The Federal Reserve Board issued initial guidance regarding its Main Street Lending Program on April 9, 2020, as authorized under the Coronavirus Economic Stabilization Act (Title IV of the CARES Act). This original guidance established the broad brush parameters of the program, but was short on details, raising concerns among both borrowers and lenders about its eventual implementation. On April 30, in response to a flood of public comments, the Federal Reserve released updated guidance, containing substantially greater operational details. The new guidance both modified and supplemented the two previously announced facilities―the Main Street New Loan Facility and the Main Street Expanded Loan Facility―and added a third facility, the Main Street Priority Loan Facility, expanding the overall scope of the program.
To read the full text of this Alert, please visit the firm website.
In response to pressing questions from institutions, on March 5, 2020, the U.S. Department of Education’s office of Federal Student Aid (FSA) offered guidance permitting temporary flexibility and clarifying how higher education institutions whose activities are impacted by COVID-19 can continue to comply with Title IV of the Higher Education Act and its implementing regulations (“Title IV”) . Read our client alert on the guidance.
To read the full post by Duane Morris attorney Tanvi Shah, please visit the Duane Morris UpdatED Blog.
Due to the outbreak of coronavirus (COVID-19), the Centers for Disease Control and Prevention recommends that institutions of higher education consider postponing or canceling upcoming study abroad or foreign exchange programs. However, this advice has raised pressing questions about how this would affect Title IV, Higher Education Act (HEA) federal financial aid and a student’s ability to finish the term if a program is interrupted or canceled. In response, on March 5, 2020, the U.S. Department of Education’s office of Federal Student Aid (FSA) offered guidance permitting temporary flexibility and clarifying how higher education institutions can continue to comply with Title IV regulations for students whose activities are impacted by COVID-19.
To read the full text of this Duane Morris Alert, please visit the firm website.