Lending Facilities

The lending facility term sheets and other information on this page describe the additional actions the Fed has taken to support the economy.

Read a September 4, 2020, press releaseOff-site link announcing that the Main Street Lending Program is now fully operational and accepting submissions of eligible loans to nonprofit organizations, submitted by registered lenders.

Read a June 8, 2020, press releaseOff-site link announcing an expansion of the Federal Reserve’s Main Street Lending Program. The Federal Reserve Board expanded the program to allow more small and medium-sized businesses to receive support, including lowering the minimum loan size and increasing the term.

Read an April 9, 2020, press releaseOff-site link on the Federal Reserve's additional actions to provide up to $2.3 trillion in loans to support the economy. Find the term sheets for the lending facilities below.

Main Street Lending Program:Off-site link

Municipal Liquidity Facility:Off-site link Supports lending to U.S. states and the District of Columbia, U.S. cities with a population exceeding one million residents, and U.S. counties with a population exceeding two million residents.

Paycheck Protection Program Lending Facility:Off-site link Intended to facilitate lending by eligible borrowers to small businesses under the Paycheck Program Program of the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.

  • Read frequently asked questionsOff-site link about the Paycheck Protection Program from the Federal Reserve Discount Window/Payment System Risk.

Primary Market Corporate Credit Facility:Off-site link Serves as a funding backstop for corporate debt issued by eligible issuers.

Secondary Market Corporate Credit Facility:Off-site link Allows the Federal Reserve Bank of New York to lend, on a recourse basis, to a special purpose vehicle that will purchase in the secondary market corporate debt issued by eligible issuers.

Term Asset-Backed Securities Loan Facility:Off-site link Intended to help meet the credit needs of consumers and businesses by facilitating the issuance of asset-backed securities.