Fed Preparing to Purchase New Small Business Payroll Loans – The Wall Street Journal

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Fed Preparing to Purchase New Small Business Payroll Loans – The Wall Street Journal

WASHINGTON—The Federal Reserve said Monday it would create a new program to finance loans that banks and other lenders make through the government’s emergency small-business lending program, according to people familiar with the matter.

The move will free up financial firms to make more loans guaranteed by the Small Business Administration’s Payroll Protection Program, part of a $2.2 trillion economic relief package President Trump signed last month to help individuals and businesses affected by the coronavirus pandemic.

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