Paycheck Protection Program Liquidity Facility (PPPLF)

Non-depository institutions should visit the PPPLF for Non-Depository Institutions page for additional information.

Last Updated 3/8/2021

What's New?

On March 8, 2021, the Federal Reserve Board announced it will extend the PPPLF by three months to June 30, 2021. 

Any PPPLF participant that plans to request a new advance under the PPPLF on or after January 14, 2021, must execute an updated Letter of Agreement. All PPPLF participants, including depository institutions, must execute the appropriate updated Letter of Agreement for Depository Institutions. The PPPLF will be available to eligible participants that pledge any SBA-guaranteed PPP Loans that they have originated or purchased pursuant to the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act.  All PPP loans pledged to the PPPLF must meet all applicable SBA and PPPLF requirements.   

A PPPLF participant may complete a pledge and request a PPPLF advance by submitting the Paycheck Protection Program Liquidity Facility PPP Pledge and Advance Request form.  Additional instructions for submitting the pledge and advance request are explained more fully in the PPPLF Borrowing Documentation Guide.  

Additional information can be found on the Frequently Asked Questions page.

  

Individual PPP Loan Reduction Report Instruction Video

This video demonstrates the process for completing the Paycheck Protection Program Liquidity Facility Individual PPP Loan Reduction Report. You will use this form to submit PPP loan reduction payments and the matching PPPLF advance reduction.

 

PPPLF Transaction Forms

The table below identifies the forms needed to process PPPLF transactions. Please do not alter the forms and only supply these forms to facilitate the transactions. Please use FRSecure email transmission to submit completed PPPLF documentation to the PPPLF mailbox at your lending Reserve Bank.

FORM USE CASE SAMPLE
PLEDGE / ADVANCE
Paycheck Protection Program Liquidity Facility PPP Pledge and Advance Request (advance request)
This form is used to submit underlying SBA loans pledged as collateral and to request an advance from the PPPLF. PPP loans must be pooled by maturity date, and only one maturity pool can be submitted per pledge and advance request form.

Effective January 15, 2021, this single pledge and advance request form replaces the two forms (Transmittal Form to Pledge Collateral and Request Advance - PPPLF and the Paycheck Protection program Individual Loan Reporting Table - PPPLF) that were used starting in April 2020.
Sample - Paycheck Protection Program Liquidity Facility PPP Pledge and Advance Request
PAYMENT
Individual PPP Loan Reduction Report (reduction report)

This report is for submitting PPP loan reduction payments and the matching PPPLF advance reduction. The lending Reserve Bank will reduce the PPPLF advance amount to ensure that the PPPLF advance amount does not exceed the outstanding amount of PPP loans pledged to secure the advance.

  • Note:  Include all PPP loans pledged to secure a given PPPLF advance that have a balance.  Any PPP loan excluded from the loan list will be treated as paid off and the Reserve Bank will reduce your PPPLF advance accordingly.  For PPP loans that have been paid off entirely, you can either remove them from the loan list or update the current balance for those PPP loans to zero.

Effective September 18, 2020, this single reduction report form replaces the two forms (Transmittal Form for Reporting Reductions of Outstanding Principal Balance of Small Business Administration Paycheck Protection Program Loans Pledged to Secure Paycheck Protection Program Liquidity Facility Advances and the Paycheck Protection Program Individual Loan Listing Table) that were used starting in May 2020.

Sample - Individual PPP Loan Reduction Report (reduction report)
PAYOFF
Transmittal Form for Full Payoff

This form is used to pay off an advance in full prior to maturity. This form is used when funds are no longer needed but collateral is not necessarily paid down or off.

A Paycheck Protection Program Individual Loan Reporting Table is NOT required to accompany this form. The PPPLF loan will be considered fully paid off and the associated maturity pool of collateral will be automatically withdrawn.

  • Note: The origination date requested is the date of the PPPLF advance, not the origination date of underlying collateral pool.
Sample - Transmittal Form for Full Payoff

Term Sheet

PPPLF Borrowing Documentation for Depository Institutions

For Depository Institutions without access to the discount window, an additional document is required:

PPPLF Operational Documents for Depository Institutions

Additional information can be found on the Frequently Asked Questions page.