The Federal Reserve Board has extended its Paycheck Protection Program Liquidity Facility (PPPLF) for one more month, saying in a statement on Friday, June 25, that this is the facility’s final extension.
The Fed said extending the PPPLF to July 30 will give banks, community development financial institutions and other financial institutions more processing time to pledge PPP loans to the facility.
The PPPLF provides credit to financial institutions that processed PPP loans, accepting the loans as collateral. PPP ended last month, but the U.S. Small Business Administration has until June 30 to approve applications received by May 31. Learn more.