Federal Reserve Announces Its Paycheck Protection Program Liquidity Facility Is Fully Operational
Summary
A Board of Governors of the Federal Reserve System press release dated April 16, 2020, for release at 9:00 a.m. EDT. It announces that the Federal Reserve's Paycheck Protection Program Liquidity Facility is fully operational and available to provide liquidity to eligible financial institutions. The release explains that the facility extends credit to institutions that make PPP loans, using those loans as collateral, to increase their capacity to lend to small businesses. It says the Federal Reserve Bank of Minneapolis manages the facility on behalf of the Federal Reserve System.
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“Federal Reserve Announces Its Paycheck Protection Program Liquidity Facility Is Fully Operational.”
Original at www.federalreserve.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/federal-reserve-board-federal-reserve-announces-its-paycheck-protectio-ded4bd141f/
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Board of Governors of the Federal Reserve System Press Release April 16, 2020 Federal Reserve announces its Paycheck Protection Program Liquidity Facility is fully operational and available to provide liquidity to eligible financial institutions For release at 9:00 a.m. EDT The Federal Reserve on Thursday announced that its Paycheck Protection Program Liquidity Facility is fully operational and available to provide liquidity to eligible financial institutions, which will help support small businesses. The Small Business Administration's Paycheck Protection Program, or PPP, guarantees loans extended by qualified lenders to small businesses so that those businesses can keep workers employed. The Federal Reserve's facility will support the effectiveness of the PPP by extending credit to financial institutions that make PPP loans, using such loans as collateral. Supplying financial institutions with additional liquidity will help increase their capacity to make PPP loans. Additional information on the facility, which is managed by the Federal Reserve Bank of Minneapolis on behalf of the Federal Reserve System, can be found here . For media inquiries, call 202-452-2955 Last Update: April 16, 2020
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