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United States: Federal Reserve releases details of lending programs in response to COVID-19 pandemic, including Main Street lending program for mid-sized businesses


On 9 April 2020, the Federal Reserve announced that it would be providing up to USD 2.3 trillion in loans to support the US economy in response to the COVID-19 pandemic.

The Federal Reserve released details of the Main Street lending program for mid-sized businesses that it had previously announced, release details of Municipal Liquidity Facility for states, cities and counties and released updated information about several recently announced financing programs: the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility (SMCCF) and the Term Asset-Backed Securities Loan Facility (TALF).

The Federal Reserve stated that these programs were still being finalized, and requested comments from interested parties. Comments are open until 16 April.



José Antonio Morán chairs the Firm's Energy, Mining & Infrastructure Practice Group. He represents clients in numerous high-value deals, including one recognized by Thomson Project Finance International as “the largest merger and acquisition deal in Latin America.” José is ranked as a Foreign Expert for Spain in USA - Projects by Chambers USA 2017 and 2018. The Legal 500 United States also recognized him from 2011 to 2016 in the area of project finance and in prior years in the areas of corporate & finance and real estate & construction. José has been trained as a lawyer under a civil law system and a common law system. José is a lecturer at Loyola University School of Law's comparative law seminar on legal systems in the Americas, and a visiting professor at Northwestern Law School as a lecturer in the project finance class. He was the vice chair of the Banking and Financial Services committee of the International Institute for Conflict Prevention and Resolutions.


Craig Roeder is a partner in Baker McKenzie's Chicago office with significant experience in public and private mergers and acquisitions, securities offering transactions, securities law compliance, corporate governance and other corporate transactional matters. Craig has been recognized as a leading lawyer in mergers and acquisitions in Chambers USA, Legal 500 USA, Best Lawyers and International Who’s Who of Mergers & Acquisition Lawyers. He has also twice been named as a Client Service All Star in surveys of Fortune 1000 corporate counsel conducted by BTI Consulting Group.


Jai Khanna is a partner in the Firm's North American Banking, Finance and Major Projects Practice, residing in the Chicago office. Mr. Khanna brings more than 16 years of experience advising on a broad range of complex financing transactions. Mr. Khanna's clients include global banks and financial institutions, equity investors, asset managers, investment funds, hedge funds, and corporate issuers and borrowers in a variety of industries.


J. Brook Mestre is a seasoned corporate and securities attorney who represents publicly and privately held multinational and domestic businesses in a wide range of corporate transactions.


William J. Rowe is a partner in the Corporate and Securities Practice Group in Chicago. William assists global clients with transformational domestic and international mergers and acquisitions. He also leads Baker McKenzie’s North American corporate knowledge and training development program and has been an Illinois Super Lawyers Rising Star in Mergers and Acquisitions every year since 2012.