FED Extends Lending Facilities Intended to Ease Impact of Pandemic
FED announced an extension, through March 31, 2021, for several lending facilities that were generally scheduled to expire on or around December 31, 2020. The extension, which has also been approved by the U.S. Treasury Department, will facilitate planning by potential facility participants and provide certainty that the facilities will continue to be available through the first quarter of 2021 to help the economy recover from the COVID-19 pandemic. The extension apply to the Paycheck Protection Program (PPP) Liquidity Facility and Commercial Paper Funding Facility, among others. To allow more time to process and fund loans that were submitted to the Main Street lender portal on or before December 14, 2020, FED also extended the termination date of the Main Street Lending Program facilities to January 08, 2021.
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Effective Date: November 30, 2020
Keywords: Americas, US, Banking, COVID-19, Credit Risk, Paycheck Protection Program, CARES Act, Lending Facility, FED
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