The Fed expands Paycheck Protection backstop for financial institutions

https://www.federalreserve.gov/newsevents/pressreleases/monetary20200423b.htm

 

Congress provides funds to allow all kinds of financial institutions to make Paycheck Protection loans through the SBA. Some are forgivable if used to maintain pay to employees. The Fed is taking these loans as collateral to maintain liquidity of the lending institutions and also expanding the types of institutions that can get Fed funds under this program. They are relaxing constraints.

 

Charlie Cooper

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Get Money Out – Maryland (GMOM)

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