KONTAN.CO.ID - WASHINGTON. 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. 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 $30 billion involved is a fraction of the roughly $530 billion issued through the Paycheck Protection Program.
Fed says around 600 smaller banks tapped Paycheck Protection Program
KONTAN.CO.ID - WASHINGTON. 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. 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 $30 billion involved is a fraction of the roughly $530 billion issued through the Paycheck Protection Program.