Since its establishment in 1913, the Federal Reserve has been responsible for supporting the liquidity and stability of the U.S. banking system. In order to help businesses hurt by the COVID-19 pandemic, the Federal Reserve began supplying liquidity to financial institutions in a new way in 2020, through the Paycheck Protection Program Liquidity Facility (PPPLF).
During this webinar, Christine Gaffney, senior vice president of Supervision, Regulation, and Credit, explained the PPPLF and how it helps to bolster the effectiveness of the Small Business Administration’s Paycheck Protection Program (PPP) in providing relief to American workers and businesses. She was joined by Melodie Carlson, chief operating officer of Twin Cities-based Sunrise Banks, who discussed how the PPPLF has enabled Sunrise to assist local small businesses during this challenging time.