Timeline of Events Related to the COVID-19 Pandemic
In December of 2019, an outbreak of a new strain of coronavirus was first identified in Wuhan, Hubei, China, and was recognized as a pandemic by the World Health Organization (WHO) on March 11, 2020. The pandemic led to global socioeconomic disruption as drastic action was taken to suppress the outbreak. This up-to-date timeline provides details and key events in the crisis, focusing on its impact in the United States.
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January 4, 2020 | WHO Announces Pneumonia Cases of Unknown Cause
The World Health Organization (WHO) announces that China has reported a cluster of pneumonia cases of unknown cause (with no deaths) in Wuhan, China.
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January 8, 2020 | CDC Issues Health Advisory
The Centers for Disease Control and Prevention (CDC) issues an official Health Advisory and a level 1 travel notice ("practice usual precautions") in response to "a reported cluster of pneumonia of unknown etiology" in China.
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January 9, 2020 | CDC Notes Appearance of Novel Coronavirus Outbreak in Wuhan City, Hubei Province, China
The CDC notes the appearance of a novel coronavirus outbreak in Wuhan City, Hubei Province, China. The CDC issues an interim travel health notice to people traveling to Wuhan City.
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January 17, 2020, 2:00 pm EST | CDC Announces Enhanced Screenings for Those Traveling to the United States
The CDC and the Department of Homeland Security announce enhanced health screenings to detect ill travelers traveling to the United States on direct or connecting flights from Wuhan, China. Travelers from Wuhan to the United States will undergo entry screening for symptoms associated with 2019-nCoV at three U.S. airports that receive most of the travelers from Wuhan, China: San Francisco (SFO), New York (JFK), and Los Angeles (LAX) airports.
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January 21, 2020 | Washington State Department of Health Announces First Case of COVID-19
The Washington State Department of Health announces the first confirmed case of COVID-19 in the United States in Snohomish County, Washington. The patient traveled from Wuhan City, China.
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January 22, 2020 | CDC Adds Two Airports to Coronavirus Screening
The CDC confirms the first travel-related case of COVID-19 (patient from Washington) and announces the addition of two more airports—Chicago O'Hare (ORD) and Atlanta (ATL) to the coronavirus screening, funneling all passengers originating in Wuhan, China, through one of the five airports (SFO, JFK, LAX, ORD, and ATL).
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January 29, 2020 | Federal Reserve Issues FOMC Statement
The Federal Reserve issues an FOMC statement following a regularly scheduled January meeting. Target range for federal funds rate remains at 1-1/2 to 1-3/4 percent.
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January 30, 2020 | WHO Declares "Public Health Emergency of International Concern"
The WHO declares a "public health emergency of international concern" regarding the outbreak of novel coronavirus.
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January 31, 2020 | Secretary Azar Declares Public Health Emergency for United States for 2019 Novel Coronavirus
The Secretary of Health and Human Services (HHS) declares a public health emergency on January 31, 2020, under section 319 of the Public Health Service Act (42 U.S.C. 247d), in response to COVID-19.
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February 2, 2020 | State Department Warns Americans Not to Travel to China
The State Department warns Americans not to travel to China "due to the novel coronavirus first identified in Wuhan, China."
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February 11, 2020 | WHO Announces Name for New Coronavirus Disease: COVID-19
The WHO announces a name for the new coronavirus disease: COVID-19, a name that does not "refer to a geographical location, an animal, an individual or group of people, and which is also pronounceable and related to the disease."
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February 19, 2020 | S&P 500 Closes at Record High
The S&P 500 closes at a record high of 3386.15.
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February 28, 2020 | Stock Markets Report Largest Single Week Declines Since 2008 Financial Crisis
Stock markets worldwide report largest single-week declines since 2008 financial crisis, oil futures see largest single-week decline since 2009 and yields on 10-year and 30-year U.S. Treasury securities fall to new record lows at 1.12% and 1.30%, respectively.
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February 28, 2020, 2:30 pm EST | Federal Reserve Issues Statement
Chair Powell of the Federal Reserve Board of Governors issues a statement that the Federal Reserve is closely monitoring economic developments and the evolving risks of the coronavirus to economic activity. Chair Powell notes that the Federal Reserve will use its tools as appropriate to support the economy.
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February 29, 2020 | Governor Inslee of Washington Declares State of Emergency, Announces First Confirmed U.S. Death from COVID-19
Governor Jay Inslee of the state of Washington announces the first confirmed death in the United States from COVID-19. Governor Inslee declares a state of emergency for Washington. (On April 21, 2020, public health officials in Santa Clara County, California, found that COVID-19 deaths had begun in the United States weeks earlier.)
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March 3, 2020 | FOMC Lowers Federal Funds Rate
The FOMC holds an unscheduled meeting and lowers the federal funds rate target by 50 basis points, to 1 to 1-1/4 percent. In addition, the FOMC directs the Open Market Desk to continue to roll over all principal payments of Treasury securities and to reinvest all principal payments from the Federal Reserve's agency debt and mortgage-backed securities. The Board of Governors announces a decrease in the primary credit rate of ½ percentage point to 1.75 percent. Following the announcement, Chair Powell holds a press conference.
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March 9, 2020, 9:36 am EDT | Declines to S&P 500 Trigger a Level 1 Market-Wide Circuit Breaker
The S&P 500 Index declines by 7%, triggering a Level 1 market-wide circuit breaker trading halt. U.S. equity markets resume after 15 minutes.
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March 9, 2020, 4:30 pm EDT | Agencies Encourage Financial Institutions To Meet Financial Needs of Customers Affected by Coronavirus
Federal and state financial institution regulators encourage financial institutions to meet the financial needs of customers affected by the coronavirus. Regulators note that financial institutions should work constructively with borrowers and other customers in affected communities. Prudent efforts that are consistent with safe and sound lending practices should not be subject to examiner criticism.
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March 11, 2020 | WHO Declares Novel Coronavirus Outbreak a Pandemic
The WHO declares the outbreak of novel coronavirus to be a pandemic, the first to be caused by a coronavirus.
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March 12, 2020, 9:36 am EDT | Declines to S&P 500 Trigger a Level 1 Market-Wide Circuit Breaker
The S&P 500 Index declines by 7%, triggering a Level 1 market-wide circuit breaker trading halt. U.S. equity markets resume after 15 minutes.
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March 13, 2020 | Proclamation on Declaring a National Emergency Concerning the Novel Coronavirus Disease (COVID-19) Outbreak
President Trump declares a National Emergency, suspending U.S. entry of foreign nationals who have been in China, Iran, and the Schengen Area of Europe in the past 14 days.
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March 15, 2020, 5:00 pm EDT | FOMC Holds Unscheduled Meeting Announcing Three Actions
The FOMC holds an unscheduled meeting resulting in three actions:
- Lower the federal funds target rate 100 basis points to 0 to 1/4 percent
- Support the flow of credit to households and businesses by encouraging depository institutions to use the discount window, intraday credit from the Fed, and their reserves (capital and liquidity buffers) to lend to households and businesses affected by the coronavirus; reduce reserve requirements to zero percent, effective March 26th
- Enact coordinated central bank action for U.S. dollar liquidity; set up swap lines with Bank of Canada, Bank of England, Bank of Japan, the ECB, and the Swiss National Bank.
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March 16, 2020, 9:30 am (EDT) | Declines to S&P 500 Trigger a Level 1 Market-Wide Circuit Breaker
The S&P 500 Index declines by 7%, triggering a Level 1 market-wide circuit breaker trading halt. U.S. equity markets resume after 15 minutes.
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March 16, 2020, 4:30 on (EDT) | President Trump Issues Coronavirus Guidelines for the Public
President Trump announces guidelines for the public, including limiting gatherings to fewer than 10 people, avoiding discretionary travel, and avoiding eating and drinking at bars, restaurants, and public food courts until March 30th.
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March 16, 2020, 4:30 pm (EDT) | Federal Reserve Board Approves Actions Decreasing Discount Rate
The Federal Reserve Board approves actions by the Boards of Directors of the Federal Reserve Banks of Kansas City, Boston, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Dallas, and San Francisco "decreasing the discount rate (the primary credit rate) at the Banks from 1-3/4 percent to 1/4 percent, effective immediately." This intermeeting action replaced the meeting previously scheduled for March 17-18.
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March 17, 2020, 9:15 am EDT | Federal Reserve, FDIC, and Office of the Comptroller of the Currency Announce Coordinated Action
The Federal Reserve, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announce coordinated action to encourage banks to provide additional flexibility for households and businesses. Includes a technical change to use capital buffers for lending to households and businesses.
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March 17, 2020, 10:45 am EDT | Federal Reserve Announces Establishment of Commercial Paper Funding Facility
Federal Reserve Board announces establishment of a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses.
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March 17, 2020, 6:00 pm EDT | Federal Reserve Announces Establishment of Primary Dealer Credit Facility
Federal Reserve Board announces establishment of a Primary Dealer Credit Facility (PDCF) to support the credit needs of households and businesses.
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March 18, 2020 | President Trump Signs Executive Order on Prioritizing and Allocating Health and Medical Resources to Respond to the Spread of COVID-19
President Trump signs an executive order invoking the Defense Production Act to prioritize the production of ventilators and personal protective equipment.
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March 18, 2020, 11:30 am EDT | Federal Reserve Announces Establishment of Money Market Liquidity Facility
The Federal Reserve Board announces that it will establish a Money Market Liquidity Facility (MMLF), with a structure similar to the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) that operated during the Financial Crisis (late 2008-early 2010). The MMLF will assist money market funds in meeting demands for redemptions, enhancing overall market functioning and credit provision to the broader economy.
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March 18, 2020 | Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak
The U.S. Treasury and Internal Revenue Service (IRS) announce non-corporate tax filers can defer any owed income up to $1 million until July 15, 2020, without penalties or interest.
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March 18, 2020, 12:58 pm EDT | Declines to S&P 500 Trigger a Level 1 Market-Wide Circuit Breaker
The S&P 500 Index declines by 7%, triggering a Level 1 market-wide circuit breaker trading halt. U.S. equity markets resume after 15 minutes.
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March 18, 2020, 4:42 pm EDT | NYSE Moves Temporarily to Fully Electronic Trading
The New York Stock Exchange announces a temporary move to fully electronic trading to begin with market open on Monday, March 23.
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March 18, 2020 | Families First Coronavirus Response Act Signed Into Law
President Trump signs into law the Families First Coronavirus Response Act. This law responds to the COVID-19 outbreak by providing paid sick leave, tax credits, and free COVID-19 testing; expanding food assistance and unemployment benefits; and increasing Medicaid funding.
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March 19, 2020, 8:30 am EDT | Federal Bank Regulatory Agencies Issue Interim Final Rule for Money Market Liquidity Facility
The Board of Governors, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly issue an interim final rule for the Money Market Liquidity Facility announced March 18, 2020.
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March 19, 2020, 9:00 am EDT | Federal Reserve Announces Establishment of Temporary U.S. Dollar Liquidity Arrangement with Other Central Banks
The Federal Reserve announces the establishment of temporary U.S. dollar liquidity arrangements (swap lines) with the Reserve Bank of Australia, the Banco Central do Brasil, the Danmarks Nationalbank (Denmark), the Bank of Korea, the Banco de Mexico, the Norges Bank (Norway), the Reserve Bank of New Zealand, the Monetary Authority of Singapore, and the Sveriges Riksbank (Sweden). These facilities, like those already established between the Federal Reserve and other central banks, are designed to help lessen strains in global U.S. dollar funding markets, thereby mitigating the effects of these strains on the supply of credit to households and businesses, both domestically and abroad.
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March 19, 2020, 5:00 pm EDT | Federal Reserve Board Encouraged by Increase in Discount Window Borrowing
Federal Reserve Board announces that it is "encouraged" by the notable increase in discount window borrowing this week. The change follows the promotion of the use of the discount window by the Federal Reserve and other financial institutions.
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March 19, 2020 | Governor Newsom of California Announces Executive "Stay Home Except for Essential Needs" Order
Governor Newsom of California announces the first statewide stay-at-home order. The Public Health Officer's "Stay Home Except for Essential Needs" order requires all individuals living in California to stay home or at their place of residence, except as needed to maintain the critical infrastructure sectors.
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March 19, 2020 | The Federal Reserve, FDIC, and Office of the Comptroller of the Currency Issue Joint Statement on CRA Consideration for Activities in Response to the Coronavirus
The three bank supervisory agencies announce that they will favorably consider retail banking services and retail lending activities that are responsive to the needs of low- and moderate-income individuals, small businesses, and small farms affected by the COVID-19 national emergency, potentially including services and activities outside the banks' assessment areas.
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March 20, 2020, 10:00 am EDT | Central Banks Take Coordinated Action to Further Enhance the Provision of U.S. Dollar Liquidity
The central banks of the United States, Canada, England, Japan, Switzerland, and the European Central Bank announce coordinated action to enhance liquidity through standing U.S. dollar swap line arrangements. The operations for 7-day maturity will move from weekly to daily, staring Monday, March 23, 2020, and will continue through at least the end of April. The central banks will continue their weekly 84-day maturity operations.
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March 20, 2020, 11:00 am EDT | Federal Reserve Board Expands Program of Support for Flow of Credit to Economy
The Federal Reserve Board expands credit through a Money Market Fund Liquidity Facility (MMLF). The Federal Reserve Bank of Boston will manage this facility and, through it, make loans to eligible financial institutions secured by high-quality assets purchased from single-state and other tax-exempt municipal money market funds.
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March 20, 2020 | Tax Day Moves from April 15 to July 15
The U.S. Treasury and IRS announce that tax filings and payments for all federal income taxes due on April 15, 2020 will now be due on July 15, 2020.
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March 20, 2020 | Illinois and New York Announce Stay-At-Home Orders
The governors of Illinois and New York State announce executive orders requiring their residents to stay in their homes to prevent the further spread of COVID-19. Stay at home orders now apply to over 20% of the population of the United States.
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March 22, 2020, 6:00 pm EDT | Federal Financial Regulatory Agencies Issue Joint Statement
The federal financial regulatory agencies (Federal Reserve System, Conference of State Bank Supervisors, Consumer Finance Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, and the Office of the Comptroller of the Currency) issued a joint statement encouraging financial institutions to work with borrowers affected by COVID-19, noting that they will not criticize institutions for loan modifications and will not automatically categorize them as troubled debt restructurings. The agencies encouraged prudent loan modifications as positive and proactive actions to mitigate adverse impacts of COVID-19 on borrowers.
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March 23, 2020, 8:00 am EDT | Federal Reserve Announces New Measures to Support Economy
The Federal Reserve announces new measures to support the economy, stating that it is committed to using "its full range of tools" to support households, businesses, and the U.S. economy as they struggle coping with economic fallout from the COVID-19 pandemic. The tools include expansion of lending programs established earlier to add certain types of corporate and municipal debt. The actions announced are as follows:
- Directs the Open Market Desk to purchase Treasury securities and agency mortgage-backed securities in whatever amount is needed to support market functions. In addition to the securities listed above, the Desk will also purchase agency commercial mortgage-backed securities.
- Support the flow of credit to employers, consumers, and businesses by establishing new programs that, taken together, will provide up to $300 billion in new financing. The Department of the Treasury, using the Exchange Stabilization Fund (ESF), will provide $30 billion in equity to these facilities
- Establish two facilities to support credit to large employers: the Primary Market Corporate Credit Facility (PMCCF) for new bond and loan issuance and the Secondary market Corporate Credit Facility (SMCCF) to provide liquidity for outstanding corporate bonds. These tools are intended to provide support to businesses in need of credit as a result of the pandemic.
- (Re) Establish the Term Asset-Backed Securities Loan Facility (TALF) to enable the issuance of assets by lending on a non-recourse basis to holders of certain AAA-rated asset-backed securities (ABS).
- Expanding the Money Market Mutual Fund Liquidity Facility to include a wider range of securities, including municipal bonds and bank certificates of deposit.
- Expanding the Commercial Paper Funding Facility (CPFF) to include high-quality, tax-exempt commercial paper as eligible securities.
In addition to these actions, the Federal Reserve announces plans to establish a Main Street Business Lending Program to support lending to eligible small-and-medium-sized businesses to complement efforts by the Small Business Administration.- Federal Reserve Press Release: New Measures
- Federal Reserve Press Release: FOMC Statement
- Term Sheet: Primary Market Corporate Credit Facility
- Term Sheet: Secondary Market Corporate Credit Facility
- Term Sheet: Term Asset-Backed Securities Loan Facility
- Term Sheet: Commercial Paper Funding Facility: Program Terms and Conditions
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March 24, 2020 | Increases to Dow Jones Industrial Average and S&P 500
The Dow Jones Industrial Average rose 2,112.98 points to close at 20,704.91, an 11% gain, the largest one-day percentage gain since 1933. The S&P 500 Index rose 209.93 points to 2,447.33, an increase of over 9%.
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March 24, 2020, 5:30 pm EDT | Federal Reserve Provides Additional Information on Supervisory Approach Adjustments
The Federal Reserve Board provides additional information to financial institutions on how its supervisory approach is adjusting in light of the coronavirus. In particular:
- The Federal Reserve will focus on monitoring and outreach to help financial institutions of all sizes understand the challenges and risks of the current environment;
- To minimize disruption and to focus on outreach and monitoring, the Federal Reserve will temporarily reduce its examination activities, with the greatest reduction in activities occurring at the smallest banks;
- Large banks should still submit their capital plans that they have developed as part of the Board's Comprehensive Capital Analysis and Review, or CCAR, by April 6. The plans will be used to monitor how firms are managing their capital in the current environment; and
- To allow firms to focus on heightened risks in this current environment and assist consumers, additional time will be granted for resolving non-critical existing supervisory findings.
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March 26, 2020 | Historic Rise in Unemployment Insurance Claims
For the week ending March 21, initial unemployment insurance claims rise to over 3.2 million, a tenfold increase from the week prior and the highest level of initial claims in the history of the series (since 1967). According to the press release from the Department of Labor, nearly every state providing comments cited the impact of the COVID-19 virus.
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March 26, 2020, 12:00 pm EDT | Federal Regulatory Agencies Encourage Small-Dollar Loans for Consumers and Small Businesses
Five federal financial regulatory agencies (the Federal Reserve, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency) issue a joint statement encouraging banks, savings associations, and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19. The agencies state that loans should be offered in a manner that provides fair treatment of consumers, complies with applicable laws and regulations, and is consistent with safe and sound practices. For borrowers who experience unexpected circumstances and cannot repay a loan as structured, banks, savings associations and credit unions are further encouraged to consider workout strategies designed to help borrowers to repay the principal of the loan while mitigating the need to re-borrow.
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March 27, 2020 | CARES Act Signed Into Law
President Trump signs the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law, the largest single spending bill in the history of the United States. Among other actions, the law provides nearly $2 trillion in tax relief, spending, grants, and capital to offset the economic effects of the COVID-19 pandemic.
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March 29, 2020 | Stay at Home Guidelines Extended
President Trump announces an extension of the Stay at Home guidelines to April 30, 2020 (from March 30, 2020).
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March 31, 2020, 8:30 am EDT | Federal Reserve Establishes FIMA Repo Facility
The Federal Reserve announces the establishment of a temporary repurchase agreement facility for foreign and international monetary authorities (FIMA Repo Facility) to help support the smooth functioning of financial markets, including the U.S. Treasury market, and thus maintain the supply of credit to U.S. households and businesses. The FIMA Repo Facility will allow FIMA account holders, which consist of central banks and other international monetary authorities with accounts at the Federal Reserve Bank of New York, to enter into repurchase agreements with the Federal Reserve. In these transactions, FIMA account holders temporarily exchange their U.S. Treasury securities held with the Federal Reserve for U.S. dollars, which can then be made available to institutions in their jurisdictions. The FIMA Repo Facility will be available beginning April 6 and will continue for at least 6 months.
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April 1, 2020, 4:45 pm EDT | Federal Reserve Board Announces Temporary Change to Supplementary Leverage Ratio Rule
The Federal Reserve announces a temporary change to its supplementary leverage ratio rule to ease strains in the Treasury market resulting from the coronavirus and increase banking organizations' ability to provide credit to households and businesses. The change excludes U.S. Treasury securities and deposits at Federal Reserve Banks from the calculation of the rule for holding companies and is in effect until March 31, 2021.
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April 2, 2020 | Second Historic Rise in Unemployment Insurance Claims
For the week ending on March 28, initial unemployment insurance claims rise to over 6.6 million, double the previous week's number and the highest level of initial claims in the history of the series. Similar to the prior week, nearly every state providing comments cites the COVID-19 virus.
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April 3, 2020 | SBA Announces "Paycheck Protection Program" Loans
The Small Business Administration (SBA) announces loan processing may begin for the "Paycheck Protection Program." Loans from this program are forgiven if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The Paycheck Protection Program is part of the implementation of sections 1102 and 1106 of the CARES Act.
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April 3, 2020 | Federal Agencies Encourage Mortgage Servicers To Work With Struggling Homeowners Affected By COVID-19
Federal and state financial institution regulators (the Federal Reserve, Conference of State Banking Supervisors, Consumer Finance Protection Bureau, FDIC, NCUA, and OCC) issue a joint policy statement providing regulatory flexibility to enable mortgage servicers to work with consumers affected by the COVID-19 emergency. The announcement informs servicers of the agencies' flexible supervisory and enforcement approach during the COVID-19 pandemic regarding certain communications to consumers required by the mortgage servicing rules. The policy statement and guidance will also facilitate mortgage servicers' ability to place consumers in short-term payment forbearance programs such as the one established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Under the CARES Act, borrowers in a federally backed mortgage loan experiencing a financial hardship due (directly or indirectly) to the COVID-19 pandemic may request forbearance from their mortgage servicer by affirming their financial hardship. In response, servicers must provide a CARES Act forbearance, without requiring any application from the borrower, that allows borrowers to defer their mortgage payments for up to 180 days and possibly longer.
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April 6, 2020 | Agencies Announce Changes to the Community Bank Leverage Ratio
The federal bank regulatory agencies (the Federal Reserve, FDIC, and OCC) announce two interim final rules to provide temporary relief to community banking organizations. The agencies are acting to implement Section 4012 of the Coronavirus Aid, Relief, and Economic Security Act, which requires the agencies to temporarily lower the community bank leverage ratio to 8 percent. The two rules will modify the community bank leverage ratio framework so that:
- Beginning in the second quarter 2020 and until the end of the year, a banking organization that has a leverage ratio of 8 percent or greater and meets certain other criteria may elect to use the community bank leverage ratio framework; and
- Community banking organizations will have until January 1, 2022, before the community bank leverage ratio requirement is re-established at greater than 9 percent.
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April 6, 2020 | New York Fed Opens Registration Process for the Commercial Paper Funding Facility
The Federal Reserve Bank of New York opens the registration process for the Commercial Paper Funding Facility (CPFF), which will begin funding purchases of commercial paper on April 14, 2020. Commercial paper consists of short-term, promissory notes that are used to directly finance a wide range of economic activity, supplying credit and funding for the operational needs of a range of businesses and municipalities. The CPFF provides a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle (SPV) that will purchase eligible three-month corporate, asset-backed, and municipal commercial paper from eligible issuers using financing provided by the New York Fed.
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April 6, 2020, 2:00 pm EDT | Federal Reserve Announces Paycheck Protection Program Lending Facility
The Federal Reserve announces a facility for lending to small businesses via the Small Business Administration's Paycheck Protection Program (PPP) by providing term financing backed by PPP loans. The announcement included the intention to provide additional details later in the week.
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April 8, 2020, 11:30 am EDT | Federal Reserve Temporarily Modifies Growth Restriction on Wells Fargo
The Federal Reserve Board announces that it will temporarily and narrowly modify the growth restriction on Wells Fargo so that it can provide additional support to small businesses. The change will allow the firm to make additional small business loans only as part of the Paycheck Protection Program (PPP) and the Federal Reserve's forthcoming Main Street Lending Program. The Board will require benefits from the PPP and the Main Street Lending Program to be transferred to the U.S. Treasury or to non-profit organizations approved by the Federal Reserve that support small businesses. The change will be in place as long as the facilities are active.
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April 9, 2020, 9:30 am EDT | Federal Bank Regulators Issue Interim Final Rule for PPPF
The federal bank regulatory agencies (the Federal Reserve, FDIC, and OCC) announce an interim final rule to encourage lending to small businesses through the Small Business Administration's Paycheck Protection Program (PPP). The interim final rule modifies the agencies' capital rules to neutralize the regulatory capital effects of participating in the Federal Reserve's PPP facility because there is no credit or market risk in association with PPP loans pledged to the facility. Consistent with the agencies' current capital rules and the CARES Act requirements, the interim final rule also clarifies that a zero percent risk weight applies to loans covered by the PPP for capital purposes.
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April 9, 2020 | Federal Reserve to Provide up to $2.3 Trillion in Loans to Support the Economy
The Federal Reserve announces additional actions under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary, to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.
These actions will:- Supply liquidity to financial institutions via term financing backed by the SBA's Paycheck Protection Program's (PPP).
- Ensure credit flows to small and mid-sized businesses employing up to 10,000 workers or with revenues of less than $2.5 billion via the Main Street Lending Program.
- Expand flow of credit to households and businesses via capital markets by expanding the size and scope of the Primary and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF) and Term Asset-Backed Securities Loan Facility (TALF).
- Establish a Municipal Liquidity Facility for up to $500 billion in lending to states and municipalities by purchasing up to $500 billion of short-term notes directly from U.S. states and some local governments.
- Federal Reserve Press Release
- Term Sheet: Term Asset-Backed Securities Loan Facility
- Term Sheet: Primary Market Corporate Credit Facility
- Term Sheet: Secondary Market Corporate Credit Facility
- Term Sheet: Municipal Liquidity Facility
- Term Sheet: Paycheck Protection Program Lending Facility
- Term Sheet: Main Street New Loan Facility
- Term Sheet: Main Street Expanded Loan Facility
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April 14, 2020, 6:00 pm EDT | Federal Banking Agencies to Defer Appraisals
The federal banking agencies (Federal Reserve, FDIC, and the OCC) release an interim final rule to temporarily defer real estate-related appraisals and evaluations. The agencies are excluding transactions for acquisition, development, and construction of real estate because these loans present heightened risks not associated with financing existing real estate.
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April 15, 2020 | SBA Suspends New Paycheck Protection Program Loan Approvals
The SBA exhausts funding for the Paycheck Protection Program and the Economic Injury Disaster Loan (EIDL), based on available appropriations funding. The SBA has processed more than 14 years' worth of loans in less than 14 days. Applications will be processed on a first-come, first-served basis.
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April 15, 2020 | Federal Reserve's Beige Book Reflects Impact of COVID-19
The Federal Reserve releases the Beige Book, noting sharp and abrupt contraction of economic activity across all regions of the United States. The hardest-hit industries—because of social distancing measures and mandated closures—were the leisure and hospitality sector and the retail sector (excluding essential goods). Districts reporting on loan demand said it was high, both from companies accessing credit lines and from households refinancing mortgages. All Districts reported highly uncertain outlooks among business contacts, with most expecting conditions to worsen in the next several months.
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April 16, 2020, 9:00 am EDT | Paycheck Protection Program Liquidity Facility is Fully Operational
The Federal Reserve announces that its Paycheck Protection Program Liquidity Facility is fully operational and available to provide liquidity to eligible financial institutions who have made PPP loans to eligible small businesses. PPP lenders can secure PPPLF extensions of credit by pledging the PPP loans as collateral to the Federal Reserve. Unlike primary credit, the main discount window lending program for depository institutions, PPPLF loans are for two years while primary credit is available for up to 90 days.
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April 16, 2020 | White House Releases Guidelines for Relaxing Social Distancing Restrictions
President Trump announces three-phase "opening up" guidelines for states and local governments on relaxing social distancing restrictions. The guidelines include recommendations for individuals, businesses, and employers.
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April 23, 2020, 2:00 pm EDT | Federal Reserve Outlines Public Release of Information for New Programs
The Federal Reserve outlines its plan to make available (i) the names and details of participants in each CARES Act 13(3) funded facility, (ii) the amounts borrowed and interest rate charged, and (iii) the overall costs, revenues, and fees for each facility.
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April 23, 2020, 5:30 pm EDT | Federal Reserve Board Announces Temporary Actions to Increase Intraday Credit Availability
The Federal Reserve Board announces temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks. To mitigate the disruptions in daily liquidity caused by the COVID-19 pandemic, they encourage financially healthy institutions to utilize intraday credit, also known as daylight overdrafts, on both a collateralized and uncollateralized basis by (1) suspending uncollateralized intraday credit limits (net debit caps) and waiving overdraft fees for institutions that are eligible for the primary credit program and (2) permitting a streamlined procedure for secondary credit institutions to request collateralized intraday credit (max caps). The Board also suspends two collections of information that are used to calculate net debit caps.
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April 24, 2020 | Paycheck Protection Program and Health Care Enhancement Act Signed Into Law
President Trump signs into law the "Paycheck Protection Program and Health Care Enhancement Act." The Act provides additional fiscal year (FY) 2020 funding to increase amounts authorized and appropriated for the Paycheck Protection Program, and provides additional economic injury disaster loans and emergency grants under the CARES Act to fund health care providers and COVID-19 testing.
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April 27, 2020 | Federal Reserve Board Expands the Scope and Duration of the Municipal Liquidity Facility
The Federal Reserve Board announces an expansion of the scope and duration of the Municipal Liquidity Facility (MLF) to include securities issued by U.S. counties with a population of at least 500,000 residents and U.S. cities with a population of at least 250,000 residents. The expansion announced today also allows participation in the facility by certain multistate entities. The term of securities eligible for purchase by the facility was extended to no later than 36 months from the date of issuance.
The Federal Reserve is also considering expanding the MLF to allow a limited number of governmental entities that issue bonds backed by their own revenue to participate directly in the MLF as eligible issuers. -
April 28, 2020 | U.S. Becomes First Country with 1 Million Confirmed Cases of COVID-19
The Centers for Disease Control and Prevention and the Johns Hopkins University Coronavirus Resource Center website report more than 1 million confirmed cases of COVID-19 in the U.S., with more than 5.5 million tests run.
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April 28, 2020 | President Trump Invokes the Defense Production Act to Order Meat and Poultry Processors to Continue Operating
The President invokes the Defense Production Act of 1950 for the first time since declaring the national emergency on March 13. Outbreaks of COVID-19 at some beef, pork, and poultry processing facilities had led to reduction in processing capacity and some plant closures. The executive order directs these processors to continue operations under guidance from the CDC and OSHA in order to preserve the functioning of the national food supply chain.
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April 29, 2020 | Real GDP Falls 4.8% in the First Quarter of 2020
Real gross domestic product (GDP) decreased 4.8 percent in the first quarter of 2020, according to the "advance" estimate released by the Bureau of Economic Analysis (BEA). Per the BEA, the decline in first-quarter GDP was, in part, due to the response to the spread of COVID-19, as governments issued "stay-at-home" orders in March. This led to rapid changes in demand as businesses and schools switched to remote work or canceled operations and consumers canceled, restricted, or redirected their spending.
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April 29, 2020, 2:00 pm EDT | Federal Reserve Issues FOMC Statement
The FOMC announces that it is keeping the federal funds rate at its current target of 0 to ¼ percent. The Committee commits to using its full range of tools to support the U.S. economy. The Committee notes that the ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term and poses considerable risks to the economic outlook over the medium term.
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April 30, 2020, 10:00 am EDT | Federal Reserve Board Expands Scope and Eligibility for Main Street Lending Program
The Federal Reserve Board announces it is expanding the scope and eligibility of the Main Street Lending Program. In response to public input, the Board decided to expand the loan options available to businesses and increase the maximum size of businesses that are eligible for support under the program. The changes include:
- Creating a third loan option, with increased risk sharing by lenders for borrowers with greater leverage
- Lowering the minimum loan size for certain loans to $500,000
- Expanding the pool of businesses eligible to borrow
Under the new loan option, lenders would retain a 15 percent share on some loans: These are loans that, when added to existing debt, do not exceed six times a borrower's income (adjusted for interest payments, taxes, depreciation, and other appropriate adjustments).
Also, businesses with up to 15,000 employees or up to $5 billion in annual revenue are now eligible. The initial program terms were for companies with up to 10,000 employees and $2.5 billion in revenue. The minimum loan size for two of the options was also lowered from $1 million to $500,000. -
April 30, 2020, 5:15 pm EDT | Federal Reserve Expands Access to its Paycheck Protection Program Liquidity Facility (PPPLF)
The Federal Reserve expands access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders and expands the collateral that can be pledged. These changes will make all PPP lenders approved by the SBA, including non-depository institution lenders, eligible to participate in the PPPLF. SBA-qualified PPP lenders include banks, credit unions, community development financial institutions, members of the Farm Credit System, small business lending companies licensed by the SBA, and some financial technology firms. Eligible borrowers will also be able to pledge whole PPP loans that they have purchased as collateral to the PPPLF.
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May 5, 2020, 3:30 pm EDT | Federal Banking Agencies Modify Liquidity Coverage Ratio for MMLF and PPPLF
The federal banking agencies (Federal Reserve, FDIC, and the OCC) release an interim final rule that modifies the agencies' liquidity coverage ratio (LCR) rule to support banking organizations' participation in the Federal Reserve's Money Market Mutual Fund Liquidity Facility and the Paycheck Protection Program Liquidity Facility.
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May 8, 2020 | BLS Reports Historic Unemployment and Job Loss Numbers
The Bureau of Labor Statistics reports that total nonfarm payroll employment fell by 20.5 million in April and the unemployment rate rose to 14.7 percent. This is the largest one-month decline in employment and the highest unemployment rate in the history of these series (seasonally adjusted data are available back to 1948).
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May 11, 2020 | Federal Reserve Bank of New York Announces SMCCF will Begin Purchasing ETFs
The Federal Reserve Bank of New York announces that the Secondary Market Corporate Credit Facility (SMCCF) will begin purchases of exchange-traded funds (ETFs) on May 12.
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May 12, 2020, 1:15 pm EDT | Federal Reserve Announces Additional Information Regarding TALF Program
The Federal Reserve Board updates borrower and collateral eligibility criteria for the Term Asset-Backed Securities Loan Facility (TALF), which was announced March 23. To help ensure U.S. consumers and businesses remain able to access credit at affordable terms, TALF initially will make available up to $100 billion of loans. The Board also outlines the information it will publicly disclose for the TALF and Paycheck Protection Program Liquidity Facility (PPPLF): the name of each participant in both facilities; the amounts borrowed, interest rate charged, and value of pledged collateral; and the overall costs, revenues, and fees for each facility. The disclosures are similar to those announced in April for the Board facilities that use CARES Act funds.
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May 14, 2020, 12:00 pm EDT | Federal Reserve Releases Report on the Economic Well-Being of U.S. Households
The Federal Reserve Board releases its annual Report on the Economic Well-Being of U.S. Households with a supplemental survey from April 3 to April 6 focusing on labor market effects and households' overall financial circumstances. The report found that financial conditions changed dramatically for people who experienced job loss or reduced hours during March 2020 as the spread of COVID-19 intensified in the United States.
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May 15, 2020, 8:30 am EDT | Historic Decline in Advance Monthly Retail and Food Service Sales
The Commerce Department releases the advance monthly retail and food services sales report showing a decline of 16.4% from the previous month and a decline of 21.6% from April 2019.
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May 15, 2020, 5:45 pm EDT | Regulators Announce Temporary Change to Supplementary Leverage Ratio Rule
The federal bank regulatory agencies (Federal Reserve, FDIC, and OCC) announce a temporary change to the supplementary leverage ratio rule to ease strains in the Treasury market resulting from the coronavirus and increase banking organizations' ability to provide credit to households and businesses. The change originally announced by the Federal Reserve on April 1 has been expanded to include the other federal regulatory agencies. The change excludes U.S. Treasury securities and deposits at Federal Reserve Banks from the calculation of the rule for holding companies and is in effect until March 31, 2021.
- Federal Reserve Joint Press Release
- Regulatory Capital Rule: Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks from the Supplementary Leverage Ratio for Depository Institutions
- Additional Questions on Regulatory Capital Rule: Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks from the Supplementary Leverage Ratio for Depository Institutions
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May 18, 2020 | Congressional Oversight Commission Releases First Report
The Congressional Oversight Commission, established by the CARES Act to focus on the economic stabilization efforts of the Treasury Department and the Federal Reserve, releases its first report, "Questions About the CARES Act's $500 Billion Emergency Economic Stabilization Funds."
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May 19, 2020 | Chair Powell Gives Testimony to Congress
Chair Powell provides testimony on the Federal Reserve's response to the coronavirus and the CARES Act to the Senate Banking, Housing, and Urban Affairs Committee.
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May 20, 2020 | CDC Provides Guidance as States Begin to Reopen
The CDC announces a Community Mitigation Framework that includes updated guidance for communities, schools, workplaces, and events to mitigate the spread of COVID-19. Major population centers began opening in early May; individual states issued specific guidance, including California, New York, and Illinois.
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May 20, 2020, 3:00 pm EDT | Federal Agencies Share Principles for Offering Responsible Small-Dollar Loans
The federal financial institution regulatory agencies (the Federal Reserve, FDIC, and OCC) issue principles for offering small-dollar loans in a responsible manner to meet financial institution customers' short-term credit needs. A March 26 joint agency statement encouraged banks, savings associations, and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19.
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May 21, 2020 | Fed Listens COVID-19 Event
The Federal Reserve Board hosts an online Fed Listens event, with a focus on the effects of the COVID-19 pandemic and how it has changed perspectives on the labor market, inflation, and the transmission of monetary policy to households and businesses.
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May 26, 2020 | NYSE Reopens Trading Floor
The New York Stock Exchange announces the reopening of the trading floor. A temporary move to fully electronic trading was announced on March 18. According to the NYSE, trading will begin with fewer traders, and those on the floor will wear masks and maintain social distancing.
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May 28, 2020, 4:00 pm EDT | 100,000 COVID-19 Deaths in the United States
The CDC reports that over 100,000 people have died from COVID-19 in the United States.
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June 3, 2020, 1:00 pm EDT | Federal Reserve Expands Number and Type of Entities Eligible for MLF
The Federal Reserve announces an expansion in the number and type of entities eligible to directly use its Municipal Liquidity Facility (MLF). These new terms allow all U.S. states to have at least two cities or counties eligible to directly issue notes to the MLF regardless of population. State governors will also be able to designate two issuers whose revenues are generally derived from operating government activities (such as public transit, airports, toll facilities, and utilities) to be eligible to directly use the facility.
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June 5, 2020 | BLS Reports Surprising Job Gains
The Bureau of Labor Statistics reports that total nonfarm payroll employment rose 2.5 million in May and the unemployment rate declined to 13.3 percent. The expectations were for a loss of over 8 million jobs and an increase of the unemployment rate to 19.7 percent.
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June 8, 2020 | NBER Declares Recession Began in February
The Business Cycle Dating Committee of the National Bureau of Economic Research determined that February 2020 marked the peak in monthly economic activity in the U.S. economy—that is, the end of the expansion that began in June 2009 and the beginning of a recession. The expansion lasted 128 months, the longest in the history of U.S. business cycle dating (back to 1854).
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June 8, 2020 | Federal Reserve Expands Main Street Lending Program
The Federal Reserve expands its Main Street Lending Program to allow more small and medium-sized businesses to receive support. The Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term.
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June 15, 2020 | SBA Reopens Loan Program
The U.S. Small Business Administration reopens the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19. SBA's EIDL program offers long-term, low-interest assistance for a small business or non-profit. EIDL assistance can be used to cover payroll and inventory, pay debt, or fund other expenses. Additionally, the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid.
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June 15, 2020 | Main Street Lending Program Opens for Registration
The Main Street Lending Program, administered by the Federal Reserve Bank of Boston, opens for lender registration through its online portal. Lenders are encouraged to begin making Main Street program loans immediately.
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June 15, 2020, 5:15 pm EDT | Federal Reserve Seeks Feedback on Extending Main Street Lending Program
The Federal Reserve Board seeks public feedback on a proposal to expand its Main Street Lending Program to provide access to credit for nonprofit organizations. The proposed expansion would offer loans to small and medium-sized nonprofits that were in sound financial condition before the coronavirus pandemic and could benefit from additional liquidity.
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June 15, 2020, 5:15 pm EDT | Federal Reserve Announces Updates to its Secondary Market Corporate Credit Facility
The Federal Reserve announces that the Secondary Market Corporate Credit Facility (SMCCF) will begin buying a broad and diversified portfolio of corporate bonds to support market liquidity and the availability of credit for large employers. The SMCCF, established in March, originally purchased only exchange traded funds (ETFs).
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June 18, 2020 | Congressional Oversight Commission Releases Second Report
The Congressional Oversight Commission releases its second report, including Treasury Department and Federal Reserve recent developments, and a discussion of the Treasury's and Federal Reserve's answers to the Commission's questions.
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June 23, 2020, 12:00 pm EDT | Regulatory Agencies Issue Guidance to Consider COVID-19 Effects
State, federal, and credit union regulators issue examiner guidance to promote consistency and flexibility in the supervision and examination of financial institutions affected by the COVID-19 pandemic. The interagency guidance instructs examiners to consider the unique, evolving, and potentially long-term nature of the issues confronting institutions due to the COVID-19 pandemic and to exercise appropriate flexibility in their supervisory response. No action on the part of supervised institutions is required.
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June 25, 2020, 4:30 pm EDT | Federal Reserve Releases Stress Tests Results
The Federal Reserve releases the results of its stress tests for 2020, designed before the COVID-19 pandemic, and additional sensitivity analyses.
In addition to its normal stress test, the Board conducted a sensitivity analysis to assess the resiliency of large banks under three hypothetical recessions, or downside scenarios, which could result from the pandemic. In light of the test results, the Board took several actions to ensure large banks remain resilient despite the economic uncertainty. For the third quarter of this year, the Board will require large banks to preserve capital by suspending share repurchases, capping dividend payments to the amount paid in the second quarter, and limiting dividends according to a formula based on recent income.
All large banks will also be required to resubmit and update their capital plans later in 2020 to reflect current stresses. The Board will conduct additional analysis each quarter to determine if adjustments to this response are appropriate. -
June 26, 2020 | Texas and Florida Among First States to Reverse Reopenings
As cases surge in Texas, Governor Greg Abbott orders bars to close and restaurants to reduce capacity. In Florida, where bars reopened in early June, the Florida Department of Business and Professional Regulation announces a ban on alcohol consumption in bars after the Department of Health reports nearly 9,000 new cases.
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June 28, 2020 | California Reverses Reopening
The Governor of California orders bars to close in 7 counties on the County Monitoring List due to concerning levels of disease transmission, hospitalizations, or insufficient testing.
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June 29, 2020, 1:30 pm EDT | Federal Reserve Launches PMCCF
The Federal Reserve Bank of New York announces that the Primary Market Corporate Credit Facility (PMCCF) is operational. The PMCCF provides a funding backstop for corporate debt to eligible issuers and is available to (i) purchase qualifying bonds as the sole investor in a bond issuance and (ii) purchase portions (up to 25%) of syndicated bonds at issuance ("co-investor" transactions). Pricing will be issuer-specific, informed by market conditions and subject to minimum and maximum spreads over comparable maturity Treasury securities.
The Primary Market and Secondary Market Corporate Credit Facilities were established with the approval of the Treasury Secretary and with $75 billion in equity provided by the Treasury Department from the CARES Act. -
June 30, 2020 | Chair Powell Gives Testimony to Congress
Chair Powell provides testimony on coronavirus and the CARES Act to the House of Representatives' Committee on Financial Services.
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July 1, 2020 | Daily COVID-19 Cases in U.S. Surpass 50,000
The Centers for Disease Control and Prevention reports over 50,000 new COVID-19 cases in the United States, bringing the total to over 2.6 million total confirmed cases.
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July 4, 2020 | President Trump Signs Extension of PPP
The application period for the Paycheck Protection Program (PPP) is extended to August 8, 2020.
- Public Law 116-147 - An Act to Extend the Authority for Commitments for the Paycheck Protection Program and Separate Amounts Authorized for Other Loans Under Section 7(a) of the Small Business Act, and for Other Purposes
- S. 4116 - A Bill to Extend the Authority for Commitments for the Paycheck Protection Program
- White House Announcement
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July 6, 2020 | SBA Releases PPP Loan Data
The U.S. Small Business Administration, in consultation with the Treasury Department, announces it is releasing detailed loan-level data regarding the loans made under the Paycheck Protection Program (PPP). This disclosure covers each of the 4.9 million PPP loans that have been made. The names and addresses of businesses with loans below $150,000 were not released.
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July 6, 2020 | MSLP Fully Operational
The Federal Reserve Bank of Boston announces that the Main Street Lending Program is fully operational and ready to purchase participations in eligible loans. The Main Street Lending Program offers five-year loans to help credit flow to small- and medium-sized businesses that were in sound financial condition prior to the COVID-19 pandemic.
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July 15, 2020, 4:30 pm EDT | Federal Reserve Announces Rule Change to PPP
The Federal Reserve Board extends a rule change to the Small Business Administration's (SBA) Paycheck Protection Program (PPP): This rule change, announced in April, allows certain bank directors and shareholders to apply to their banks for PPP loans for their small businesses. The PPP's limits had prevented some small business owners from accessing PPP loans—especially in rural areas. This day's announcement extends the rule change to August 8, 2020.
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July 17, 2020, 10:00 am EDT | Federal Reserve Modifies MSLP to Expand Access to Qualifying Nonprofits
The Federal Reserve Board modifies the Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations. The Board approved two new loan options to provide support to a broad set of nonprofit organizations that were in sound financial condition prior to the pandemic.
The minimum employment threshold for nonprofits was lowered from 50 employees to 10, the limit on donation-based funding was eased, and several financial eligibility criteria were adjusted to accommodate a wider range of nonprofit operating models. -
July 20, 2020 | Congressional Oversight Commission Releases Third Report
The Congressional Oversight Commission releases its third report, including Treasury Department and Federal Reserve recent developments.
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July 23, 2020, 2:30 pm EDT | Federal Reserve Expands Counterparties in TALF, CPFF, and SMCCF
The Federal Reserve broadens the set of firms eligible to transact with and provide services in three emergency lending facilities to increase the Federal Reserve's operational capacity and insight into the respective markets. The expansion encourages a broader range of agents for the Term Asset-Backed Securities Loan Facility (TALF) and counterparties for the Commercial Paper Funding Facility (CPFF) and Secondary Market Corporate Credit Facility (SMCCF).
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July 28, 2020, 9:30 am EDT | Federal Reserve Extends Operation of Emergency Lending Programs
The Federal Reserve announces a three-month extension (through December 31, 2020) of its lending facilities scheduled to expire on September 30, 2020.
The extensions apply to the Primary Dealer Credit Facility, the Money Market Mutual Fund Liquidity Facility, the Primary Market Corporate Credit Facility, the Secondary Market Corporate Credit Facility, the Term Asset-Backed Securities Loan Facility, the Paycheck Protection Program Liquidity Facility, and the Main Street Lending Program.- Federal Reserve Press Release
- Primary Dealer Credit Facility Term Sheet
- Money Market Mutual Fund Liquidity Facility Term Sheet
- Primary Market Corporate Credit Facility Term Sheet
- Secondary Market Corporate Credit Facility Term Sheet
- Term Asset-Backed Securities Loan Facility Term Sheet
- Paycheck Protection Program Liquidity Facility Term Sheet
- Main Street Priority Loan Facility Term Sheet
- Main Street New Loan Facility Term Sheet
- Main Street Expanded Loan Facility Term Sheet
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July 29, 2020, 2:00 pm EDT | Federal Reserve Announces Extension of International U.S. Dollar Liquidity Arrangement
The Federal Reserve announces the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA repo facility) through March 31, 2021. The extension of the temporary swap lines applies to all nine central banks previously announced on March 19, 2020. The extension of the FIMA repo facility allows approved FIMA account holders to continue to temporarily exchange their U.S. Treasury securities held with the Federal Reserve for U.S. dollars, which can then be made available to institutions in their jurisdictions.
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July 30, 2020 | Real GDP Falls Sharply in the Second Quarter of 2020
Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020, according to the "advance" estimate released by the Bureau of Economic Analysis (BEA). Per the BEA, the decline in second quarter GDP reflected the response to COVID-19, as "stay-at-home" orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses. This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending.
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August 7, 2020 | Congressional Oversight Commission Holds Hearing on MSLP
The Congressional Oversight Commission, established by the CARES Act, holds a hearing to examine the Main Street Lending Program. The hearing includes testimony from Eric Rosengren of the Federal Reserve Bank of Boston, Lauren Anderson of the Bank Policy Institute, Tom Bohn of the Association for Corporate Growth, Vince Foster of the Main Street Capital Corporation, and Gwen Mills of UNITE HERE.
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August 11, 2020, 5:00 pm EDT | Federal Reserve Lowers Interest Rates for Municipal Liquidity Facility
The Federal Reserve Board reduces the interest rate spread on tax-exempt notes for each credit rating category by 50 basis points and reduces the amount by which the interest rate for taxable notes is adjusted relative to tax-exempt notes.
The MLF was established under Section 13(3) of the Federal Reserve Act and offers up to $500 billion in lending to states and municipalities to help manage cash flow stresses caused by the coronavirus pandemic. -
August 21, 2020 | Congressional Oversight Commission Releases Fourth Report
The Congressional Oversight Commission releases its fourth report, including a discussion of the Main Street Lending Program and Treasury Department and Federal Reserve recent developments.
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August 26, 2020 | Agencies Issue Final Rules on Modifications to Bank Leverage Ratios
The federal bank regulatory agencies announced finalization of three interim rules issued earlier in the year. They include:
- A final rule that temporarily modifies the community bank leverage ratio, as required by the CARES Act, unchanged from its April 6 form;
- A final rule that makes more gradual, as intended, the automatic restrictions on distributions if a banking organization's capital levels decline below certain levels, unchanged from its April 6 form; and
- A final rule that allows institutions that adopt the current expected credit losses or "CECL" accounting standard in 2020 to mitigate effects of CECL on regulatory capital for two years, followed by a three-year transition period. This revised rule expands the pool of eligible institutions to include any institution adopting CECL in 2020. The CECL methodology is used in the Fed's stress testing scenarios.
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September 1, 2020 | Treasury Secretary Mnuchin Gives Testimony to Congress
Secretary Mnuchin provides testimony on the Main Street Lending Program to the House of Representatives' Select Subcommittee on the Coronavirus Crisis.
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September 4, 2020 | Main Street Lending Program Fully Operational
The Federal Reserve Bank of Boston, administrator of the Main Street Lending Program, announces that the program is now fully operational and is accepting submissions of eligible loans to nonprofit organizations, submitted by registered lenders. The program had been purchasing participations in loans to for-profit businesses since July 6. In the second half of July, the Federal Reserve Board announced that the Main Street program would offer two new loan options to support a broad set of nonprofit organizations. The program infrastructure has now been modified to accommodate the intake of these loan submissions.
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September 17, 2020 | Congressional Testimony from the Division of Financial Stability
Kent Hiteshew, Deputy Associate Director of the Division of Financial Stability, provides testimony on the Municipal Liquidity Facility to the Congressional Oversight Commission.
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September 18, 2020, 1:00 pm EDT | Federal Reserve Updates FAQs for the Main Street Lending Program
The Federal Reserve Board updates its frequently asked questions (FAQs) to clarify the expectations of the Board and the Treasury regarding lender underwriting for the Main Street Lending Program. The revised FAQs, developed with the FDIC and the Office of the Comptroller of the Currency, emphasize that lender underwriting should look back to the borrower's pre-pandemic condition and forward to their post-pandemic prospects. The FAQs also clarify supervisory expectations for lenders originating Main Street loans and details about plans to accept loans made to multiple co-borrowers
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September 22, 2020 | Chair Powell and Treasury Secretary Mnuchin Give Testimony to Congress
Chair Powell and Treasury Secretary Mnuchin provide testimony on the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to the House of Representatives' Committee on Financial Services (September 22, 2020) and the U.S. Senate Committee on Banking, Housing and Urban Affairs (September 24, 2020).
- Hybrid Hearing: Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response
- Chair Jerome H. Powell Prepared Testimony – Committee on Financial Services
- Secretary Mnuchin Prepared Testimony – Committee on Financial Services
- Hearing: The Quarterly CARES Act Report to Congress
- Chair Jerome H. Powell Prepared Testimony – Committee on Banking, Housing, and Urban Affairs
- Secretary Mnuchin Prepared Testimony – Committee on Banking, Housing, and Urban Affairs
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September 29, 2020, 12:00 pm EDT | Agencies Issue Two Final Rules
The federal bank regulatory agencies finalize two rules, which are either identical or substantially similar to interim final rules currently in effect and issued earlier this year:
- A final rule that temporarily defers appraisal and evaluation requirements for up to 120 days after the closing of certain residential and commercial real estate transactions.
- A final rule that neutralizes—due to the lack of credit and market risk—the regulatory capital and liquidity effects for banks that participate in certain Federal Reserve liquidity facilities.
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September 30, 2020 | Federal Reserve Announces Extension of Measures to Large Banks' Capital Resilience
The Federal Reserve Board announces it will extend for an additional quarter several measures to ensure that large banks maintain a high level of capital resilience. For the fourth quarter of 2020, banks with more than $100 billion in total assets will be prohibited from making share repurchases. Additionally, dividend payments will be capped and tied to a formula based on recent income.
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October 2, 2020, 11:54 pm EDT | President Trump Tests Positive for COVID-19
President Trump announces that he and the First Lady tested positive for COVID-19.
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October 15, 2020 | Congressional Oversight Commission Releases Fifth Report
The Congressional Oversight Commission releases its fifth report, including a discussion of the Municipal Liquidity Facility and Treasury Department and Federal Reserve recent developments.
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October 23, 2020 | New York Fed Adds New Counterparties to Support CPFF and SMCCF
The Federal Reserve Bank of New York announces the selection of additional counterparties to support the Commercial Paper Funding Facility (CPFF) and the Secondary Market Corporate Credit Facility (SMCCF). The selected firms represent a diverse range of market participants in terms of firm size, business model, and ownership, including Minority, Women, and Veteran Business Enterprises (MWVBEs).
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October 29, 2020 | Congressional Oversight Commission Releases Sixth Report
The Congressional Oversight Commission releases its sixth report, including Treasury Department and Federal Reserve recent developments.
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October 30, 2020, 11:00 am EDT | Fed Modifies MSLP to Support Smaller Businesses
The Federal Reserve Board adjusts the terms of the Main Street Lending Program to better target support to smaller businesses facing continued revenue shortfalls due to the pandemic. The minimum loan size for three Main Street loan facilities available to for-profit and non-profit borrowers has been reduced from $250,000 to $100,000 and the fees have been adjusted. An updated FAQ clarifies that Paycheck Protection Program loans of up to $2 million may be excluded from the calculation of maximum loan size under the Main Street Lending Program, if certain requirements are met.
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November 10, 2020 | U.S. Cases of COVID-19 Surge Past 10 Million
The Centers for Disease Control and Prevention and the Johns Hopkins University Coronavirus Resource Center website report more than 10 million confirmed cases of COVID-19 in the U.S. on November 10, the seventh consecutive day on which there were at least 100,000 additional infections.
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November 19, 2020 | Secretary Mnuchin Allows Multiple Fed Lending Programs to Expire
Treasury Secretary Mnuchin announces that he will allow several Federal Reserve lending programs to expire on December 31, 2020. The Primary Market Corporate Credit Facility (PMCCF), Secondary Market Corporate Credit Facility (SMCCF), Municipal Liquidity Facility (MLF), Main Street Lending Program (MSLP), and Term Asset Backed Securities Loan Facility (TALF) will expire at the end of 2020. Programs not backed by congressional appropriation—the Commercial Paper Funding Facility (CPFF), Primary Dealer Credit Facility (PDCF), Money Market Liquidity Facility (MMLF), and Paycheck Protection Program Liquidity Facility (PPPLF)—will be extended for 90 days.
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November 19, 2020 | CDC Recommends Against Travel During the Thanksgiving Holiday
CDC officials provide a telebriefing on the intensification of the COVID-19 outbreak and recommend against travel during the Thanksgiving holiday.
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November 20, 2020 | 250,000 COVID-19 Deaths in the United States
The CDC reports that over 250,000 people have died from COVID-19 in the United States.
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November 30, 2020, 9:15 am EST | Federal Reserve Extends Several Lending Facilities
The Federal Reserve Board announces an extension through March 31, 2021, for several of its lending facilities that were scheduled to expire on or around December 31. The extension, which has also been approved by the Treasury Department, applies to the Commercial Paper Funding Facility, the Money Market Mutual Fund Liquidity Facility, the Primary Dealer Credit Facility, and the Paycheck Protection Program Liquidity Facility.
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December 1, 2020 | Chair Powell and Treasury Secretary Mnuchin Give Testimony to Congress
Chair Powell and Treasury Secretary Mnuchin provide testimony on the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to the U.S. Senate Committee on Banking, Housing, and Urban Affairs (December 1, 2020) and the House of Representatives Committee on Financial Services (December 2, 2020).
- Hearing: The Quarterly CARES Act Report to Congress
- Chair Jerome H. Powell Prepared Testimony – Committee on Banking, Housing, and Urban Affairs
- Secretary Mnuchin Prepared Testimony – Committee on Banking, Housing, and Urban Affairs
- Hybrid Hearing – Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response
- Chair Jerome H. Powell Prepared Testimony – Committee on Financial Services
- Secretary Mnuchin Prepared Testimony – Committee on Financial Services
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December 2, 2020 | CDC Changes Quarantine Guidelines and Considerations for Domestic Travel
In a telebriefing, CDC officials update quarantine guidelines: Quarantine may end 10 days after exposure if the person exposed experiences no symptoms or 7 days after exposure with a negative test result and no symptoms. CDC officials also recommend that (i) people postpone travel and stay home and (ii) those who do travel be tested 1 to 3 days before travel and again 3 to 5 days after travel.
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December 2, 2020 | Hospitalization for COVID Reaches All-Time High
According to the COVID Tracking Project, the number of COVID hospitalizations in the U.S. surpasses 100,000—an all-time high.
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December 11, 2020 | FDA Authorizes COVID-19 Vaccine
The FDA authorizes the Pfizer-BioNTech COVID-19 vaccine for emergency use in the United States for individuals 16 years of age and older.
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December 14, 2020 | 300,000 COVID-19 Deaths in the United States
The CDC reports that more than 300,000 people have died from COVID-19 in the United States.
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December 16, 2020, 2:00 pm EST | Federal Reserve Announces Extension of International U.S. Dollar Liquidity Arrangement
The Federal Reserve announces the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA repo facility) through September 30, 2021. These facilities were temporarily established in March 2020 and extended on July 29, 2020, to ease strains in global dollar funding markets resulting from the COVID-19 shock and mitigate the effect of such strains on the supply of credit to households and businesses, both domestically and abroad. The extension of the FIMA repo facility allows approved FIMA account holders to continue to temporarily exchange their U.S. Treasury securities held with the Federal Reserve for U.S. dollars, which can then be made available to institutions in their jurisdictions.
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December 18, 2020 | FDA Authorizes Second COVID-19 Vaccine
The FDA authorizes the Moderna COVID-19 vaccine for emergency use in the United States for individuals 18 years of age and older. A week earlier, the Pfizer-BioNTech COVID-19 vaccine was approved for emergency use for individuals 16 years of age and older.
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December 18, 2020, 4:30 pm EST | Federal Reserve Releases Second Round of Stress Test Results
The Federal Reserve releases the results of a second round of bank stress tests performed in 2020. In June of this year, the Board conducted its annual stress test, with additional analysis motivated by the effects of COVID-19. These results found that banks generally had strong levels of capital, but that strong levels of uncertainty remained. Several restrictions were put into place to ensure that banks would preserve capital. The second round of stress tests included two hypothetical scenarios involving severe global recessions over 9 future quarters. Under both scenarios, results showed that all firms' risk-based capital ratios would remain above the required minimum.
In light of ongoing economic uncertainty, restrictions on distributions will be extended into 2021 and capital requirements will not be reset. -
December 23, 2020 | CDC Estimates COVID-19 Vaccinations Have Surpassed 1 Million First Doses in the United States
The CDC reports their estimate that over 1 million people have initiated COVID-19 vaccination in the United States by receiving a first dose of the vaccine.
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December 27, 2020 | President Trump Signs the Coronavirus Response and Relief Supplemental Appropriations Act Into Law
President Trump signs into law the Coronavirus Response and Relief Supplemental Appropriations Act, part of the Consolidated Appropriations Act, 2021. This legislation will provide another round of Economic Impact Payments to eligible individuals and families, renew the Paycheck Protection Program, provide unemployment benefits for Americans who have lost their jobs due to COVID-19, and provide additional funding for schools, vaccine distribution, and other sectors of the economy.
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December 29, 2020, 11:00 am EST | Federal Reserve Announces Extension of Main Street Lending Program Facilities
The Federal Reserve announces the extension of its Main Street Lending Program facilities to January 8, 2021, to allow more time to process and fund loans that were submitted to the Main Street lender portal on or before December 14, 2020.
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December 31, 2020 | Congressional Oversight Commission Releases Eighth Report
The Congressional Oversight Commission releases its eighth report, including a discussion of the Treasury's National Security Loan Program and Treasury and Federal Reserve recent developments.
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January 6, 2021 | CDC Estimates COVID-19 Vaccinations Have Surpassed 5 Million First Doses in the United States
The CDC reports their estimate that over 5 million people have initiated COVID-19 vaccination in the United States by receiving a first dose of the vaccine.
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January 8, 2021 | Daily COVID-19 Cases in U.S. Surpass 300,000
The Centers for Disease Control and Prevention reports over 300,000 new COVID-19 cases in the United States, the highest one-day increase to date, bringing the total to over 21 million confirmed cases.
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January 13, 2021 | CDC Estimates COVID-19 Vaccinations Have Surpassed 10 Million First Doses in the United States
The CDC reports their estimate that over 10 million people have initiated COVID-19 vaccination in the United States by receiving a first dose of the vaccine. Because of some missing data and a variety of reporting methods from local jurisdictions and federal entities, these CDC estimates may not match other reports.
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January 15, 2021 | SBA Reopens Paycheck Protection Program
The Treasury announced on January 13, 2021, that the SBA would reopen the Paycheck Protection Program (PPP) loan portal to PPP-eligible small lenders on January 15 and to all lenders on Tuesday, January 19. The second round of loans is a result of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, part of the Consolidated Appropriations Act, 2021.
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January 20, 2021 | 400,000 COVID-19 Deaths in the United States
The CDC reports that over 400,000 people have died from COVID-19 in the United States.
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January 20, 2021 | President Biden Issues New COVID-19 Guidance
On Inauguration Day, the Biden administration announces a number of policy changes to the government's management of the COVID-19 pandemic and makes public a new COVID-19 plan. President Biden signs executive orders that mandate social distancing and the wearing of masks in federal buildings and on federal lands; establish a COVID-19 Response Coordinator within the Executive Office of the President; retract the U.S. withdrawal from the World Health Organization; and more.
- White House COVID-19 Priorities
- Executive Order on Protecting the Federal Workforce and Requiring Mask-Wearing
- Executive Order on Organizing and Mobilizing the United States Government to Provide a Unified and Effective Response to Combat COVID-19 and to Provide United States Leadership on Global Health and Security
- Letter to His Excellency António Guterres
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January 21, 2021 | Biden Administration Issues National Strategy and Additional Executive Orders
The Biden administration publishes its national strategy to support the production and availability of vaccines, treatments, and medical-grade protective gear. President Biden also signs eight additional executive orders, including a data-driven response to the pandemic and expanded access to care and treatment; policy directives on the domestic goal of 100 million vaccinations in 100 days and strengthening the global response; and a memorandum on state-level responses to the pandemic.
- National Strategy for the COVID-19 Response and Pandemic Preparedness
- Executive Order on Protecting Worker Health and Safety
- Executive Order on Promoting COVID-19 Safety in Domestic and International Travel
- Executive Order on Supporting the Reopening and Continuing Operation of Schools and Early Childhood Education Providers
- Executive Order on Ensuring an Equitable Pandemic Response and Recovery
- Executive Order on a Sustainable Public Health Supply Chain
- Executive Order on Ensuring a Data-Driven Response to COVID-19 and Future High-Consequence Public Health Threats
- Executive Order on Improving and Expanding Access to Care and Treatments for COVID-19
- Executive Order on Establishing the COVID-19 Pandemic Testing Board and Ensuring a Sustainable Public Health Workforce for COVID-19 and Other Biological Threats
- National Security Directive on United States Global Leadership to Strengthen the International COVID-19 Response and to Advance Global Health Security and Biological Preparedness
- Memorandum to Extend Federal Support to Governors’ Use of the National Guard to Respond to COVID-19 and to Increase Reimbursement and Other Assistance Provided to States
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January 25, 2021 | U.S. Cases of COVID-19 Surpass 25 Million
The CDC reports more than 25 million confirmed cases of COVID-19 in the United States on January 25, 2021.
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January 28, 2021 | CDC Estimates COVID-19 Vaccinations Have Surpassed 25 Million in the United States
The CDC reports their estimate that over 25 million total doses of COVID-19 vaccines have been administered in the United States. Because of some missing data and a variety of reporting methods from local jurisdictions and federal entities, these CDC estimates may not match other reports.
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January 28, 2021 | Congressional Oversight Commission Releases Ninth Report
The Congressional Oversight Commission releases its ninth report, including a summary of the Commission's first eight reports, Treasury and Federal Reserve recent developments, the Commission's letter to the Federal Reserve regarding the Main Street Lending Program loans, and responses of the Treasury Department to questions regarding the Airline Loan Program.
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January 29, 2021 | CDC Issues Public Transportation Mask Order
The CDC issues an order under Section 361 of the Public Health Service Act requiring persons boarding or operating public transportation within the United States to wear a mask over the mouth and nose.
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February 9, 2021, 5:00 pm EST | Federal Reserve Announces Second Extension of Paycheck Protection Program Rule
The Federal Reserve announces a second extension of a rule to bolster the effectiveness of the SBA's Paycheck Protection Program. The extension applies only to PPP loans and will temporarily modify the Board's rules to allow certain bank directors and shareholders to apply to their banks for PPP loans for their small businesses. The rule extension is effective immediately and applies to PPP loans made through March 31, 2021.
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February 13, 2021 | CDC Estimates COVID-19 Vaccinations Have Surpassed 50 Million in the United States
The CDC reports their estimate that over 50 million total doses of COVID-19 vaccines have been administered in the United States. Because of some missing data and a variety of reporting methods from local jurisdictions and federal entities, these CDC estimates may not match other reports.
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February 24, 2021 | 500,000 COVID-19 Deaths in the United States
The CDC reports that over 500,000 people have died from COVID-19 in the United States.
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February 24, 2021 | National Emergency Declaration Extended
President Biden extends the national emergency declaration for the COVID-19 pandemic beyond March 1, 2021.
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February 26, 2021 | Congressional Oversight Commission Releases Tenth Report
The Congressional Oversight Commission releases its tenth report, including details on the Main Street Lending Program, the Commission's letter to the Federal Reserve regarding the MSLP, the Federal Reserve's response, and the Commission's letter to U.S. Transportation Command and Department of Defense regarding the National Security Loan Program and Crowley Logistics.
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February 27, 2021 | FDA Authorizes Third COVID-19 Vaccine
The FDA authorizes the Johnson & Johnson COVID-19 vaccine for emergency use in the United States for individuals 18 years of age and older. The Johnson & Johnson vaccine is the first to require a single dose.
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March 2, 2021 | Texas Reopens and Lifts Mask Mandate
Governor Greg Abbott of Texas announces an executive order lifting the state's mask mandate and increasing capacities of all businesses and facilities in the state to 100%. Of the 35 states requiring face coverings in public to curb the spread of COVID-19, Texas becomes the fifth state to lift orders, following Montana, Iowa, North Dakota, and Mississippi.
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March 2, 2021 | President Biden Invokes the Defense Production Act to Expedite Vaccine Production
President Biden announces that Johnson & Johnson and Merck will work together to produce Johnson & Johnson's COVID-19 vaccine. The Biden administration invokes the Defense Production Act of 1950 to equip Merck facilities to manufacture the vaccine and to expedite the delivery of critical materials, machinery, and supplies.
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March 3, 2021 | Federal Reserve Announces Extension of Paycheck Protection Program Liquidity Facility
The Federal Reserve Board announces it will extend its Paycheck Protection Program Liquidity Facility (PPPLF) by three months to June 30, 2021. The extension is intended to provide continued support for the flow of credit to small businesses through the Paycheck Protection Program. Other currently active 13(3) facilities—the Commercial Paper Funding Facility, Money Market Mutual Fund Liquidity Facility, and the Primary Dealer Credit Facility—have not had significant usage and will expire as scheduled on March 31, 2021.
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March 11, 2021 | American Rescue Plan Act Signed into Law
President Biden signs the American Rescue Plan Act of 2021 into law. Among other actions, the law provides a boost to unemployment benefits through September; expands the child tax credit, rental payment assistance, and funds for COVID-19 vaccine distribution and testing; and directs money to state, local, and tribal governments and to schools.
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March 12, 2021 | CDC Estimates COVID-19 Vaccinations Have Surpassed 100 Million in the United States
The CDC reports their estimate that over 100 million total doses of COVID-19 vaccines have been administered in the United States. Because of some missing data and a variety of reporting methods from local jurisdictions and federal entities, these CDC estimates may not match other reports.
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March 19, 2021 | Federal Reserve Announces Supplementary Leverage Ratio Will Expire as Scheduled
The Federal Reserve Board announces that the temporary change to the supplementary leverage ratio (SLR) for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.
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March 23, 2021 | Chair Powell and Treasury Secretary Yellen Give Testimony to Congress
Chair Powell and Treasury Secretary Yellen provide testimony on the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to the U.S. House of Representatives Committee on Financial Services (March 23, 2021) and the U.S. Senate Committee on Banking, Housing, and Urban Affairs (March 24, 2021).
- Virtual Hearing: Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response
- Chair Jerome H. Powell Prepared Testimony – Committee on Financial Services
- Treasury Secretary Janet L. Yellen Prepared Testimony – Committee on Financial Services
- Hearing: The Quarterly CARES Act Report to Congress
- Chair Jerome H. Powell Prepared Testimony – Committee on Banking, Housing, and Urban Affairs
- Secretary Janet L. Yellen Prepared Testimony – Committee on Banking, Housing, and Urban Affairs
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March 30, 2021 | Congressional Oversight Commission Releases Eleventh Report
The Congressional Oversight Commission releases its eleventh report, including details on the Airline Industry Loan Program, the Commission's letter to the Treasury regarding the program, the Treasury's response, and Treasury and Federal Reserve recent developments.
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April 2, 2021 | One Hundred Million People Have Received at Least One Vaccine Dose
The CDC reports that 30.7% of the population of the United States has received at least one dose of a COVID-19 vaccine.
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April 27, 2021 | CDC Releases Updated Safety Guidelines
The CDC releases updated safety guidelines: Mask guidelines are relaxed for fully vaccinated people, and some mask guidelines for outdoor activities are relaxed for unvaccinated people.
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April 30, 2021 | Congressional Oversight Commission Releases Twelfth Report
The Congressional Oversight Commission releases its twelfth report, which discusses a loan to Yellow Corporation, formerly YRC. (As a firm that transports military equipment for the Department of Defense, Yellow Corporation was deemed critical to U.S. national security and first to receive a loan under the $17 billion National Security Loan Program approved by Congress in 2020 as part of the CARES Act.) The report also includes Treasury and Federal Reserve recent developments, the U.S. Transportation Command's letter to the Commission regarding the National Security Loan Program, and the Department of Defense flow chart for designating borrowers "critical to maintaining national security."
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May 5, 2021 | CDC Estimates COVID-19 Vaccinations Have Surpassed 250 Million in the United States
The CDC reports their estimate that over 250 million total doses of COVID-19 vaccines have been administered in the United States. Because of some missing data and a variety of reporting methods from local jurisdictions and federal entities, these CDC estimates may not match other reports.
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May 10, 2021 | FDA Authorizes COVID-19 Vaccine for Those Under 16
The FDA authorizes the use of the Pfizer-BioNTech COVID-19 vaccine in the United States for adolescents 12-15 years of age.
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May 13, 2021 | CDC Updates Safety Guidelines
The CDC announces that fully vaccinated individuals may participate in indoor and outdoor activities, large or small, without wearing a mask or physical distancing.
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May 14, 2021 | Federal Reserve Announces Third Extension of Paycheck Protection Program Rule
The Federal Reserve announces a third extension of a rule to bolster the effectiveness of the SBA's Paycheck Protection Program. These extensions apply only to PPP loans and temporarily modify the Board's rules to allow banks to continue to make PPP loans to small businesses. This extension is effective immediately and applies to PPP loans made from March 31 through June 30, 2021.
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May 28, 2021 | Congressional Oversight Commission Releases Thirteenth Report
The Congressional Oversight Commission releases its thirteenth report, which includes a discussion of the Term Asset-Backed Securities Loan Facility, Treasury and Federal Reserve recent developments, and letters from the Commission to the Department of Treasury and Defense requesting additional documents related to the Treasury's loan to the Yellow Corporation.
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June 2, 2021 | Federal Reserve Announces Plans To Wind Down SMCCF Emergency Lending Portfolio
The Federal Reserve Board announces plans to begin winding down the portfolio of the Secondary Market Corporate Credit Facility (SMCCF), the temporary emergency lending facility that was closed on December 31, 2020. The sales of the holdings in the SMCCF portfolio are to be gradual, to minimize the potential for adverse impact on market functioning.
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June 16, 2021 | Federal Reserve Announces Extension of Temporary Dollar Liquidity Swap Lines
The Federal Reserve announces the extension of its temporary U.S. dollar liquidity swap lines with nine central banks through December 31, 2021. These arrangements, announced March 19, 2020, were designed to ease strains in global dollar funding markets resulting from COVID-19 shock. Extensions to the facility through March 2021 were announced on July 29, 2020 and December 16, 2020. These swap lines allow the provision of U.S. dollar liquidity in amounts up to $60 billion each for the Reserve Bank of Australia, the Banco Central do Brasil, the Bank of Korea, the Banco de México, the Monetary Authority of Singapore, and the Sveriges Riksbank (Sweden) and $30 billion each for the Danmarks Nationalbank (Denmark), the Norges Bank (Norway), and the Reserve Bank of New Zealand.
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June 22, 2021 | Chair Powell Gives Testimony to Congress
Chair Powell provides testimony on pandemic emergency lending and supporting economic recovery to the U.S. House of Representatives Select Subcommittee on the Coronavirus Crisis. The hearing assesses the Fed's emergency lending programs established in the early months of the coronavirus crisis, examines current Fed policies, and considers actions needed to ensure a strong economic future.
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June 23, 2021 | 600,000 COVID-19 Deaths in the United States
The CDC reports that over 600,000 people have died from COVID-19 in the United States.
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June 25, 2021 | Federal Reserve Announces Final Extension of Paycheck Protection Program Liquidity Facility
The Federal Reserve Board announces it will extend for a final time its Paycheck Protection Program Liquidity Facility (PPPLF) by an additional month to July 30, 2021. The PPPLF extends term credit to financial institutions making PPP loans, accepting the PPP loans as collateral. Previously extended to June 30, this extension will allow additional processing time for banks, community development financial institutions, and other financial institutions to pledge to the facility any PPP loans approved by the Small Business Administration through the June 30 expiration of the PPP program.
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June 30, 2021 | Congressional Oversight Commission Releases Fourteenth Report
The Congressional Oversight Commission releases its fourteenth report, including Treasury and Federal Reserve recent developments.
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July 27, 2021 | CDC Updates Guidelines for Fully Vaccinated People
The CDC announces that fully vaccinated individuals should wear a mask in public indoor settings in regions of substantial or high transmission. The CDC also recommends that fully vaccinated people wear a mask regardless of the level of transmission if they or others in their household are at increased risk for severe disease or if they have been exposed to someone with suspected or confirmed COVID-19.
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July 30, 2021 | Congressional Oversight Commission Releases Fifteenth Report
The Congressional Oversight Commission releases its fifteenth report, including Treasury and Federal Reserve recent developments.
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August 18, 2021 | CDC Announces Plans for COVID-19 Vaccine Booster Shots
The CDC releases a joint statement announcing a plan to begin offering COVID-19 booster shots to all Americans, especially those who are at higher risk or were vaccinated during the earlier phases of the vaccination rollout. Third doses of the Pfizer and Moderna mRNA vaccines will be available beginning the week of September 20, 2021, to be administered 8 months after an individual's second dose.
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August 20, 2021 | Two Hundred Million People Have Received at Least One Vaccine Dose
The CDC reports that 60.4 percent of the population of the United States has received at least one dose of a COVID-19 vaccine.
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August 23, 2021 | FDA Approves First COVID-19 Vaccine
The FDA extends full approval to the Pfizer-BioNTech COVID-19 vaccine for individuals 16 years and older. The vaccine was granted emergency use authorization (EUA) in December 2020; it continues to be available under EUA for individuals 12-15 years of age, as well as for the administration of a third dose in certain immunocompromised individuals.
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August 31, 2021 | Congressional Oversight Commission Releases Sixteenth Report
The Congressional Oversight Commission releases its sixteenth report, including Treasury and Federal Reserve recent developments.
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September 22, 2021 | FDA Authorizes Booster Dose of COVID-19 Vaccine
The FDA authorizes a single booster dose of the Pfizer-BioNTech COVID-19 vaccine for emergency use, to be administered at least six months after completion of the primary series. The booster is authorized for certain populations, including individuals 65 years of age and older, individuals 18-64 years of age at high risk of COVID-19, and individuals 18-64 years of age whose frequent exposure to SARS-CoV-2 puts them at high risk of serious complications of COVID-19 including severe COVID-19.
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September 28, 2021 | Chair Powell Gives Testimony to Congress
Chair Powell provides testimony on coronavirus and the CARES Act to the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
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September 30, 2021 | Congressional Oversight Commission Releases Seventeenth Report
The Congressional Oversight Commission releases its seventeenth report, including Treasury and Federal Reserve recent developments.
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October 4, 2021 | 700,000 COVID-19 Deaths in the United States
The CDC reports that over 700, 000 people have died from COVID-19 in the United States.
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October 29, 2021 | FDA Authorizes COVID-19 Vaccine for Children 5 to 11 Years of Age
The FDA authorizes the Pfizer-BioNTech COVID-19 vaccine for emergency use for children 5 through 11 years of age.
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October 29, 2021 | Congressional Oversight Commission Releases Eighteenth Report
The Congressional Oversight Commission releases its eighteenth report, including Treasury and Federal Reserve recent developments.
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November 26, 2021 | WHO Declares Variant of Concern, Dow Jones Industrial Average Decreases
The WHO declares the B.1.1.529 variant, named Omicron, a "variant of concern" (VOC). The Dow Jones Industrial Average falls 905.04 points to 34899.34, a 2.5% decrease and the largest one-day percentage drop since October 2020.
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November 30, 2021 | Congressional Oversight Commission Releases Nineteenth Report
The Congressional Oversight Commission releases its nineteenth report, including Treasury and Federal Reserve recent developments.
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December 17, 2021 | 800,000 COVID-19 Deaths in the United States
The CDC reports that over 800,000 people have died from COVID-19 in the United States.
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December 27, 2021 | CDC Updates and Shortens Recommended Isolation and Quarantine Period
The CDC announces new guidelines for isolation and quarantine for the general public, shortening the recommended time for isolation from 10 days for people with COVID-19 to 5 days, if asymptomatic, followed by 5 days of mask-wearing when around others. Additionally, the recommended quarantine period for those exposed to COVID-19 is shortened to 5 days for those who are more than six months out from their second mRNA dose and not yet boosted, and no quarantine period is necessary for those who have received their booster shot.
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January 3, 2022 | Congressional Oversight Commission Releases Twentieth Report
The Congressional Oversight Commission releases its twentieth report, including Treasury and Federal Reserve recent developments.
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January 10, 2022 | Daily COVID-19 Cases in U.S. Surpass 1 Million
The Centers for Disease Control and Prevention reports over 1 million new COVID-19 cases in the United States, the highest one-day increase to date, bringing the total to over 61 million confirmed cases.
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January 31, 2022 | Congressional Oversight Commission Releases Twenty-First Report
The Congressional Oversight Commission releases its twenty-first report, including Treasury and Federal Reserve recent developments.
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February 8, 2022 | 900,000 COVID-19 Deaths in the United States
The CDC reports that over 900,000 people have died from COVID-19 in the United States.
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February 28, 2022 | Congressional Oversight Commission Releases Twenty-Second Report
The Congressional Oversight Commission releases its twenty-second report. It includes Treasury and Federal Reserve recent developments as well as materials related to communications between the Treasury and Defense departments and Yellow Corporation.
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March 31, 2022 | Congressional Oversight Commission Releases Twenty-Third Report
The Congressional Oversight Commission releases its twenty-third report, including Treasury and Federal Reserve recent developments.
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April 18, 2022 | Federal Mask Mandate Voided
The federal mask mandate requiring the use of masks on public transportation is voided by the United States District Court of Florida. The ruling is issued after the Transportation Security Administration (TSA) and CDC issue extensions of the mask order on April 13, 2022.
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April 29, 2022 | Congressional Oversight Commission Releases Twenty-Fourth Report
The Congressional Oversight Commission releases its twenty-fourth report, including Treasury and Federal Reserve recent developments.
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May 3, 2022 | CDC Updates Mask Recommendations for Public Transportation
The CDC updates its recommendations to include all travelers over the age of 2 and transportation workers to properly wear a well-fitting mask over the nose and mouth in indoor areas of public transportation and transportation hubs.
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May 25, 2022 | 1 Million COVID-19 Deaths in the United States
The CDC reports that over 1 million people have died from COVID-19 in the United States.
RELATED LINKS:
- U.S. Economic Policy Response to Coronavirus Pandemic from researchers at the University of California-Berkeley
- Resources on economics and COVID-19 from the St. Louis Fed Research Division
- Coronavirus Resource Center at Johns Hopkins University
- FRASER timeline of the 2007-2009 Financial Crisis
- The Primary Dealer Credit Facility, Liberty Street Economics
- Treasury Economic Response Timeline
- FRED: Pandemic Claims Weekly Reports
SUBJECTS:
Timeline of Events Related to the COVID-19 Pandemic . https://fraser.stlouisfed.org/timeline/covid-19-pandemic, accessed on December 11, 2024.