Fed Expands Paycheck Protection Facility to Add More Lenders

The Federal Reserve on Thursday said it’s expanding a program that helps the government provide stimulus loans to small businesses and is designed to keep workers on payrolls during the coronavirus pandemic.

The Fed said in a statement that it broadened access to its Paycheck Protection Program Liquidity Facility to additional lenders such as non-depository institutions. The central bank also widened the collateral that can be pledged.