On Thursday April 16, Sheppard Mullin submitted comments to the Federal Reserve about its terms sheets for the $600 Billion Main Street Loan Program. These comments raise and explore numerous important questions that the Fed and Treasury will necessarily need to grapple with to make the Main Street programs successful. We believe that these comments together with our comparative chart of the two Main Street loans being offered will help readers gain an initial understanding of how the Main Street Loan Program may work with companies’ existing debt and operations. We will provide updates when new information is released about the Main Street program.

 Coronavirus, Comments

As you are aware, things are changing quickly and there is no clear-cut authority or bright line rules.  This is not an unequivocal statement of the law, but instead represents our best interpretation of where things currently stand.  This article does not address the potential impacts of the numerous other local, state and federal orders that have been issued in response to the Covid-19 pandemic, including, without limitation, potential liability should an employee become ill, requirements regarding family leave, sick pay and other issues.

NEW!! Check out Sheppard Mullin’s Coronavirus Insights Portal which now aggregates the firm’s various COVID-19 blog posts on a broad range of topics. Click here to view and subscribe.

*This alert is provided for information purposes only and does not constitute legal advice and is not intended to form an attorney client relationship.  Please contact your Sheppard Mullin attorney contact for additional information.*

Photo of Peter Carson Peter Carson

Peter Carson is a partner in the Finance & Bankruptcy Practice Group in the firm’s San Francisco office.

Photo of Elliot Hinds Elliot Hinds

Elliot Hinds is a partner in the Corporate Practice Group in the firm’s Century City office.

Photo of David D'Amour David D'Amour

David D’Amour is a partner in the Finance and Bankruptcy Practice Group in the firm’s Orange County and New York offices.

Photo of Andrew Felner Andrew Felner

Andrew M. Felner is a partner in the Corporate Practice Group in the firm’s New York office and is a member of the firm’s Private Equity Team. He also serves as the Team Leader of the firm’s Private Wealth Services Team.

Photo of Jordan Hamburger Jordan Hamburger

Jordan E. Hamburger is a partner in the Corporate Practice Group in the firm’s Century City office.

Photo of Charbel Lahoud Charbel Lahoud

Charbel F. Lahoud is a partner in the Finance and Bankruptcy Practice Group in the firm’s Los Angeles office.

Photo of Thomas Leo Thomas Leo

Thomas Leo is a partner in the Entertainment, Technology and Advertising Practice Group in the firm’s Century City office.

Photo of Jonathan E. Meyer Jonathan E. Meyer

Jonathan Meyer is a partner in the Government Contracts, Investigations and International Trade Practice Group in the firm’s Washington, D.C. office.

Photo of Michael Ragan Michael Ragan

Michael A. Ragan is an associate in the Corporate and Securities in the firm’s Washington, D.C. office.

Photo of James Ritter James Ritter

Jim Ritter is a partner in the Corporate Practice Group in the firm’s Washington, D.C. office.

Photo of Kevin Ryan Kevin Ryan

Kevin Ryan is a partner in the Finance and Bankruptcy Practice Group in the firm’s Chicago office.

Nikole Snyder

Nikole Snyder is an associate in the Government Contracts, Investigations and International Trade Practice Group in the firm’s Washington, D.C. office.

Photo of Bijal Vira Bijal Vira

Bijal Vira is a partner in the corporate and finance practice areas in the firm’s New York office.

Photo of William Wyatt William Wyatt

Bill Wyatt is a partner in the Finance and Bankruptcy and Corporate Practice Groups in the firm’s Palo Alto and San Francisco offices.