Fed to expand paycheck liquidity facility after criticism

Federal Reserve

The Federal Reserve is working to expand the scope of financial institutions that are able to access its liquidity facility designed to help banks support firms and workers affected by Covid-19.

The announcement comes amid controversy that the funds in the government’s $350 billion business Paycheck Protection Program (PPP) went to large businesses and not the most severely impacted smaller firms.

The Fed’s Paycheck Protection Program Liquidity Facility (PPPLF) was created to support the

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