Around 600 banks, most of them small community institutions, tapped the Federal Reserve's Paycheck Protection Program facility for about $30 billion of loans as of May 6, the U.S. central bank reported on Saturday in its first detailed disclosure under the new program.
FILE PHOTO: The Federal Reserve building is set against a blue sky, amid the coronavirus disease outbreak, in Washington, U.S., May 1, 2020. REUTERS/Kevin Lamarque - RC2VFG9GXZIM/File Photo
The lenders used 3,676 PPP loans they had issued to small businesses as collateral for money from the central bank’s PPP program, clearing room on their own balance sheet for further lending. The Fed said it had collected $2.5 million in interest and fees for the transactions so far. The PPP is one of the core programs set up by the federal government to keep the economy stable during the coronavirus pandemic. It offers loans to small businesses which are forgiven if they are used to pay workers’ wages and some other allowed expenses.
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