Originally published on May 4, 2020. Last updated as of November 23, 2020.

The Federal Reserve Bank of Boston recently published updated Frequently Asked Questions for the Main Street Lending Program's Business and Nonprofit Facilities to (1) provide guidance on the process for requesting certain modifications to loans made under the Business and Nonprofit Facilities, (2) clarify limits on restructuring underlying loan facilities before utilizing the Business and Nonprofit Facilities and (3) clarify the circumstances under which an underlying credit facility can be upsized and expanded to multiple co-borrowers under the Business and Nonprofit Facilities. This client alert describes the main terms, issues and open questions for each of the five separate loan facilities available to eligible businesses and nonprofits under the Fed’s Main Street Lending Program.