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Federal Reserve Outlines Actions to Implement $2.3 Trillion in Loans

See press release issued today by the Federal Reserve outlining actions the Fed will be taking to provide up to $2.3 trillion in loans to support the economy. Specifically, the Federal Reserve is taking actions related to the Small Business Administration’s Paycheck Protection Program (PPP), the Main Street Lending Program, expanding the scope of the Primary and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF), and helping state and local governments manage cash flow stresses caused by the coronavirus pandemic by establishing a Municipal Liquidity Facility that will offer up to $500 billion in lending to states and municipalities. These latter two actions were specifically authorized in CARES to address the $454 billion in loan authority that is directed to non-aviation industries. 

https://www.federalreserve.gov/newsevents/pressreleases/monetary20200409a.htm

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