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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

Medicare Updates: Prior Authorizations and Physician Fee Schedule

September 8, 2025The Centers for Medicare & Medicaid Services (CMS) has announced two key updates effective January 1, 2026: a six-state prior authorization pilot program targeting high-risk services under the WISeR Model, and proposed revisions to the Physician Fee Schedule (PFS) that include increased payment rates, expanded telehealth coverage, and updated policies for chronic care, behavioral health, and rural providers.Client Alert

USCIS Policy Updates: Implications for Business Immigration

August 20, 2025In August 2025, USCIS issued three key policy updates enhancing vetting, good moral character (GMC) evaluations, and scrutiny of "anti-American" conduct in immigration adjudications. These policy memos will impact employers sponsoring foreign workers, including H-1B, L-1, EB visas, adjustments, and naturalization.Client Alert

Ohio Passes Antidiscrimination Provision for CRNA Reimbursement

August 14, 2025Ohio has passed House Bill 96, introducing a provider nondiscrimination provision that requires health plans to reimburse certified registered nurse anesthetists (CRNAs) at the same rate as physicians for the same services. The law aims to improve patient access to care by eliminating payment discrimination against CRNAs and will take effect on September 30, 2025.Client Alert

Ohio Board of Pharmacy | Administrative Code Rule Changes

July 16, 2025The Ohio Board of Pharmacy (“BOP”) recently posted notices of Ohio Administrative Code rule changes related to record keeping and the sale and distribution of certain ephedrine-containing products.Client Alert

A Shift in Coverage: HHS Reinterprets “Federal Public Benefit” Under PRWORA

July 16, 2025The U.S. Department of Health and Human Services rescinded a 1998 interpretation of “federal public benefit” used in the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA) on July 10, 2025. This notice removes "outdating exclusions" and includes additional programs under “federal public benefit."
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