Synthesizing the Stimulus: A Brief Comparison of Federal Reserve Direct Lending Programs

With the announcement by the Board of Governors of the Federal Reserve System on April 9, 2020, of the implementation of a Main Street Lending Program, or “MSLP,” many businesses, nonprofit organizations, and lenders have questions about how the MSLP relates to the various loan programs that are also available to companies under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) enacted on March 27, 2020. In order to answer some of those questions, we have prepared a comparison of the eligibility requirements, program and maximum loan sizes and other terms of the Main Street Lending Program, the PPP, the General Direct Lending Program and the Mid-Sized Business Program.