main Street Expanded Loan Facility (the \u201cExpanded Loan Facility\u201d or \u201cELF\u201d); and the Main Street Priority Loan Facility (the \u201cPriority Loan Facility\u201d or \u201cPLF\u201d).\u00a0 Under the MSLP, the Federal Reserve lends to a single Special Purpose Vehicle (the \u201cSPV\u201d) which will then use those funds to purchase participation in eligible loans from eligible lenders.<\/p>\n<p>On June 8, 2020, the Federal Reserve Board modified a significant number of key terms of the MSLP in order to allow more businesses to take advantage of the program.\u00a0 Also on June 15, 2020, the Federal Reserve Board published draft term sheets for the expansion of the MSLP to nonprofit organizations.<\/p>\n<p>While Sherin and Lodgen has previously discussed the MSLP at some length in an earlier alert, the changes published by the Federal Reserve in the last week merit a new discussion of the program in its entirety.<\/p>\n<p><strong><a href=\"https:\/\/www.sherin.com\/wp-content\/uploads\/2020\/06\/Main-Street-Lending-Program-%E2%80%93-Major-Changes-and-Proposed-Program-for-Nonprofit-Borrowers-1.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span id=\"E1602\">Click here for a synopsis of the MSLP, as expanded on June 8, 2020 and a brief discussion of the nonprofit proposal.<\/span><\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Monday, June 15, 2020, the Federal Reserve opened the Main Street Lending Program (the \u201cMSLP\u201d), which is designed to increase access to capital for small and medium-sized businesses. Established by the Federal Reserve under the CARES Act in April and May, the MSLP comprises three loan facilities: the Main Street New Loan Facility (the [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":5792,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[],"tags":[],"class_list":["post-5791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Main Street Lending Program \u2013 Major Changes and Proposed Program for Nonprofit Borrowers - Real Estate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sherin.com\/real-estate\/2020\/06\/17\/main-street-lending-program-major-changes-and-proposed-program-for-nonprofit-borrowers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Main Street Lending Program \u2013 Major Changes and Proposed Program for Nonprofit Borrowers - Real Estate\" \/>\n<meta property=\"og:description\" content=\"On Monday, June 15, 2020, the Federal Reserve opened the Main Street Lending Program (the \u201cMSLP\u201d), which is designed to increase access to capital for small and medium-sized businesses. Established by the Federal Reserve under the CARES Act in April and May, the MSLP comprises three loan facilities: the Main Street New Loan Facility (the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.sherin.com\/real-estate\/2020\/06\/17\/main-street-lending-program-major-changes-and-proposed-program-for-nonprofit-borrowers\/\" \/>\n<meta property=\"og:site_name\" content=\"Real Estate\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-17T16:12:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-22T16:21:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.sherin.com\/real-estate\/wp-content\/uploads\/sites\/2\/2026\/06\/Screenshot-2026-06-22-121356.png\" \/>\n\t<meta property=\"og:image:width\" content=\"533\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"jegiangregorio\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"jegiangregorio\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.sherin.com\\\/real-estate\\\/2020\\\/06\\\/17\\\/main-street-lending-program-major-changes-and-proposed-program-for-nonprofit-borrowers\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.sherin.com\\\/real-estate\\\/2020\\\/06\\\/17\\\/main-street-lending-program-major-changes-and-proposed-program-for-nonprofit-borrowers\\\/\"},\"author\":{\"name\":\"jegiangregorio\",\"@id\":\"https:\\\/\\\/www.sherin.com\\\/real-estate\\\/#\\\/schema\\\/person\\\/c804729841c0db0743b1d24e2c819e18\"},\"headline\":\"Main Street Lending Program \u2013 Major Changes and Proposed Program for Nonprofit Borrowers\",\"datePublished\":\"2020-06-17T16:12:55+00:00\",\"dateModified\":\"2026-06-22T16:21:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.sherin.com\\\/real-estate\\\/2020\\\/06\\\/17\\\/main-street-lending-program-major-changes-and-proposed-program-for-nonprofit-borrowers\\\/\"},\"wordCount\":230,\"image\":{\"@id\":\"https:\\\/\\\/www.sherin.com\\\/real-estate\\\/2020\\\/06\\\/17\\\/main-street-lending-program-major-changes-and-proposed-program-for-nonprofit-borrowers\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.sherin.com\\\/real-estate\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/06\\\/Screenshot-2026-06-22-121356.png\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.sherin.com\\\/real-estate\\\/2020\\\/06\\\/17\\\/main-street-lending-program-major-changes-and-proposed-program-for-nonprofit-borrowers\\\/\",\"url\":\"https:\\\/\\\/www.sherin.com\\\/real-estate\\\/2020\\\/06\\\/17\\\/main-street-lending-program-major-changes-and-proposed-program-for-nonprofit-borrowers\\\/\",\"name\":\"Main Street Lending Program \u2013 Major Changes and Proposed Program for Nonprofit Borrowers - 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