Last week, the Federal Reserve took additional actions to provide up to $2.3 trillion in loans to support the economy during the COVID-19 health crisis. Critically, the Fed will purchase of up to $600 billion in loans through the Main Street Lending Program, authorized under the CARES Act, to ensure credit flows to mid-sized businesses with more than 500 employees. The Department of the Treasury will provide $75 billion in equity to the facility, and while ABC awaits additional guidance on this program, the CARES Act does not require neutrality from borrowers in union elections as a condition of participating in the Main Street Lending Program: The Main Street Lending Program will offer four-year loans to companies employing up to 10,000 workers or with revenues of less than $2.5 billion. Principal and interest payments will be deferred for one year. Eligible banks may originate new Main Street loans or use Main Street loans to increase the size of existing loans to businesses. Banks will retain a 5% share, selling the remaining 95% to the Main Street facility, which will purchase up to $600 billion of the loans. Firms seeking Main Street loans must commit to make reasonable efforts to maintain payroll and retain workers. Borrowers must also follow compensation, stock repurchase and dividend restrictions that apply to direct loan programs under the CARES Act. Firms that have taken advantage of the PPP may also take out Main Street loans.