Federal Reserve Extends Lending Facilities Through Year-End

On July 28, 2020, the Federal Reserve Board announced an extension of its Paycheck Protection Program, Main Street Lending Program, and other lending facilities through December 31, 2020. Such programs and lending facilities were previously set to expire on or around September 30, 2020.  The extension is intended to provide additional economic assistance to potential facility participants and help with their financial planning.

Affected facilities include the Primary Dealer Credit Facility, the Money Market Mutual Fund Liquidity Facility, the Primary Market Corporate Credit Facility, the Secondary Market Corporate Credit Facility, and the Term Asset-Backed Securities Loan Facility. The Municipal Liquidity Facility is already set to expire on December 31, 2020, with the Commercial Paper Funding Facility set to expire on March 17, 2021. 

The Corporate Group at Levenfeld Pearlstein continues to monitor updates coming from the Federal Reserve and Treasury Department. You can read the full Federal Reserve press release here.