Aid to Larger Businesses

Interested participants must be a U.S. business, organized under state or federal law, and have significant operations and a majority of their employees in the U.S. Interested participants must also have at least an investment grade rating on March 22nd.

Funding from the U.S. Treasury allows the Federal Reserve to create a program, called a facility, to make loans to investment grade corporations and buy corporate bonds to help companies function through the COVID-19 crisis. The Federal Reserve will finance a special purpose vehicle (SPV) to make loans and purchase bonds from these facilities to companies. The loans and bonds will have a maturity of up to 4 years. The program will cease on September 30, 2020, unless it is extended by the Federal Reserve.

Businesses must be created or organized in the U.S. or under the laws of the U.S. with significant operations in and majority of its employees based in the U.S. and an investment grade as of March 22, 2020. Additional criteria is explained in the term sheets from the Federal Reserve linked in the More Information Section.

Interested entities should reference the term sheets listed at the bottom of the page for Term Asset Backed Securities Loan Facility, Primary Market Corporate Credit Facility and Secondary Market Corporate Credit Facility. More guidance from the Federal Reserve should become available soon.