PPPLF Advances to CUs Topped $410 Million at the End of May

Thru May 31, 16 credit unions received slightly more than $410 million in advances from the Federal Reserve's Paycheck Protection Program Liquidity Facility(PPPLF).

Current outstanding advances were almost $409.6 million.

The Federal Reserve disclosed the data on June 10th.

The Federal Reserve created the PPPLF to bolster the effectiveness of the Small Business Administration's Paycheck Protection Program (PPP).

The PPPLF extends credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face value.

Small Business Administration-qualified PPP lenders—both depository institutions and non-depository institutions—are eligible to borrow under the PPPLF.

The following tables list the credit unions with PPPLF advances and the current amount of aggregate outstanding advances.