Federal Reserve Announces Paycheck Protection Program Fully Operational

The Federal Reserve has announced that the PPP Liquidity Facility is fully operational and available to provide liquidity to eligible financial institutions. This should help to facilitate lending. The PPLF was established under section 13(3) of the Federal Reserve Act (not the CARES Act) to provide support for the PPP program by making non-recourse loans to PPP lenders secured by PPP loans.