15Jul
Some Strings Attached: Main Street Lending Program And Private Company M&A
The Main Street Lending Program, intended to provide credit support to small and medium sized businesses, became operational on July 6, 2020.It includes many borrower-favorable economic terms, including a 5-year term, a low interest rate (capped at LIBOR + 3%), an interest payment deferral of 1 year and a principal payment deferral of 2 years, and a generally borrower-friendly amortization schedule. However, the Main Street Lending Program possesses certain characteristics that could negatively...
By:
Sheppard Mullin Richter & Hampton LLP
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