On Thursday April 30, 2020, the Board of Governors of the Federal Reserve Board released a new revised term sheet for the Paycheck Protection Program Liquidity Facility (“PPPLF”). Under the facility, the Federal Reserve Banks will lend to eligible borrowers on a nonrecourse basis, taking loans to small businesses guaranteed by the Small Business Administration (“SBA”) under the Paycheck Protection Program (“PPP Loans”) as collateral.
Continue Reading Update on the Paycheck Protection Program Liquidity Facility