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MNI: Text - Fed Expands Access To Paycheck Protection Facility 

     The Federal Reserve released the following statement Thursday: 
     The Federal Reserve on Thursday expanded access to its Paycheck Protection
Program Liquidity Facility (PPPLF) to additional lenders, and expanded the
collateral that can be pledged. The changes will facilitate lending to small
businesses via the Small Business Administration's (SBA) Paycheck Protection
Program (PPP).
     As a result of the changes, all PPP lenders approved by the SBA, including
non-depository institution lenders, are now eligible to participate in the
PPPLF. SBA-qualified PPP lenders include banks, credit unions, Community
Development Financial Institutions, members of the Farm Credit System, small
business lending companies licensed by the SBA, and some financial technology
firms. When the PPPLF was announced, the Federal Reserve said the facility would
immediately lend to depository institutions and that non-depository institutions
would be added as soon as possible.
     Additionally, eligible borrowers will be able to pledge whole PPP loans
that they have purchased as collateral to the PPPLF. An institution that pledges
a purchased PPP loan will need to provide the Reserve Bank with documentation
from the SBA demonstrating that the pledging institution is the beneficiary of
the SBA guarantee for the loan.
     The SBA's PPP guarantees loans from qualified lenders to small businesses
so that those businesses can keep workers employed. The PPPLF supports the PPP
by extending credit to financial institutions that make or purchase PPP loans,
using the loans as collateral. The additional liquidity from the PPPLF increases
the capacity of financial institutions to make additional PPP loans.
--MNI Washington Bureau; +1 202 371 2121; email: evan.ryser@marketnews.com
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