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Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress appropriated $454 billion to the Treasury's Exchange Stabilization Fund ((ESF)) to backstop emergency lending facilities known as "special purpose vehicles" (SPVs).[1] With the Treasury backstop, the Fed has the potential to lend a maximum of $4.5 trillion to fund the SPVs, which hold the assets off the Fed's balance sheet - including emergency lending to corporations, small and medium-sized businesses, municipalities, and states (see Torres). In April, the Fed announced plans to lend nine SPVs up to $2.3 trillion to boost the