Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
United States 02 02 - Credit creation USD 3,210,057,000,000 3,210,057,000,000
United States 02A 02A - Financial sector lending/funding USD 2,124,557,000,000 2,124,557,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020); FED. https://www.federalreserve.gov/monetarypolicy/smccf.htm (accessed May 30); FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200429a.htm (accessed 29 April 2020); FED. https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm, https://www.federalreserve.gov/newsevents/pressreleases/monetary20200608a.htm (both accessed 07 September 2020).

(i) April 8, the Federal Reserve's Paycheck Protection Program Lending Facility (PPPLF) authorizes each of the 12 Federal Reserve Banks to establish and operate the PPPLF, which lends to eligible lenders against loans extended through the Small Business Administration's (SBA) Paycheck Protection Program (PPP) established by the CARES Act; there is no upper limit to the amount of loans the PPPLF can purchase; as of August 19, the PPPLF had USD67.8 billion in loans outstanding according to the Federal Reserve's weekly reporting; the peak figure of USD68.503 billion was reported by the Fed on July 22 [update]; (ii) April 9, the Federal Reserves Secondary Market Credit Facility (SMCCF) will through the New York Federal Reserve lend to a special purpose vehicle (SPV), which will purchase investment-grade (rated as of March 22) corporate bonds in the secondary market; the US Treasury will take the first USD25 billion in losses as per the CARES Act authorization; combined authorized amount for the SMCCF and the PMCCF (in 3A) is USD750 billion; as of August 19, the PMCCF and SMCCF combined have USD12.304 billion in loans outstanding, which is also the peak loan value from the Federal Reserve's weekly reports [update]; (iii) April 9, The Federal Reserve's Main Street New Loan Facility will include the Main Street Expanded Lending Facility (MSELF) and Main Street Priority Loan Facility (MSPLF); it will lend to a special purpose vehicle (SPV) that will purchase 95% of eligible loans to small and medium-sized businesses made by eligible lenders; the SPV receives up to a USD75 billion equity investment from the US Treasury under the CARES Act; total loans authorized for purchase by the Main Street Lending facilities is USD600 billion; June 8, the Federal Reserve's MSPLF and MSELF were expanded to include more small and medium sized businesses--the changes include lowering the minimum size of certain loans from USD500 thousand to USD250 thousand, increasing the maximum size and delaying principal payments for 2 years rather than 1; July 17, the Federal Reserve Board modified the MSLF to provide greater access to credit for nonprofit organizations including educational institutions, hospitals, and social service organizations; as of August 19, the MSLF has USD472 million in loans outstanding, which is also the peak figure for the program [update]; (iv) May 12, the Federal Reserve re-established the Term Asset-Backed Securities Loan Facility (TALF) to help stabilize private issuance of asset-backed securities; the New York Federal Reserve will lend to a special purpose vehicle (SPV) that will then make the loans; the US Treasury under the CARES Act will take the first USD10 billion in losses as per the CARES Act; the TALF SPV will lend to eligible financial institutions and investment funds for up to 3 years against eligible asset-backed securities; the TALF SPV is currently authorized to lend a total of USD 100 billion; as of August 19, the TALF had USD2.266 billion in loans outstanding, which is also the peak figure [update]; (v) as of August 19, the Federal Reserve's mortgage backed securities holdings were USD1,977.897 billion; this is also the peak value since February 26 -- when holdings were USD1,372 billion --for a total increase in USD equal to USD606.054 billion [update]; (vi) July 17, the Federal Reserve Board modified the MSLF to provide greater access to credit for nonprofit organizations including educational institutions, hospitals, and social service organizations.

United States 02B 02B - Support policies for long-term lending USD FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200303a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200326b.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200401a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200403a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200406a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200414a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200430b.htm (accessed 6 May 2020). https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200515a.htm (accessed 27 May 2020). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200610a.htm (accessed 12 June). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200610b.htm (accessed 12 June). FED https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200625c.htm (accessed 26 June). FED https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200625b.htm (accessed 26 June). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200827a.htm (accessed 2 September)

(i) No amount/estimate: March 3, the Federal Reserve's Open Market Committee lowered the target range for the federal funds rate by 0.5% to between 1%-1.25%; (ii) No amount/estimate: March 15, the Federal Reserve's Open Market Committee lowered its target range for the federal funds rate by 1% to between 0%-0.25%; (iii) No amount/estimate: March 20, federal financial regulators redefined "eligible retained income" for a banking organization in order to avoid sudden drops in lending to avoid restrictions on dividend distributions in times of stress; instead this interim rule encourages banks to use existing capital buffers while making prudent lending decisions; (iv) No amount/estimate: March 23, federal financial regulators together allowed borrowers at the MMLF to apply a capital risk weight of 0 to assets pledged as collateral to the facility against the loans; (v) No amount/estimate: March 26, the Federal Reserve allowed financial institutions with USD5 billion or less in total assets 30 additional days to submit its regulator financial statements; federal financial institution regulators and state regulators offered similar reporting relief; (vi) No amount/estimate: March 31, the federal financial regulators enable financial institutions to delay for two years an estimate of Measurement of Credit Losses on Financial Instruments' (CECL) effect on regulatory capitalif they adopt CECL by the end of 2020; (vii) No amount/estimate: April 1, the Federal Reserve excluded US Treasury securities and balances in reserve accounts from from the supplementary leverage ratio rule through March 21, 2021; (viii) No amount/estimate: April 3, the federal financial institution regulatory agencies provided regulatory flexibility to enable mortgage servicers to work with struggling borrowers affected by COVID-19; the agencies will provide flexible supervisory and enforcement during the COVID-19 pandemic regarding certain communications to consumers required by the mortgage servicing rules; (ix) No amount/estimate: April 6, the federal bank regulatory agencies temporarily reduced the community bank leverag ratio to 8% from greater than 9%; the ratio will be 8% throughout 2020, 8.5% for 2021, and 9% thereafter; (x) No amount/estimate: April 14, the Federal financial regulators issued an interim final rule to temporarily defer real-estate related appraisals and evaluations for up to 120 days; (xi) No amount/estimate: April 30, The Federal Reserve expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders, and expanded the collateral that can be pledged; PPPLF loans will receive a risk weighting of 0% for regulatory capital requirements; (xii) May 15. US financial regulators temporarily excluded U.S. Treasury securities and banks' deposits at Federal Reserve Banks from the calculation of banks' supplementary leverage ratio. The supplementary leverage ratio generally includes subsidiaries of bank holding companies with more than USD250 billion in total consolidated assets, and requires them to hold a minimum ratio of 3% of capital against their total leverage exposure. Banks must request approval from their primary federal banking regulators before making capital distributions (such as paying dividends) as long as this exclusion is in effect; (xiii) No amount/estimate: June 10, The Fed's Federal Open Market Committee (FOMC) announced that it expected to maintain its target range for the federal funds rate at 0 to 0.25% "until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals"; the FOMC's accompanying projections showed members projecting the rate would stay within this range through 2022; (xiv) No amount/estimate: June 25, In light of stress test results the Federal Reserve required large banks to suspend share repurchases, cap dividend payments, and re-evaluate longer-term capital plans during the 3rd quarter of 2020; (xv) No amount/estimate: June 25, Federal regulatory agencies responsible for bank regulation issed a final rule that ended the requirement that entities within the same banking organization hold initial margin for uncleared swaps with each other, known as inter-affiliate swaps; (xvi) No amount/estimate: August 3, Federal Financial Institutions Examination Council issued a joint statement providing prudent risk management and consumer protection principles for financial institutions to consider while working with borrowers as loans near the end of initial loan accommodation periods applicable to COVID-19; (xvii) No amount/estimate; August 27, The FOMC announced unanimous approval of updates to its STatement on Longer-Run Goals and Monetary Policy Strategy, whereby the FOMC is willing to allow inflation greater than its 2% target rate, temporarily.

United States 02C 02C - Loan guarantees USD 1,085,500,000,000 1,085,500,000,000 Bloomberg. https://www.bloomberg.com/news/articles/2020-03-25/what-s-in-congress-2-trillion-coronavirus-stimulus-package (accessed 16 April 2020). Financial Times. https://www.ft.com/content/304a3b1f-f046-4912-ba33-ef510ad3c0fb (accessed 29 April 2020). US Treasury https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses (accessed 1 May 2020). SBA https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program (accessed June 27); Government Accountability Office https://www.gao.gov/products/GAO-20-625 (accessed June 26). Fed https://www.federalreserve.gov/newsevents/pressreleases/monetary20200728a.htm (accessed 30 July 2020). OCC https://www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-72a.pdf (accessed 7 August 2020)

(i) April 7, from the CARES Act, Small Business Paycheck Protection Program (PPP) provides USD349 billion in forgivable Small Business Administration loans and guarantees to help small businesses that retain workers; the program provides funds to pay up to 8 weeks of payroll costs including benefits; (ii) From the CARES Act, Treasury's first-loss position in Fed lending facilities of USD454 billion; (iv) April 24, The Paycheck Protection Program and Health Care Enhancement Act (PPPHCEA) appropriates an additional USD321 billion for the PPP; (v) As of August 6, total outstanding loans (that is, not including forgiven loans) from the PPP were USD523,421,099,011; (vi) June 25, the Government Accountability Office (GAO) reported that as of May 31 more than 170,000 PPP loans totaling about USD38.5 billion had been canceled; this amount is subtracted from category 2C and added to category 5B. (vii) No amount/estimate: July 28, the Federal Reserve announced an extension through December 31 of all lending facilities that were previously scheduled to expire on or around September 30; (viii) Not amount/estimate; August 6, the Small Business Administration announces that the Paycheck Protection Program will close at 11:59pm EDT on August 8, 2020.

United States 02 02 - Credit creation USD 1,056,325,000,000 1,056,325,000,000
United States 02A 02A - Financial sector lending/funding USD 196,325,000,000 196,325,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020). Board of Governors of the Federal Reserve System. https://www.federalreserve.gov/monetarypolicy/talf.htm (accessed 18 April 2020).

(i) March 15, The Fed restarted quantitative easing with the purchase of mortgage-backed securities; (ii) April 9, The Fed increased the flow of credit to households and businesses through the USD100 billion Term Asset-Backed Securities Loan Facility (TALF); (iii) April 9, The Fed established a Main Street Lending Program to support loans to small and medium-sized enterprises.

United States 02B 02B - Support policies for long-term lending USD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020).

No amount/estimate: Federal funds rate lowered by 150 basis points (bps) to 0–0.25 bp; (ii) Purchase of Treasury and agency securities in the amount as needed; (iii) Expanded overnight and term repos; (iv) Lowered cost of discount window lending; (v) Reduced existing cost of swap lines with major central banks and extended the maturity of foreign exchange operations; (vi) Broadened United States dollar (USD) swap lines to more central banks.

United States 02C 02C - Loan guarantees USD 860,000,000,000 860,000,000,000 Bloomberg. https://www.bloomberg.com/news/articles/2020-03-25/what-s-in-congress-2-trillion-coronavirus-stimulus-package (accessed 16 April 2020).

(i) USD349 billion in forgivable Small Business Administration loans and guarantees to help small businesses that retain workers; (ii) USD57 billion in other loans and guarantees; (iii) Treasury capitalization of Fed lending facilities of about USD454 billion.