Reminder: The Paycheck Protection Program Liquidity Facility (PPPLF) will terminate on July 30th, 2021
July 14, 2021
As announced (Off-site) on June 25, 2021, the termination date for the PPPLF is July 30, 2021. As a result, no new extensions of credit will be made under the PPPLF after July 30, 2021.
In periods of high demand for PPPLF advances, additional time may be needed to process requests for advances. To minimize the potential that processing time may prevent a participant from receiving a PPPLF advance of credit by the July 30, 2021, termination date of the facility, the Federal Reserve strongly encourages participants that plan to request an extension of credit from the PPPLF to submit the required borrowing documentation and make advance requests by July 23, 2021. Institutions that have not yet submitted the PPPLF Letter of Agreement as amended January 14, 2021, and the Borrower Certification should submit all necessary documentation in advance of July 23, 2021.
Following the facility’s termination date, PPPLF participants must continue to submit reduction reports at least every two weeks to report updated outstanding balances of individual PPP loans that are pledged as collateral to the PPPLF upon which payments have been received.
All PPPLF documentation, including the PPPLF Letter of Agreement and Borrower certification, is available on the Discount Window website (Off-site). Questions can be directed to your local reserve bank (Off-site).