Fed preparing to finance new small-business payroll loans.

By Kate Davidson and Nick Timiraos | Wall Street Journal

WASHINGTON—The Federal Reserve said Monday it would create a new program to finance loans that banks and other lenders make through the government’s emergency small-business lending program.

The move will free up financial firms to make more loans guaranteed by the Small Business Administration’s Payroll Protection Program, part of a $2.2 trillion economic relief package President Trump signed last month to help individuals and businesses affected by the coronavirus pandemic.

In a statement Monday afternoon, the Fed said that to facilitate more lending to small businesses, it would establish a facility that offers term financing backed by PPP loans. It said additional details would be announced later this week.

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