The CARES Act provides for the Federal Reserve creating an SPV that will purchase participation interests in eligible term loans. On April 30, the Federal Reserve posted to its website term sheets that update the Main Street Lending Program term sheets it had originally announced on April 9. The term sheets update each of the Main Street New Loan Facility (MSNLF-New), the Main Street Expanded Loan Facility (MSELF-Expanded), and announces a new Main Street Priority Loan Facility (MSPLF-Priority). The Federal Reserve additionally posted to its website a 19-page Frequently Asked Questions document for the Main Street Lending Program. The chart below identifies terms of the programs.
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