The Federal Reserve announced on May 11 a revised term sheet and FAQs for its Municipal Liquidity Facility (MLF), which will provide up to $500 billion of direct support to states and local governments to help them manage cash flow stress related to the COVID-19 pandemic.  Relative to
Continue Reading Fed Announces Pricing for Municipal Liquidity Facility

Updated May 7, 2020

We have updated Davis Polk’s table summarizing the Federal Reserve’s actions to address the coronavirus crisis, with embedded links to the primary materials on the Federal Reserve’s website.

Visit Davis Polk’s Government Support for Businesses page for more information on these and other federal Continue Reading Fed Actions to Address the Coronavirus Crisis

The Federal Reserve has taken temporary measures (and has published FAQs) to (1) lift the net debit cap on and waive fees for daylight overdrafts for financially sound depository institutions, including U.S. branches and agencies of foreign banking organizations, and (2) provide a streamlined approval process for other depository
Continue Reading Federal Reserve Eases Daylight Overdraft Limits

The Federal Reserve announced on April 27 the expansion of its Municipal Liquidity Facility (MLF), which will provide up to $500 billion of direct support to states and local governments to help them manage cash flow stress related to the COVID-19 pandemic.  Key features of the MLF as
Continue Reading Fed Expands Support for Municipal Funding Markets

We have published a new deck on the Small Business Administration’s Paycheck Protection Program, including information on the Federal Reserve’s liquidity facility.

Visit Davis Polk’s Government Support for Business page for more information on this and other federal programs.

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Continue Reading SBA Paycheck Protection Program: Key Provisions and Related Fed Secured Lending Facility

We have published an updated deck on what companies need to know about the Federal Reserve programs. This version is updated to cover the Federal Reserve program announcements from April 9, including the new Main Street programs. The deck also contains an updated summary chart of all Federal Reserve programs.
Continue Reading Updated Deck on Key CARES Act Provisions and Fed Programs for Corporates

Updated April 13, 2020

We have updated Davis Polk’s summary table of the Federal Reserve’s actions to address the coronavirus crisis, with embedded links to the primary materials on the Federal Reserve’s website.  This version is updated to cover the new, sweeping measures that the Fed announced on the morning
Continue Reading Fed Actions to Address the Coronavirus Crisis

The Federal Reserve announced on April 9 the creation of the Municipal Liquidity Facility (MLF), which will provide up to $500 billion of direct support to states and local governments to help them manage cash flow stress related to the COVID-19 pandemic.  Indirect support to states and local
Continue Reading Fed Moves to Shore up Municipal Funding Markets

The Federal Reserve yesterday announced the opening of the registration process, and issued registration instructions and revised FAQs, for its Commercial Paper Funding Facility (CPFF), originally announced on March 17, 2020, expanded on March 23, 2020 and further detailed in initial FAQs on March 25, 2020. 
Continue Reading Fed Opens Registration Process for Commercial Paper Funding Facility

The business and financial fallout of the coronavirus pandemic is hitting companies in all areas of the U.S. economy, and weighing on those from industry giants to small local businesses. For many businesses, survival will depend on accessing one or more of the numerous support programs announced by the Federal
Continue Reading Introducing Davis Polk’s Government Support for Business Resource