Federal Reserve Board - Paycheck Protection Program Liquidity Facility (PPPLF)

Summary

A Federal Reserve Board policy tools entry on the Paycheck Protection Program Liquidity Facility (PPPLF), with a last update of June 11, 2026. It states that the Federal Reserve is supplying liquidity to participating financial institutions through term financing backed by Paycheck Protection Program (PPP) loans to small businesses. The PPPLF will extend credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face value.

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Board of Governors of the Federal Reserve System

Policy Tools

Paycheck Protection Program Liquidity Facility (PPPLF)

To bolster the effectiveness of the Small Business Administration's Paycheck Protection Program (PPP), the Federal Reserve is supplying liquidity to participating financial institutions through term financing backed by PPP loans to small businesses. The PPP provides loans to small businesses so that they can keep their workers on the payroll. The Paycheck Protection Program Liquidity Facility (PPPLF) will extend credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face value.

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Last Update: June 11, 2026

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