Federal Reserve Board announces it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three months to June 30, 2021 (2021-03-08)
Summary
A press release of the Board of Governors of the Federal Reserve System dated March 08, 2021. It announces that the Board will extend its Paycheck Protection Program Liquidity Facility (PPPLF) by three months to June 30, 2021, to support the flow of credit to small businesses through the PPP. The release explains that the PPPLF extends term credit to financial institutions making PPP loans, accepting the loans as collateral, and that the extension from March 31 was approved by the Secretary of the Treasury. It adds that the Commercial Paper Funding Facility, the Money Market Mutual Fund Liquidity Facility and the Primary Dealer Credit Facility will expire as scheduled on March 31.
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Full text
Board of Governors of the Federal Reserve System Press Release March 08, 2021 Federal Reserve Board announces it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three months to June 30, 2021 For release at 9:15 a.m. EST The Federal Reserve Board on Monday announced it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three months to June 30, 2021. The extension will provide continued support for the flow of credit to small businesses through the Paycheck Protection Program, or PPP. The PPPLF extends term credit to financial institutions making PPP loans, accepting the PPP loans as collateral. The liquidity provided by the PPPLF helps eligible financial institutions fund additional PPP loans. The PPPLF was established under the Board's 13(3) authority and the extension from March 31 to June 30, 2021, was approved by the Secretary of the Treasury. The other currently active 13(3) facilities—the Commercial Paper Funding Facility, the Money Market Mutual Fund Liquidity Facility, and the Primary Dealer Credit Facility—have not had significant usage since last summer and will expire as scheduled on March 31. For media inquiries, call 202-452-2955 Related Content Last Update: March 08, 2021
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