On 23 April, the source wrote (citation):
The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to Paycheck Protection Program Liquidity Facility (PPPLF). The Federal Reserve established the PPPLF to facilitate lending to small businesses via the Small Business Administration's Paycheck Protection Program (PPP). Information for the facility is presented in tables 1, 2, 4, and 5.
The PPPLF program was announced by the Federal Reserve on April 9, 2020, and began operations on April 16, 2020. The PPPLF program will extend credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face value.
In response, we have:
- Added the series to our extract.
- Modified the catalog.
Properties:
- Measurement: Millions of U.S. dollars (Mil. USD)
- Adjustment: Not seasonally adjusted (NSA)
- Native frequency: Weekly(Wednesday)
- Start date: 22 April 2020
The series resides in the historical catalog:
and is:
- BRBPPPLFW.IUSA = FARB: Paycheck Protection Program Liquidity Facility, (Mil. USD, NSA)
Please be aware that
The PPPLF is a separate line item only in Table 1, and is consolidated under existing line items in the other tables. According to footnotes, it is under:
- BRBMATOLTW.IUSA = Table 2 » Loans (footnote 1)
- BRBBCLOW.IUSA = Table 4 » Assets » Loans (footnote 7)
- N/A = Table 5 » Assets » Securities, unamortized premiums and discounts, repurchase agreements, and loans (footnote 1)
In the DDP bulk data XML file, the series is labeled with the word "payroll" instead of "paycheck". Our description metadata is usually informed by the source, but in these case, we have changed to use the word "payroll".
References
At the Federal Reserve Board:
At the Federal Reserve Discount Window:
At the Federal Reserve Bank of New York:
Updates
- 23 Apr - Initial version of article
- 1 Jun - Explain "paycheck" vs. "payroll". Add reference links.
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