Fed says will provide financing against new ‘payroll protection’ loans

Fed says will provide financing against new ‘payroll protection’ loans
© Reuters. Federal Reserve Board building on Constitution Avenue is pictured in Washington

WASHINGTON (Reuters) – The Federal Reserve on Monday said it will let banks that engage in a new small business lending program use those loans for financing from the Fed, a potentially important step in encouraging banks to participate.

The Fed said it was setting up a term financing facility backed by the Small Business Administration’s Paycheck Protection Program and will announce further details this week.

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Source : Reuters Link

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