Boston Fed, Main Street Lending Program page
Archived source: Boston Fed, Main Street Lending Program page. Captured from www.bostonfed.org.
Cited in: Eric S. Rosengren · Michael Kipp Kranbuhl
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Main Street Lending Program Special Facilities About the Program Programs & Initiatives Centers & Groups Resources Publications & Data Events People Contacts About the Program Programs & Initiatives Centers & Groups Resources Publications & Data Events People Contacts Recipients of loans through COVID-era Fed program saw significant improvements relative to peers Study of Main Street Lending Program also finds firms with brighter prospects likelier to get loans Was Main Street Lending Program its borrowers’ best option for credit? Risk scores suggest ‘yes’ New Boston Fed study also finds borrowers may have shown greater potential to withstand pandemic Main Street Lending: right times, right places New Boston Fed study finds program provided credit when and where it was most needed The Main Street Lending Program has ceased purchasing participations in eligible loans. Recent Updates The Main Street Lending Program (MSLP) and the United States Department of the Treasury have agreed that each year in November and May, the MSLP will return to the Treasury any preferred equity funds that are in excess of the MSLP’s outstanding loans from Federal Reserve Bank of Boston until the preferred equity investments fall to $240 million or less. On May 22, 2026, the MSLP returned $821 million to Treasury, reducing Treasury’s remaining cash contributed to the facility to $0. On April 27, 2026, the “Main Street Post-Termination FAQs” were amended to include information about Main Street Program closure plans (FAQ M.6). On March 25, 2026, the Federal Reserve Board of Governors posted updated audited financial statements for MS Facilities 2020 LLC formed in connection with the implementation of the Main Street Lending Program. The Main Street Lending Program (MSLP) and the United States Department of the Treasury have agreed that each year in November and May, the MSLP will return to the Treasury any preferred equity funds that are in excess of the MSLP’s outstanding loans from Federal Reserve Bank of Boston until the preferred equity investments fall to $900 million or less. On November 21, 2025, the MSLP returned $1.2 billion to Treasury, reducing Treasury’s remaining cash contributed to the facility to $800 million. The Main Street Lending Program (MSLP) and the United States Department of the Treasury have agreed that each year in November and May, the MSLP will return to the Treasury any preferred equity funds that are in excess of the MSLP’s outstanding loans from Federal Reserve Bank of Boston until the preferred equity investments fall to $1 billion or less. On May 23, 2025, the MSLP returned $1.4 billion to Treasury, reducing Treasury’s remaining cash contributed to the facility to $2.0 billion. On March 21, 2025, the Federal Reserve Board of Governors posted updated audited financial statements for MS Facilities 2020 LLC formed in connection with the implementation of the Main Street Lending Program. The Main Street Lending Program (MSLP) and the United States Department of the Treasury have agreed that each year in November and May, the MSLP will return to the Treasury any preferred equity funds that are in excess of the MSLP’s outstanding loans from Federal Reserve Bank of Boston until the preferred equity investments fall to $1 billion or less. On November 22, 2024, the MSLP returned $1.5 billion to Treasury, reducing Treasury’s remaining cash contributed to the facility to $3.5 billion. On May 9, 2024, the Main Street Lending Program’s special purpose vehicle changed its name from “MS Facilities LLC” to “MS Facilities 2020 LLC.” The Main Street Lending Program (MSLP) and the United States Department of the Treasury have agreed that each year in November and May, the MSLP will return to the Treasury any preferred equity funds that are in excess of the MSLP’s outstanding loans from Federal Reserve Bank of Boston until the preferred equity investments fall to $1 billion or less. On May 17, 2024, the MSLP returned $2.5 billion to Treasury, reducing Treasury’s remaining cash contributed to the facility to $5.0 billion. The Main Street Lending Program and the United States Department of the Treasury have agreed that each year in November and May, MS Facilities LLC (SPV) will return to the Treasury any preferred equity funds that are in excess of the SPV’s outstanding loans from Federal Reserve Bank of Boston until the preferred equity investments fall to $1 billion or less. On November 17, 2023, the MSLP returned $2.2 billion to Treasury, reducing Treasury’s remaining cash contributed to the facility to $7.4 billion. The Main Street Lending Program and the United States Department of the Treasury have agreed that each year in November and May, MS Facilities LLC (SPV) will return to the Treasury any preferred equity funds that are in excess of the SPV’s outstanding loans from Federal Reserve Bank of Boston until the preferred equity investments fall to $1 billion or less. On May 19, 2023, the MSLP returned $1.8 billion to Treasury, reducing Treasury’s remaining cash contributed to the facility to $9.7 billion. The Main Street Lending Program and the United States Department of the Treasury have agreed that each year in November and May, MS Facilities LLC (SPV) will return to the Treasury any preferred equity funds that are in excess of the SPV’s outstanding loans from Federal Reserve Bank of Boston until the preferred equity investments fall to $1 billion or less. On November 18, 2022, the MSLP returned $2.4 billion to Treasury, reducing Treasury’s remaining cash contributed to the facility to $11.5 billion. The Main Street Lending Program and the United States Department of the Treasury have agreed that each year in November and May, MS Facilities LLC (SPV) will return to the Treasury any preferred equity funds that are in excess of the SPV’s outstanding loans from Federal Reserve Bank of Boston until the preferred equity investments fall to $1 billion or less. On May 20, 2022, the MSLP returned $1.8 billion to Treasury, reducing Treasury’s remaining cash contributed to the facility to $13.9 billion. On January 7, 2022, the Main Street Post-Termination FAQs were amended to include information about modifying Main Street loans in connection with the LIBOR transition (FAQ J.11). The Main Street Lending Program and the United States Department of the Treasury have agreed that each year in November and May, MS Facilities LLC (SPV) will return to the Treasury any preferred equity funds previously invested by Treasury that are in excess of the SPV’s outstanding loans from Federal Reserve Bank of Boston until the preferred equity investments fall to $1 billion or less. On November 19, 2021, the first such regularly scheduled return of equity, the MSLP returned $897.6 million to Treasury, reducing Treasury’s remaining cash invested in the facility to $15.674 billion. On July 29, 2021, FAQ H.18 of the Main Street Post-Termination FAQs was updated to provide clarifications regarding the applicability of the Borrower Certifications and Covenants, including the restrictions that apply to direct loan programs under the CARES Act, if an eligible borrower or its assets are sold. See a comparison to the previous Main Street FAQs. The Federal Reserve Bank of Boston has posted additional information regarding vendors for the Main Street Lending Program on the vendor page; specifically, a quarterly report reflecting fees approved for payment to the vendors supporting the program. An integrity hotline has been established for reports of fraud, waste, abuse, misrepresentations, illegal activity or unethical behavior associated with the facilities established by the Federal Reserve and administered by the Federal Reserve Bank of Boston to support the economy and promote the stability of the financial system in response to the COVID-19 pandemic. To make a report, please call 844-978-1252. Program Overview An overview of the Main Street Lending Program Learn more Program Details Program Administration The Federal Reserve’s Main Street Lending Program is administered by the Federal Reserve Bank of Boston, which established the Main Street SPV to purchase loan participations from eligible lenders in any of the twelve Federal Reserve districts. Boston Fed Integrity Hotline: 844-978-1252 An integrity hotline has been established for reports of fraud, waste, abuse, misrepresentations, illegal activity or unethical behavior associated with the facilities established by the Federal Reserve and administered by the Federal Reserve Bank of Boston to support the economy and promote the stability of the financial system in response to the COVID-19 pandemic. To make a report, please call 844-978-1252. The Boston Fed Integrity Hotline is administered by a third-party vendor to ensure the anonymity of those who choose to remain anonymous. Resources Audited Financial Statements Audited financial statements for MS Facilities LLC, formed in connection with the implementation of the Main Street Lending Program. The financial statements cover the period from January 1, 2023 to December 31, 2023. Lender Portal Portal for registered lenders in the program Listing of Participating Lenders List of lenders that are registered in the Main Street Lending Program. Disclosures Reports on the operation of the MSLP facilities, including monthly disclosure of names of lenders & borrowers, amounts borrowed, etc. These reports are made to Congress pursuant to CARES Act & Section 13(3) of the Federal Reserve Act. MSLP Dashboard Report An interactive dashboard report providing a visual depiction of the MSLP’s usage, including a geographic distribution of MSLP loans. Forms & Agreements Legal forms and agreements for registered lenders and eligible borrowers Main Street Post-Termination Frequently Asked Questions Questions and answers providing more information on the program Information on eligibility and terms Facility Agreements Documents related to the establishment of the SPV and the U.S. Treasury’s equity investment Vendors Information on vendors supporting the Main Street Lending Program Publications & Data Featured 2021 Series Current Policy Perspectives Uptake of the Main Street Lending Program by Falk Bräuning and Teodora Paligorova Featured 2021 Series Current Policy Perspectives A Helping Hand to Main Street Where and When It Was Needed by Falk Bräuning, José L. Fillat, Frankie Lin, and J. Christina Wang Featured 2021 Series Current Policy Perspectives How Did the MSLP Borrowers Fare Before and During COVID-19? by J. Christina Wang, Joshua Ballance, and Melanie Qing Events Featured Main Street Lending Program Events Featured August 7, 2020 President's Speeches President Rosengren to testify before the Congressional Oversight Commission November 9, 2020 Main Street Lending Program Events For Lenders: Main Street Lending Program – Recent Updates and Q&A June 19, 2020 President's Speeches President Rosengren to speak about the economy and monetary policy See more events Resources Federal Reserve COVID-19 Resources Boston Fed COVID-19 Resources Contacts Boston Fed Integrity Hotline 844-978-1252 Media Contacts Joel Werkema joel.werkema@bos.frb.org (617) 777-7805 Lucy A. Warsh lucy.warsh@bos.frb.org (617) 447-1556
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