General Information
Historical Program Information
This section contains information and links to Historical Programs.
Bank Term Funding Program (BTFP)
The Bank Term Funding Program (BTFP) was created to support American businesses and households by making additional funding available to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. The BTFP offered loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging any collateral eligible for purchase by the Federal Reserve Banks in open market operations (see 12 CFR 201.108(b)), such as U.S. Treasuries, U.S. agency securities, and U.S. agency mortgage-backed securities. These assets were valued at par. The BTFP was an additional source of liquidity against high-quality securities, eliminating an institution’s need to quickly sell those securities in times of stress.
Effective Date: March 12, 2023
End Date: March 11, 2024
Paycheck Protection Program Liquidity Facility (PPPLF)
The Paycheck Protection Program Liquidity Facility (PPPLF) was created to bolster the effectiveness of the Small Business Administration's Paycheck Protection Program (PPP), by supplying liquidity to participating financial institutions through term financing backed by PPP loans to small businesses. The PPP provided loans to small businesses so that they could keep their workers on the payroll. The PPPLF extended credit to eligible financial institutions that originated PPP loans, taking the loans as collateral at face value.
Effective Date: April 16, 2020
End Date: July 30, 2021
Money Market Mutual Fund Liquidity Facility (MMLF)
The Money Market Mutual Fund Liquidity Facility, (MMLF) was established to broaden its program of support for the flow of credit to households and businesses. The Federal Reserve Bank of Boston made loans available to eligible financial institutions secured by high-quality assets purchased by the financial institution from money market mutual funds. Money market funds are common investment tools for families, businesses, and a range of companies. The MMLF assisted money market funds in meeting demands for redemptions by households and other investors, enhancing overall market functioning and credit provision to the broader economy.
Effective Date: March 18, 2020
End Date: March 31, 2021