The Federal Reserve said Tuesday that it would extend its emergency lending programs through the end of 2020 to help the economy as it continues to struggle with the coronavirus pandemic. The announcement includes three-month extensions for both the Paycheck Protection Program and the Main Street Lending Program, both of which have been used by many long-term care operators.
Seven of the central bank’s nine programs originally were set to expire on or around the end of September.
The extension will “provide certainty that the facilities will continue to be available to help the economy recover from the COVID-19 pandemic,” the Fed said.
In a statement authorizing the central bank’s extension, U.S. Treasury Secretary Steven T. Mnuchin commended the Fed’s efforts to improve liquidity and restore market function amidst the uncertainty.
“Through this extension, we will continue to support the flow of credit to American workers, businesses and municipalities,” Mnuchin said.