Late yesterday the Federal Reserve announced that it was expanding access to the PPP Liquidity Facility to allow additional lenders; now all lenders that have been approved by the SBA for the PPP program can participate, including fintech lenders; the PPPLF supports the PPP by extending credit to financial institutions that make or purchase PPP loans, using the loans as collateral; while the PPPLF has been available to banks for some time it now levels the playing field as non-banks will be able to take advantage of this program and make more PPP loans. The Federal Reserve
