FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis
The Fed’s program is designed to make it easier for banks to offer loans under the $350 billion Paycheck Protection Program run by the Small Business Administration by extending credit to financial institutions that make them, using the loans as collateral. “Supplying financial institutions with additional liquidity will help increase their capacity to make PPP loans,” the Fed said.
With funds set to be exhausted shortly, U.S. Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza on Wednesday urged Congress to approve an additional $250 billion in funds. Democrats have said they are in favor, but only if there are additional safeguards to ensure that credit is reaching businesses in underserved communities that don’t have strong pre-existing relationships with banks.
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