Federal Reserve Extends Lending Programs to December 31
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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.