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FRBA - Federal Reserve Creates Lending Facility for SBA Loans
First Bank
The Federal Reserve is creating a lending facility to finance small-business loans through the Small Business Administration's (SBA) Paycheck Protection Program.
The Fed said it will specifically offer term financing to lenders that is backed by the SBA loans. The plan is intended to keep the flow of small-business loans moving.
The $2 trillion stimulus bill allocated $350 billion in loans fully backed by the government that are intended to help struggling small businesses keep employees on payroll and cover other costs such as rent during the coronavirus pandemic.