Board of Governors of the Federal Reserve System

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.

• Term Sheet (April 30, 2020) (PDF)
• FAQs
• For additional information visit: https://www.frbdiscountwindow.org

Reports to Congress

• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (May 15, 2020)
  • PPPLF Transaction-specific Disclosures (XLSX) (May 15, 2020)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Paycheck Protection Program Liquidity Facility (PDF) (April 16, 2020)

Related Press Releases

• Federal Reserve publishes updates to the term sheet for the Term Asset-Backed Securities Loan Facility (TALF) and announces information to be disclosed monthly for the TALF and the Paycheck Protection Program Liquidity Facility (May 12, 2020)
• Federal bank regulatory agencies modify liquidity coverage ratio for banks participating in Money Market Mutual Fund Liquidity Facility and Paycheck Protection Program Liquidity Facility (May 5, 2020)
• Federal Reserve expands access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders, and expands the collateral that can be pledged (April 30, 2020)
• Federal Reserve announces its Paycheck Protection Program Liquidity Facility is fully operational and available to provide liquidity to eligible financial institutions (April 16, 2020)
• Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy (April 9, 2020)