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Term Sheets Finalized for Main Street Lending Program

Client Alert
May 4, 2020

The Main Street Lending Program (“MSLP”) is designed to provide support to small and medium-sized businesses during the current pandemic. The availability of additional credit is intended to help companies that were in sound financial condition prior to the onset of the COVID-19 pandemic maintain their operations and payroll until conditions normalize. The loans will be provided by funds invested by the Department of Treasury. The terms sheets have been finalized for the program, which should be up and running shortly.

Unless extended, the MSLP loans will only be available through September 30, 2020. They are intended to provide longer term credit than the PPP loans and MSLP funds are to be used to enable employee retention. Although MSLP loans are full recourse and non-forgivable, they have very favorable terms such as the deferral of principal and interest payments for the first 12 months of the loan. Also, in certain instances MSLP loans may be unsecured.

There are three types of loans under the MSLP:  (1)  Main Street New Loan Facility (“New Loan”), (2)  Main Street Priority Loan Facility (“Priority Loan”), and (3) Main Street Expanded Loan Facility (“Expanded Loan”). The criteria for eligibility are the same for all three programs. A borrower must meet the following criteria to apply for the program: 

  1. Borrower must have been in business prior to March 13, 2020;
  2. Borrower must be eligible to receive loans from the SBA as amended by the CARES Act;
  3. Borrower must be a US business;
  4. Borrower must make all certifications required;
  5. Borrower must have less than 15,000 employees or 2019 annual revenues of less than $5 billion;
  6. Borrower must not be an air carrier that received funding under the CARES Act; and
  7. Borrower can only participate in one loan program – New Loan, Priority Loan, or Expanded Loan – and cannot participate in the Primary Market Corporate Credit Facility.  However, the Borrower is still eligible if it received a PPP loan under the CARES Act.

Each loan type differs based on the borrower’s credit and outstanding debt. The term sheets for each loan can be found at the following links: New Loan, Priority Loan, and Expanded Loan.

Please contact your primary BMD attorney for further questions.  

Main Street Lending ProgramMSLPpandemicloan reliefDepartment of Treasury
Client Alert

HHS Revokes Public Comment Requirement on Certain Policy Changes

March 5, 2025The U.S. Department of Health and Human Services (HHS) has revoked the Richardson Waiver, eliminating the requirement for public notice and comment on certain policy changes. This decision allows HHS to implement new policies more quickly, potentially affecting healthcare funding rules like Medicaid work requirements. While it speeds up policymaking, it also reduces opportunities for stakeholder input, raising concerns over transparency and unintended consequences for healthcare providers, states, and patients.Client Alert

Don't Get Caught Dazed and Confused: Another Florida Court Weighs in on Employer Obligations to Accommodate Medical Marijuana Use

March 3, 2025A Florida trial court ruled in Giambrone v. Hillsborough County that employers may need to accommodate off-duty medical marijuana use under the Florida Civil Rights Act (FCRA). This contrasts with prior rulings and raises new compliance challenges for employers. With the case on appeal, now is the time to review workplace drug policies.Client Alert

Corporate Transparency Act to be Re-evaluated

February 28, 2025Recent federal rulings have impacted the enforceability of the Corporate Transparency Act (CTA), which took effect on January 1, 2024. While reporting requirements were briefly reinstated, FinCEN has now paused enforcement and is reevaluating the CTA. Businesses are no longer required to submit reports until further guidance is issued. For updates and legal counsel, contact BMD Member Blake Gerney.Client Alert

Ohio Recovery Housing Operators Beware: House Bill 58 Seeks to Make Major Changes

February 26, 2025Ohio House Bill 58 proposes significant changes to recovery housing oversight, granting ADAMH Boards authority to inspect and investigate recovery residences. The bill also introduces a Certificate of Need (CON) program, requiring state approval for major facility changes. OMHAS will assess applications based on cost, quality, accessibility, and financial feasibility. The bill also establishes a recovery housing residence fund to support inspections. For more information, contact BMD attorneys Daphne Kackloudis or Jordan Burdick.Client Alert

January 2025 Notice of Proposed Rulemaking Brings Notable Changes to HIPAA Security Rule

February 25, 2025In January 2025, the U.S. Department of Health and Human Services proposed amendments to the HIPAA Security Rule, aiming to enhance cybersecurity for covered entities (CEs) and business associates (BAs). Key changes include mandatory compliance audits, workforce training, vulnerability scans, and risk assessments. Comments on the proposed rule are due by March 7, 2025.
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