Update: Federal Reserve Board announces it will extend for a final time its Paycheck Protection Program Liquidity Facility (PPPLF) by an additional month to July 30, 2021
June 29, 2021
On June 25th, the Federal Reserve Board announced (Off-site) it will extend for a final time its Paycheck Protection Program Liquidity Facility (PPPLF) by an additional month to July 30, 2021. The extension is being made as an operational accommodation to allow additional processing time for banks, community development financial institutions, and other financial institutions to pledge to the facility any Paycheck Protection Program, or PPP, loans approved by the Small Business Administration through the June 30 expiration of the PPP program.
The PPPLF extends term credit to financial institutions making PPP loans, accepting the PPP loans as collateral. The liquidity provided by the PPPLF bolsters the effectiveness of the PPP by helping eligible financial institutions fund PPP loans.
Additional PPPLF information can be found on the Discount Window (Off-site) website, including documentation requirements (Off-site) and FAQs (Off-site). Inquiries about this program can be sent to ppplf@chi.frb.org.