On April 9, 2020, the Federal Reserve announced a new program to bolster State and local government’s cash flow disruptions caused by the COVID-19 pandemic. In its announcement, the Federal Reserve Board disclosed the creation of a new municipal liquidity facility loan program authorized under Section 13(3) of the Federal Reserve Act to provide lending support to the following “Eligible Issuers”:
- The District of Columbia;
- Cities with a population exceeding one million residents; and
- Counties with a population exceeding two million residents.
Read the full advisory HERE.