Fed Expands Paycheck Protection Facility to Add More Lenders (1)

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.

The Small Business Administration on Monday relaunched its Paycheck Protection Program, which was intended for small businesses to get loans of up to $10 million that convert to grants if a company uses ...