Insight

Washington Report 360 | April 17, 2020

SBA PPP funds have been exhausted; FRBNY started purchases under CPFF; Continued focus on consumer protection

Amy S. Matsuo

Amy S. Matsuo

National Leader, Regulatory Insights, KPMG US

+1 919-664-7302

Highlights

  • The $349 billion in funding provided by the CARES Act for the SBA’s Paycheck Protection Program (PPP) has been exhausted and no new applications can be accepted until additional funding is appropriated by Congress. The FRB’s related lending facility for depository institutions is operational.
  • The Federal Reserve Bank of New York commenced purchases under the FRB’s Commercial Paper Funding Facility on April 14
  • Continued focus on consumer protection, timely access to funds and financial information

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