Federal Reserve Announces Additional $2.3 Trillion in Available Loans to Businesses

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This morning, the Federal Reserve announced another step the United States Government is taking to bolster the economy through this global pandemic. The announcement is centered around how to provide credit to small to medium-sized businesses (SMBs).

The four priorities outlined:
1. Provide banks with the liquidity needed to fund the SBA Paycheck Protection Program loans.
2. Create the Main Street Lending Program to offer four-year notes to companies with fewer than 10,000 employees and under $2.5B in revenues.
3. Increase the ability to get asset-backed debt through Primary and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF) and Term Asset-Backed Securities Loan Facility (TALF).
4. Create a Municipal Liquidity Fund to help state and local governments manage their cash flow better.

Read the whole press release here.

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Liz Mason
Liz Mason is a serial entrepreneur, a giant nerd, and an involved accounting vanguard. She is the Founder of High Rock Accounting, Rebel Rock Accounting, TheDepartment.Tax, and a few other related brands. Liz speaks on a national stage, guests stars on podcasts, publishes a YouTube show (The Hot Accounts), and writes frequently. To further her passion for the advancement of the accounting profession, Liz currently serves as a Xero National Ambassador and as the Content Strategist for Tax Practice News. Liz started her career in tax at Grant Thornton (at 20) and automated a portion of her job landing her in the national tax practice. She spent a decade in large public accounting firms working on highly technical tax consulting before branching off on her own. Liz utilizes her creativity and passion at her company to uproot traditional practices and replace them with innovative concepts. She finds joy in efficient technology and her core belief is that everyone and everything can continuously improve (she says "be better" too often). When Liz isn't planning world domination in accounting, she is a die-hard skier, down for any adventure, plays the ukulele, reads everything, and has a good sense of humor. If you're looking for her, you can find her traveling the world and enjoying new food and cultures with her husband and young son. Follow Liz and High Rock Accounting on Twitter at @LizzyNorMa and @HighRockCPAs.