Yale School of Management

Program on Financial Stability

Improving our understanding and management of systemic risk.

Federal Reserve Extends Lending Programs to December 31

July 28, 2020
: By Mallory Dreyer and Kaleb Nygaard

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On July 28, the Federal Reserve announced that seven of its COVID-19 emergency lending facilities that were set to expire on or around September 30 have been extended to December 31. 

These deadline extensions come after multiple comments from Fed officials regarding the importance of the public health response and the uncertainty regarding how long the crisis will last. Federal Reserve officials are meeting on July 28 and 29 but are not expected to announce new stimulus measures.  

The table below lists expiration dates for all nine active emergency Fed lending facilities.

Lending Facility

Original Expiration

New Expiration

Primary Dealer Credit Facility (PDCF)

September 20, 2020

December 31, 2020

Money Market Mutual Fund Liquidity Facility (MMLF)

September 30, 2020

December 31, 2020

Primary Market Corporate Credit Facility (PMCCF)

September 30, 2020

December 31, 2020

Secondary Market Corporate Credit Facility (SMCCF)

September 30, 2020

December 31, 2020

Term Asset-Backed Securities Loan Facility (TALF)

September 30, 2020

December 31, 2020

Paycheck Protection Program Liquidity Facility (PPPLF)

September 30, 2020

December 31, 2020 

Main Street Lending Program (MSLP)

September 30, 2020 

December 31, 2020 

Municipal Liquidity Facility (MLF)

September 30, 2020 

December 31, 2020 

*extended on April 27 

Commercial Paper Funding Facility (CPFF)

March 17, 2021

n/a 


For usage information about the Fed facilities, see YPFS’s July 24 update. YPFS has also created detailed timelines for the Paycheck Protection Program Liquidity Facility and the Main Street Lending Program.