Journal Article
Fed’s PPP Liquidity Facility Provides CDFIs Balance Sheet Relief
Eggleston, Michael (2021-02-23)
Learn how the Federal Reserve’s Paycheck Protection Program Liquidity Facility has aided community development financial institutions in supporting small businesses during the COVID-19 pandemic.
Bridges , Volume 2021 (1)

Speech
Implementing the Fed’s Facilities: Moving at Maximum Speed with Maximum Care
http://fedora:8080/fcrepo/rest/objects/authors/ (2020-04-17)
Remarks before the Money Marketeers of New York University (delivered via audio webinar).
Speech

Discussion Paper
The Paycheck Protection Program Liquidity Facility (PPPLF)
Liu, Haoyang; Volker, Desi (2020-05-20)
On April 9, 2020, the Federal Reserve announced that it would take additional actions to provide up to $2.3 trillion in loans to support the economy in response to the COVID-19 crisis. Among the measures taken was the establishment of a new facility intended to facilitate lending to small businesses via the Small Business Administration's Paycheck Protection Program (PPP). Under the Paycheck Protection Program Liquidity Facility (PPPLF), Federal Reserve Banks are authorized to supply liquidity to financial institutions participating in the PPP in the form of term financing on a non-recourse ...
Liberty Street Economics , Paper 20200520

Journal Article
Small Business Lending and the Paycheck Protection Program
Mueller, Jack; Spiegel, Mark M. (2023-04-10)
The Paycheck Protection Program (PPP) and the PPP Liquidity Facility were launched early in the pandemic to help many small businesses survive. These programs encouraged banks to lend more extensively to small businesses over the first half of 2020. Since then, however, banks have reduced their exposure to these loans, leaving no significant changes in small business lending associated with participation in these programs over the three-year period from 2020 through 2022. This raises some doubt that emergency lending programs encourage long-term relationships that outlast the programs.
FRBSF Economic Letter , Volume 2023 , Issue 10 , Pages 6

Journal Article
The Paycheck Protection Program Liquidity Facility
Volker, Desi (2022-07-01)
To bolster the effectiveness of the Small Business Administration’s Paycheck Protection Program (PPP), the Federal Reserve, with the backing of the Secretary of the Treasury, established the Paycheck Protection Program Liquidity Facility (PPPLF). The facility was intended to supply liquidity to financial institutions participating in the PPP and thereby provide relief to small businesses and help them maintain payroll. In this article, the author lays out the background and rationale for the creation of the facility, covers the salient features of the PPP and the PPPLF, and analyzes the ...
Economic Policy Review , Volume 28 , Issue 1

Speech
Panel Remarks: The Fed and Main Street during the Coronavirus Pandemic
Kovner, Anna (2020-04-23)
Panel Remarks at The Fed and Main Street during the Coronavirus Pandemic, WebEx event, April 23, 2020.
Speech

Speech
Panel Remarks: Supervisory and Regulatory Action to Support the Economy and Protect Consumers
Stiroh, Kevin J. (2020-04-23)
Panel Remarks at The Fed and Main Street during the Coronavirus Pandemic, WebEx event, April 23, 2020.
Speech