Federal Reserve will establish a facility to facilitate lending to small businesses via the Small Business Administration's Paycheck Protection Program (PPP) by providing term financing backed by PPP loans

The following press release was published by the Board of Governors of the Federal Reserve System on April 6, 2020. It is reproduced in full below.

To facilitate lending to small businesses via the Small Business Administration's Paycheck Protection Program (PPP), the Federal Reserve will establish a facility to provide term financing backed by PPP loans. Additional details will be announced this week.

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Source: Board of Governors of the Federal Reserve System