Summary of U.S. Treasury and Federal Reserve Programs to Support the Economy

Summary of the Paycheck Protection Program Under the CARES Act

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Key takeaways:

• The government has acted comprehensively and in an unprecedented way to respond to the economic stresses caused by the COVID-19 pandemic. We have prepared two slide decks to summarize key programs to provide financing to businesses and households.
• The first set of slides provides an overview of the lending and asset purchase programs and facilities that the Federal Reserve has established to date and the relevant legal background.
• The second set of slides summarizes the CARES Act’s Paycheck Protection Program, designed to provide forgivable loans to small businesses.
• Because the government is responding to events as they unfold, the details of these programs are changing, sometimes daily; accordingly, we will continue to update these slides as necessary to reflect current developments.