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4/6, 8:04 PM (Source: TeleTrader)
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Fed to establish term funding facility for small businesses

The Federal Reserve announced on Monday it will create a facility to allow for lending to small businesses via the Small Business Administration's Paycheck Protection Program by providing term financing.

"To facilitate lending to small businesses via the Small Business Administration's Paycheck Protection Program (PPP), the Federal Reserve will establish a facility to provide term financing backed by PPP loans," the United States central bank said, adding additional details will be provided during the week.

The Fed already implemented a slew of measures to curb the negative economic effects of the COVID-19 pandemic.

Breaking the News / MD