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ARTICLE · 29 MAY 2020

Update On The Paycheck Protection Program Liquidity Facility

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On Thursday April 30, 2020, the Board of Governors of the Federal Reserve Board released a new revised term sheet for the Paycheck Protection Program Liquidity Facility ("PPPLF").

United StatesFinance and Banking
Colleen H. McDonald
Colleen H. McDonald
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On Thursday April 30, 2020, the Board of Governors of the Federal Reserve Board released a new revised term sheet for the Paycheck Protection Program Liquidity Facility ("PPPLF"). Under the facility, the Federal Reserve Banks will lend to eligible borrowers on a nonrecourse basis, taking loans to small businesses guaranteed by the Small Business Administration ("SBA") under the Paycheck Protection Program ("PPP Loans") as collateral.

Notably, the PPPLF has been expanded so the categories of eligible borrowers now includes banks, credit unions, community development banks, small business lending companies licensed by the SBA and fintech firms approved by the SBA to originate PPP Loans. The most recent term sheet also specifies the Reserve Banks that will act as lender to each category of eligible borrower.

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