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The Fed will start buying debt backed by emergency small-business loans - giving banks more leeway to offer critical aid

1 month ago   |   By Business Insider

The Federal Reserve announced Monday it will begin buying debt backed by the Small Business Administration's Payroll Protection Program.
The facility will create a new market for the SBA loans and allow lenders to shore up cash for additional aid.
PPP loans are meant to cover roughly two months' worth of payroll and business expenses, and accounted for roughly $350 billion of the government's $2 trillion stimulus package.
Additional details on the facility will be announced later in the week, the Fed said in a statement .
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Fed says it will provide financing against new 'payroll protection' loans

Fed says it will provide financing against new 'payroll protection' loans

1 month ago   |   By Reuters

The Federal Reserve on Monday moved to bolster a new small-business lending program by allowing banks to turn those loans over to the Fed for cash, easing concerns among banks about getting stuck holding the low interest loans.
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