Summary of the U.S. Treasury and Federal Reserve Programs and the Paycheck Protection Program

21 April 2020

Summary of U.S. Treasury and Federal Reserve Programs to Support the Economy

Summary of the Paycheck Protection Program Under the CARES Act

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Key takeaways:

  • The government has acted comprehensively and in an unprecedented way to respond to the economic stresses caused by the COVID-19 pandemic. We have prepared two slide decks to summarize key programs to provide financing to businesses and households.
  • The first set of slides provides an overview of the lending and asset purchase programs and facilities that the Federal Reserve has established to date and the relevant legal background.
  • The second set of slides summarizes the CARES Act’s Paycheck Protection Program, designed to provide forgivable loans to small businesses.
  • Because the government is responding to events as they unfold, the details of these programs are changing, sometimes daily; accordingly, we will continue to update these slides as necessary to reflect current developments.