Other ADB Members

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 10,305,880.85
% of GDP (2019): 49.23%
% of Regional Total Package: N/A
Package Per Capita in USD: 31,397.40
Note: Measures 9 and 10 are added to the sum of Measures 1-5.
Measure Amount (Local) Amount (USD) Details Update Source
01 - Liquidity Support info_outline USD440,137,000,000 USD440,137,000,000
01A - Short-term lending info_outline USD440,137,000,000 USD440,137,000,000

(i) 12 March 2020, The Federal Reserve (Fed) expanded reverse repo operations, adding liquidity to the banking system; on 26 February 2020 outstanding repos were USD143.44 billion while peak amount outstanding from weekly reporting was USD441.945 billion on 18 March 2020, resulting in a peak repo loan amount of 441.945 - 143.44 = USD298.505 billion; since the publication of its 8 July 2020 balance sheet, the Federal Reserve's outstanding repurchase agreements have fallen to USD0, which is USD143.44 billion below the amount outstanding on 26 February 2020; (ii) 17 March 2020, the Federal Reserve's Commercial Paper Funding Facility (CPFF) will lend to a special purpose vehicle (SPV) that will purchase highly-rated 3-month commercial paper through the New York Federal Reserve's primary dealers; the US Treasury will take the first USD 10 billion in losses as per the CARES Act; since 15 October 2020, the Federal Reserve reports CPFF loans outstanding at USD0; peak loans outstanding from weekly reporting was USD 4.296 billion on 10 June 2020; (iii) 17 March 2020, the Federal Reserve established a Primary Dealer Credit Facility (PDCF) to offer overnight and term funding up to 90 days that may be collateralized by a broad range of investment grade debt securities including commerical paper, municipal bonds, and a broad range of equity securities; since 26 April 2021, the PDCF has USD0 in loans outstanding [update]; peak loans outstanding from weekly reporting was USD 33.409 billion on 15 April 2020; (iv) 23 March 2020, the Federal Reserve's Money Market Fund Liquidity Facility (MMLF) lends to money market mutual funds (MMMFs) against eligible collateral that includes US Treasury securities, securities issues by fully guaranteed US agencies, by US government sponsored enterprises, and against highly rated asset backed commerical paper, unsecured commercial paper, negotiable certificates of deposit, municipal short-term debt, since 21 April 2021, the MMLF has USD0 in loans outstanding [update]; peak loans outstanding for the MMLF were USD 53.171 billion on 8 April 2020; (v) as of 22 July 2021, loans reported for the Federal Reserve's discount window for Primary and Secondary Credit were USD541 million and USD 0 respectively [update]; peak amounts outstanding from weekly reporting were USD50.768 billion for Primary Credit on 25 March 2020 and USD 1 million on 24 June 2020 for Secondary Credit (these were USD13 million and 0, respectively, on 26 February 2020); (vi) 19 November 2020; Treasury Secretary Mnuchin sent a letter to Fed Chair Powell requesting a 90-day extension of the CPFF, PDCF, MMLF, and the PPPLF; (vii) 15 April 2021, the US Treasury's, equity position in the MMLF, originally USD1.5 billion, is now USD0;

01B - Support policies for short-term lending info_outline

(i) No amount/estimate: 16 March 2020, the Federal Reserve encouraged banks to borrow at its discount window, which they are historically reluctant to do; (ii) No amount/estimate: On 23 April 2020, the Federal Reserve temporarily suspending uncollateralized intraday credit limits and waived overdraft fees for financial institutions eligible for the Primary Credit program, and created a streamlined procedure for other credit institutions to request collateralized intraday credit; (iii) No amount/estimate: 24 April 2020, the Federal Reserve eliminated the six-per-month limit on transfers from savings and money market accounts to demand deposits on an interim basis; since the former have no reserve requirement, this effectively reduces bank reserve requirements to 0; (iv) No amount/estimate: On 5 May 2020, the FED regulatory agencies announced 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. The interim final rule facilitates participation in these facilities by neutralizing the LCR impact associated with the non-recourse funding provided by these facilities; (v) 16 December 2020, the Fed published a final rule reducing reserve requirements against all deposits to 0;

01C - Forex operations info_outline
02 - Credit creation info_outline USD3,723,313,000,000 USD3,723,313,000,000
02A - Financial sector lending/funding info_outline USD2,587,463,000,000 USD2,587,463,000,000

(i) 8 April 2020, 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 22 July 2021, the PPPLF had USD86.278 billion in loans outstanding according to the Federal Reserve's weekly reporting, which is also the peak figure [update]; (ii) 9 April 2020, 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 22 March 2020) corporate bonds in the secondary market; the US Treasury will take the first USD75 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 22 July 2021, the PMCCF and SMCCF combined have USD10.333 billion in loans outstanding [update]; the peak loan value from the Federal Reserve's weekly reports was USD14.138 billion on 6 January 2021 [update]; (iii) 9 April 2020, 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; 8 June 2020, 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; 17 July 2020, the Federal Reserve Board modified the MSLF to provide greater access to credit for nonprofit organizations including educational institutions, hospitals, and social service organizations; 30 October 2020, the Fed announced that the MSLF adjusted terms to better target smaller businesses--(a) reduced minimum loan available to for-profit and non-profit borrowers from USD250,000 to USD100,000, and (b) reduced fees to encourage the provision of these smaller loans; as of 22 July 2021, the MSLF has USD16.097 billion in loans outstanding [update], while the peak figure for the program was USD16.585 billion on 20 January 2021 [update]; (iv) 12 May 2020, 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 22 July 2021, the TALF has USD1.66 billion in loans outstanding; the peak figure of USD4.144 billion was reported on 23 December 2020 [update]; (v) as of 22 July 2021, the Fed's holdings of mortgage backed securities had increased USD1,050.334 billion since 26 February 2020, which is also the peak figure since that date [update]; (vi) 17 July 2020, the Federal Reserve Board modified the MSLF to provide greater access to credit for nonprofit organizations including educational institutions, hospitals, and social service organizations; (vii) No amount/estimate: 26 August 2020, The Federal Housing Finance Agency (FHFA) is further extending until September 30, 2020 the period of time during which Fannie Mae and Freddie Mac will buy qualified loans in forbearance and allow several loan origination flexibilities, all in order to continue to support borrowers and lenders; (viii) As of 20 January 2021, the Fed's PPLF, SMCCF/PMCCF, and MSLF had a combined authorized use of USD1,450 billion, of which combined respective peak values for each have utilized USD34.867 billion, thus leaving USD1,415.133 billion in combined in unutilized yet authorized purchases. (ix) 19 November 2020; Treasury Secretary Mnuchin sent a letter to Fed Chair Powell requesting a 90-day extension of the CPFF, PDCF, MMLF, and the PPPLF; the letter also informed Chair Powell that the lending authority of the Fed's SPV's--PMCCF, SMCCF, MLF, MSLP, and TALF--will expire on 31 December 2020, while the total authorized equity positions from the CARES Act of USD454 billion will be available for Congress to re-appropriate; (x) 30 November 2020, the Fed announced an extension through 31 March 2021, of the Commercial Paper Funding Facility, the Money Market Mutual Fund Liquidity Facility, the Primary Dealer Credit Facility, and the Paycheck Protection Program Liquidity Facility; (xi) 29 Decemer 2020, the Fed announced an extension of the termination date of the MSLF 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 14 December 2020; (xii) no amount/estimate; 6 January 2021, the US Treasury's equity position in the PMCCF/SMCCF was reduced to USD13.9 billion, while its position in the TALF was reduced to USD3.5 billion (from the footnotes in the Fed's weekly reported financial statements);(xiii) no amount/estimate: 20 Jaunuary 2021, the US Treasury's equity position in the MSLP was reduced to USD16.6 billion (from the footnotes in the Fed's weekly reported financial statements); (xiv) 27 January 2021, no amount/estimate, the Federal Open Market Committee (FOMC) reaffirmed its commitment to continue purchasing USD40 billion per month in mortgage-backed securities; it did so again on 28 April 2021;

02B - Support policies for long-term lending info_outline
02B1 - Interest rate adjustments

(i) No amount/estimate: 3 March 2020, 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: 15 March 2020, 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: 10 June 2020, 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; (iv) No amount/estimate: 27 August 2020, 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; (v) 13 January 2021, in a speech, FOMC Vice Chair Richard Clarida said the FOMC now views the longer run "neutral real interest rate" or r* to be about 0.5%, consistent with a neutral setting for the federal funds rate (which adds the inflation target to r*) of 2.5%; on the same day, Fed Governor Lael Brainard noted the new FOMC statement that "monetary policy will remain accommodative after liftoff in order to achieve 'inflation moderately above 2 percent for some time so that inflation averages 2 percent overtime.'"; (vi) No amount/estimate, 28 April 2021, The FOMC's policy release stated that "the Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time"; (vii) no amount/estimate, 16 June 2021, The FOMC increased the interest rate paid on required and excess reserves to 0.15 percent from 0.1 percent, raised the reverse repurchase agreement offering rate to 0.05 percent from 0 percent, and increased the per-countparty limit to USD80 billion per day at the latter facility;

02B2 - Other policies to support long-term lending

(i) No amount/estimate: 20 March 2020, 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; (ii) No amount/estimate: 23 March 2020, 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; (iii) No amount/estimate: 26 March 2020, 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; (iv) No amount/estimate: 31 March 2020, 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; (v) No amount/estimate: 1 April 2020, the Federal Reserve excluded US Treasury securities and balances in reserve accounts from from the supplementary leverage ratio rule through 21 March 2021; (vi) No amount/estimate: 3 April 2020, 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; (vii) No amount/estimate: 6 April 2020, 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; (viii) No amount/estimate: 14 April 2020, the Federal financial regulators issued an interim final rule to temporarily defer real-estate related appraisals and evaluations for up to 120 days; (ix) No amount/estimate: 30 April 2020, 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; (x) 15 May 2020. 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; (xi) No amount/estimate: 25 June 2020, 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; (xii) No amount/estimate: 25 June 2020, 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; (xiii) No amount/estimate: 3 August 2020, 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; (xiv) No amount/estimate: 20 November 2020, the federal bank regulatory agencies announced an interim final rule that return reporting requirements and certain regulations to those applicable pre-COVID-19 for community banks--due to their participation in federal coronavirus lending programs (such as the PPP, for instance) and increased lending to support the economy, as their assets grow the community banks may cross size thresholds that increases regulations and reporting requirements, which this rule relaxes; the rule applies to community banks with less than USD10 billion in total assets on 31 December 2019, and allows them until 2022 in most cases to reduce their size before being subject to the additional requirements and regulations; (xv) 18 December 2021, The Fed voted to affirm the Countercyclical Capital Buffer at the current level of 0 percent; (xvi) 19 March 2021, the Fed announced that the temporary change to its supplementary leverage ratio (SLR) in March 2020 will expire on 31 March 2021 as scheduled; the SLR had been relaxed to provide bnaks the option of not counting holdings of US treasuries against it; the Fed also announced it will be inviting public comment on several potential SLR modifications; (xvii) 25 March 2021, the Fed announced that temporary and additional restrictions on bank holding company dividends and share repurchases currently in place will end for most after 30 June 2021;

02C - Loan guarantees USD1,135,850,000,000 USD1,135,850,000,000

(i) 7 April 2020, 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; (iii) 24 April 2020, The Paycheck Protection Program and Health Care Enhancement Act (PPPHCEA) appropriates an additional USD321 billion for the PPP; (iv) As of 6 August 2020, total outstanding loans (that is, not including forgiven loans) from the PPP were USD523,421,099,011; (v) 25 June 2020, the Government Accountability Office (GAO) reported that as of 31 May 2020 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. (vi) No amount/estimate: 28 July 2020, the Federal Reserve announced an extension through 31 December 2020 of all lending facilities that were previously scheduled to expire on or around 30 September 2020; (vii) Not amount/estimate; 6 August 2020, the Small Business Administration announces that the Paycheck Protection Program will close at 11:59pm EDT on August 8, 2020; (viii) As of 11 November 2020, the Treasury had provided USD114 billion in equity investments to the Fed's SPVs, leaving USD340 billion in authorized equity investments in the Fed's SPVs unutilized; (ix) 19 November 2020; Treasury Secretary Mnuchin sent a letter informing Fed Chair Powell that the lending authority of the Fed's SPV's--PMCCF, SMCCF, MLF, MSLP, and TALF--will expire on 31 December 2020, while the total authorized equity positions from the CARES Act of USD454 billion will be available for Congress to re-appropriate; (x) 20 December 2020, the US Senate and House agreed to a fiscal stimulus bill that provides an additional USD284 billion for forgivable Paycheck Protection Program loans --President Trump signed this bill into law on 27 December 2020; (xi) no amount/estimate; 6 January 2021, the US Treasury's equity position in the PMCCF/SMCCF was reduced to USD13.9 billion, while its position in the TALF was reduced to USD3.5 billion (from the footnotes in the Fed's weekly reported financial statements);(xii) no amount/estimate: 20 Jaunuary 2021, the US Treasury's equity position in the MSLP was reduced to USD16.6 billion (from the footnotes in the Fed's weekly reported financial statements); (xiii) As of 31 January 2021, the PPP has made 891,044 loans totallying USD72.741 billion, as part of the December law authorizing another USD284 billion in forgiveable PPP loans; as of 12 February 2021, the SBA reports that this second round of the PPP has approved 1,510,535 loans totalling USD115.3 billion; (xiv) 31 January 2021, The US Treasury's Small Business Administration announced it had forgiven more than 1.1 million PPP loans of over USD100 billion; on 12 February, the SBA provided more precise details, showing that 1.6 million loans had been forgiven totalling USD142.6 billion, of which USD38.5 billion in forgiven loans were accounted for in (v) above; this new figure thereby subtracts another USD104.1 billion from Measure 2C and adds the amount to Measure 5B4; (xv) The SBA reported on 5 March 2021 that it had forgiven a total of USD168.6 billion in PPP loans, which is an additional USD26 billion from previous reports; this amount is now subtracted from Measure 2C and added to Measure 5B4; (xvi) 12 March 2021, the American Rescue Plan Act of 2021 provides an addition USD7.25 billion in forgiveable PPP loans; (xvii) 18 March 2021, the SBA reports that 2.3 million PPP loans have been forgiven for a total of USD186.1 billion; this adds USD17.5 billion to previous reports that is now subtracted from Measure 2C and added to Measure 5B4; (xviii) As of 8 April 2021, the SBA reports that 3.3 million PPP loans have been forgiven, for a total amount of USD279.4 billion, which adds USD93.3 billion onto previous notes above that is subtracted from Measure 2C and added to Measure 5B4 [update]; (xix) As of 24 May 2021, all PPP-approved lending totals 11.62 million loans for a total of USD795.908 billion [update];

03 - Direct long-term lending info_outline USD769,220,385,137 USD769,220,385,137
03A - Long-term lending info_outline USD769,220,385,137 USD769,220,385,137

(i) 9 April 2020, the Federal Reserve's Primary Market Corporate Credit Facility (PMCCF) will use the same SPV as the SMCCF in 2A to purchase corporate bonds in the primary market; the US Treasury will take the first USD50 billion in losses as per the CARES Act; the combined sizes authorized for the PMCCF and the Secondary Market Credit Facility (in 2A) will be USD750 billion (entered in 2A); (ii) The Federal Reserve established the Municipal Liquidity Facility (MLF) that will offer up to USD500 billion in lending to states and municipalities to manage cash flow stresses caused by the coronavirus pandemic; on 27 April 2020, the facility, as revised, will purchase notes issued by U.S. states (including the District of Columbia), 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; on 15 May 2020, the Treasury will accept the first USD35 billion in losses to the MLF as appropriated in the CARES Act; 8 June 2020, The MLF is now available to at least 2 cities or counties in each state regardless of population, and continues to be directly open to US states, the District of Columbia, and US cities with a population of at least 250,000, and to US counties with a population of at least 500,000 residents, as well as certain multistate entities; as of 22 July 2021, the MLF has USD4.373 billion in loans outstanding; the program's peak value of loans outstanding was USD6.361 billion on 6 January 2021 [update]; (iii) From the CARES Act, USD46 billion for loans to air carriers and businesses critical to national security; (iv) from the CARES Act, USD9 billion in loans for relief for aviation workers; (v) From the PPPHCEA, USD 50 billion in additional loans authorized for the SBA's emergency disaster loans program (incorporated into (vii) below); (vi) No amount/estimate, 2 July 2020, The US Treasury and 5 US airlines reached agreement on portions of USD25 billion in loans available from the CARES Act (already incorporated in (iii)); (vii) As of 27 July 2020, the Small Business Administration's Economic Impact Disaster Loans approved for COVID-19-related dificulties was USD163,818,412,028; as of 19 October 2020, the amount has increased to USD191,994,805,796; as of 1 February 2021 the amount has increased to USD199,220,385,137 (viii) No amounts/estimate: 11 August 2020, the Fed announced a reduction in interest rates charged on the Municipal Lending Facility to those entities issuing bonds whose interest payments are exempt from federal taxes--a 0.5% reduction of the interest rate spread (vs previously) over the overnight indexed swap rate (which closely follows the federal funds rate); the interest rate spread is determined by the long-term credit rating; (ix) the Fed's MLF has an authorized use of USD500 billion; since 6 January 2021, of which peak value utilization is USD6.361 billion, thus leaving USD493.639 billion in unutilized yet authorized purchases and loans; (x) 19 November 2020; Treasury Secretary Mnuchin sent a letter to inform Chair Powell that the lending authority of the Fed's SPV's--PMCCF, SMCCF, MLF, MSLP, and TALF--will expire on 31 December 2020, while the total authorized equity positions from the CARES Act of USD454 billion will be available for Congress to re-appropriate; (xi) 6 January 2021, in the Fed's weekly financial statement report, the US Treasury's equity position in the Municipal Lending Facility has been reduced to USD6.3 billion; (xii) 12 March 2021, The ARPA provides an additional USD15 billion in SBA-EIDL advances;

03B - Forbearance

(i) No amount/estimate: the US Treasury's Small Business Administration (SBA) provides automatic deferral of disaster loans to small businesses through 31 December 2020; interest will continue to accrue. (ii) No amount/estimate: the SBA will pay 6 months of principal and interest (which is category 5B) for all current 7(A), 504, and microloans in regular servicing status as well as new 7(A), 504, and Microloans disbursed prior to 27 September 2020; (iii) No amount/estimate: 29 June 2020, Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are allowing servicers to extend forbearance agreements for multifamily property owners with existing forbearance agreements for up to 3 months, for a total forbearance of 6 months; while the properties are in forbearance, the landlord must suspend all evictions for renters unable to pay rent; If a forbearance is extended, once the forbearance period concludes the borrower may qualify for up to 24 months to repay the missed payments; (iv) No amount/estimate: 9 July 2020, Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will extend flexibility in loan origination requirements; (v) No amount/estimate: 6 August 2020, Federal Housing Finance Agency announced that multifamily property owners with mortgages backed by Fannie Mae or Freddie Mac who enter into a new or modified forbearance agreement must inform tenants in writing about tenant protections during the owner's forbearance and repayment periods; additional protections from previously announced (in (iii) above) are for the owner's repayment period after the forbearance has concluded, which include giving tenants at least a 30-day notice to vacate, not charges for late fees or penalties for late payment of rent, and allowing tenants flexibility to repay rent over time and not in a lump sum; (vi) No amount/estimate: 2 September 2020, The Center for Disease Control Director signed a declaration determining that evictions of tenants could be detrimental to public health control measures and therefore ordering a temporary halt in evictions due to not paying rent through 31 December 2020; the order requires that tenants have used all available government assistance and are still unable to make full rent or housing payment due to substantial loss of household income; (vii) No amount/estimate: 27 August 2020, Fannie Mae and Freddie Mac will extend moratoriums on single-family forecloseures and real estate owned evictions until at least 31 December 2020;

04 - Equity support info_outline USD9,000,000,000 USD9,000,000,000

(i) 4 March 2021, The US Treasury launched a program funded by the December 2020 COVID-19 aid bill that provides USD9 billion in capital to Community Development Financial Institutions;

05 - Health and income support USD4,421,480,000,000 USD4,421,480,000,000

As of end of July 2020, combined government deficits for March/April/May/June/July were USD2,182.828 billion - This figure includes automatic stabilizer effects from declining tax revenues and therefore is not equivalent to the package announced and entered for Measure 05. It also includes loans made through the Paycheck Protection Program that mostly will be cancelled (but not entirely) shown in Measure 02C [update]

05A - Health support USD772,278,000,000 USD772,278,000,000

(i) The Coronavirus Preparedness and Response Supplemental Appropriations Act (CPRSAA) provides a total of USD7.767 billion in support of the following: (a) USD61 million salaries and expenses to prevent, prepare, and respond to coronavirus domestically and internationally; (b) USD20 million for expenses to carry out the disaster loan program; (c) USD2.2 billion support to the Center for Disease Control and Prevention; (d) USD836 million for the National Institute of Allergy and Infectious Diseases; (e) USD3.4 billion for Public Health and Social Services Emergency Fund; (f) USD1.25 billion for international disaster assistance; (ii) The Families First Coronavirus Response Act (FFCRA) provides USD75.675 billion for nutrition, public health, medical leave; (iii) The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides USD371.3 billion for healthcare services provider relief, disaster relief, veterans' healthcare and testing, relief to state/local/tribal/territorial governments, and research for vaccines and the Strategic National Stockpile; (iv) the PPPHCEA provides USD100 billion for additional healthcare services provider relief and the Public Health and Social Services Emergency Fund; (v) 20 December 2020, the US Senate and House agreed to a stimulus bill that provides (a) USD20 billion for the purchase of vaccines; (b) USD9 billion for vaccine distribution; (c) provides states with USD22 billion to assist with testing; (d) USD3 billion for the National Strategic Stockpile of vaccines--President Trump signed this bill into law on 27 December 2020; (vi) 12 March 2021, the ARPA provides USD163.536 billion to the following healthcare initiatives: (a) USD17 billion for CDC vaccine activities, (b) USD47.8 billion for testing and tracing activities, (c) USD7.66 billion for expanding healthcare workforces for state/local/territorial public health departments, (d) usd8.1 billion for community health centers, (e) USD4.5 billion in block grants for the Substance Abuse and Mental Health Services Administration, (f) USD6.09 billion for the Indian Health Service, (g) USD800 million for additional healthcare workforce, (h) USD450 million for infection control in skilled nursing health facilities, (i) USD5.25 billion for other community health services, (j) USD50 billion for the FEMA Disaster Relief Fund, (k) USD100 million for vaccine rollout in communities, (l) USd15.786 billion for the Veterans Health Administration and other health services for military veterans; (vii) no amount/estimate: as of 28 May 2021, 167.157 million Americans (51% of the population) had received at least 1 vaccination dose, while 134.419 million (41% of the population) were fully vaccinated;

05B - Income support USD3,649,202,000,000 USD3,649,202,000,000
05B1 - Tax and contribution deferrals and policy changes USD189,190,000,000 USD189,190,000,000

(i) CARES Act: (a) Net delay of payment for employer payroll taxes USD12 billion, (b) Forbearance for student loans, USD8.8 billion; (ii) No amount/estimate: 28 August 2020, The US Treasury Department and Internal Revenue Service (IRS) released guidance allowing employers to defer withholding and paying the employee's portion of the Social Security payroll tax if the employee's wages are below a certain amount; (iii) 12 March 2021, the ARPA provides USD168.39 billion through (a) USD24.962 billion from suspension of taxes for first USD10,200 in unemployment benefits received per recipient, (b) USD109.529 from increases in the child tax credits for 2021 and 2022, (c) USD25.818 billion for expanding the Earned Income Tax Credit, (d) USD8.081 billion for dependent care assistance tax credits in 2021 and 2022),

05B2 - Tax and contribution rates reduction USD343,871,000,000 USD343,871,000,000

(i) CARES Act: (a) Modification of limitation on losses for taxpayers other than corporations, USD135 billion, (b) Other tax provisions, USD24 billion, (c) Modification for net operating losses, USD26 billion; (ii) 20 December 2020, the US Senate and House leaders agreed to a simulus bill that (a) No amount/estimate: Extends the employee retention credit intended to prevent layoffs -- President Trump signed this bill into law on 27 December 2020; (iii) 12 March 2021, the ARPA provides USD158.871 billion through (a) USD6.253 from extension and modification of credits for paid sick and family leave, (b) USD 10.252 for extension and modificatin of Employee Retention Tax Credit, (c) USD 45.624 billion for the Premium Tax Credit, (d) USD35.095 billion for preserving healthcare benefits for workers, (e) 30.957 billion for relief for employer pensions, (f) USD30.690 for other miscellaneous tax provisions;

05B3 - Subsidies to individuals and households USD1,760,646,000,000 USD1,760,646,000,000

(i) CARES Act: (a) Economic impact payments, USD290 billion; (b) Increased unemployment insurance, USD268 billion; (c) Aid to families with dependent children, USD25 billion; (d) Relief for aviation workers, USD23 billion; (ii) FFCRA: (a) increased unemployment insurance, USD5 billion; (b) Medical Leave, USD112 billion; (iii) PPP&HCEA--Small Business Administration salaries, USD2.1 billion; (iv) 20 December 2020, The US Senate and House leaders agreed to a stimulus bill that provides USD337.513 billion through (a) USD25 billion in rental assistance for individuals that have lost their source of income during the pandemic, (b) USD400 million to food banks and food pantries through the Emergency Food Assistance Program, (c) USD175 million for nutrition services for seniors, and USD13 million for the Commodity Supplemental Food Program, which services more than 700,000 older Americans monthly, (d) USD13 billion to raise Supplemental Nutritional Assistance Program (SNAP) benefits by 15% for six months while not expanding eligibility, (e) Direct payment checks of up to USD600 per adult and child (USD168 billion), (f) USD300 per week in additional unemployment insurance benefits (USD128 billion), (g) USD2 billion for states to help families with coronavirus-related funeral expenses; (h) USD1.3 billion to forgive federal loans to historically Black colleges and universities and deliver grants to incarcerated students (ending a 26-year ban) -- President Trump signed this bill into law on 27 December 2020; (v) no amount/estimate; 5 January 2021, President Elect Joe Biden plans to push for additional USD1400 payment per adult and child--to bring the total payments to USD2000 each--shortly after being sworn in on 20 January 2021; (vi) no amount/estimate, 22 January 2021, the President's executive order on protecting the federal workplace requires the director of the Office of Management and Budget's Office of Personnel Management to "provide a report to the President with recommendations to promote a USD15/hour minimum wage for Federal employees"; (vii) 12 March 2021, the ARPA provides USD761.782 billion through (a) USD410.632 billion in payments of USD1400 per adult and USD1400 per dependent for individuals earning less than USD75000 or families earning less than USD150000, (b) USD21.550 in emergency rental assistance, (c) USD4.5 billion for the Low-Income Home Energy Assistance Program, (d) USD500 million for the Low-Income Household Drinking and Wastewater Emergency Assistance Program, (e) USD100 million to address disproportionate environmental harms to minority and low-income populations, (f) USD300 million in assistance to firefighter grants, (g) USD43.451 billion for emergency rental assistance; (h) USD217 billion for increased unemployment benefits; (viii) Beginning in June, at least 24 states run by Republican governors will end extra $300 per week federal supplement to unemployment benefits from the ARPA, originally authorized to last until 6 September 2021, due to the belief that the payments are encouraging workers to not search for jobs;

05B4 - Subsidies to businesses USD471,260,000,000 USD471,260,000,000

(i) CARES Act: (a) Small Business Administration debt relief for new and existing borrowers, USD18 billion; (b) Small Business Administration Economic Injury Disaster Grants, USD10 billion; (c) Payroll Protection Program loan cancellations as of 26 June 2020 was about USD38.5 billion as noted in 2C above; (ii) FFCRA: (a) Employee retention credit for employers, USD55 billion; (b) Economic Injury Disaster Advances not paid back but deducted from disaster loan eligibility, USD10 billion); (iii) 20 December 2020, the US Senate and House agreed to a stimulus bill that provides USD64 billion through (a) USD10 billion to support child care providers, (b) USD15 billion to airlines to help maintain their payrolls, (c) USD13 billion for farmers and ranchers to help cover pandemic-induced losses, (d) USD20 billion for businesses in low-income communities (USD9 billion of this is accounted for in Measure 4), (e) USD15 billion for struggling live venues, movie theaters, and museums--President Trump signed this bill into law on 27 December 2020; (iv) 31 January 2021, The US Treasury's Small Business Administration announced it had forgiven more than 1.1 million PPP loans of over USD100 billion; on 12 February, the SBA provided more precise details, showing that 1.6 million loans had been forgiven totalling USD142.6 billion, of which USD38.5 billion in forgiven loans were accounted for (ic) above; this new figure thereby subtracts another USD104.1 billion from Measure 2C and adds the amount to Measure 5B4; (v) The SBA reported on 5 March 2021 an additional USD26 billion in forgiven PPP loans; this amount is subtracted from Measure 2C and added to Measure 5B4; (vi) 12 March 2021, the ARPA provides USD34.86 billion through (a) USD28.6 billion for grants for direct relief for the restaurant industry, (b) USD1.25 billion for the Shuttered Veue Operators Grant Program, (c) USD4 billion for the food supply chain, (d) USD1.01 billion in grants to improve land access for socially disadvantaged farmers, ranchers, and forest landowners; (vii) 18 March 2021, the SBA reports that 2.1 million PPP loans have been forgiven for a total of USD186.1 billion; this adds USD17.5 billion to previous reports that is now subtracted from Measure 2C and added to Measure 5B4; (viii) As of 24 May 2021, the SBA reports that 3.3 million PPP loans have been forgiven, for a total amount of USD279.4 billion, which adds USD93.3 billion onto previous notes above that is subtracted from Measure 2C and added to Measure 5B4 [update];

05B5 - Indirect income support USD840,185,000,000 USD840,185,000,000

(i) CARES Act: (a) Grants and other assistance to airports and transits systems, USD36 billion; (b) Department of Education Stabilization Fund for grants to states, USD31 billion; (c) Funding for US Post Office, USD10 billion; (ii) 20 December 2020, the US Senate and House leaders agreed to a stimulus bill that provides USD116.3 billion for (a) USD82 bllion to schools and colleges, (b) USD 7 billion to bolster broadband access to help Americans connect remotely during the pandemic, (c) USD10 billion for state highways, (d) USD1 billion for Amtrak, (e) USD14 billion for mass transit, (f) USD2.3 billion to the military for a second Virginia-class attack submarine -- President Trump signed this bill into law on 27 December 2020; (iii) 12 March 2021, the ARPA provides USD646.885 billion through (a) grants to states/counties/cities/territories/tribal governments, (b) primary/secondary/higher education, (c) airports/railways/mass transit,

05B6 - No breakdown (income support) USD44,050,000,000 USD44,050,000,000

(i) 8 August 2020, President Trump's executive order made USD44 billion available for disaster relief, unemployment insurance, continuation of student loan deferrals, etc; (ii) 22 January 2021, President Biden's executive order on economic relief related to COVID-19 pandemic ordered all executive deparments and agencies to "promptly identify actions they can take within existing authorities to address the current economic crisis resulting from the pandemic" in order to provide relief to individuals, families, small businesses, and to state, local, tribal, and territorial governments; (iii) 12 March 2021, the ARPA provides USD50 million for the Consumer Product Safety Fund

05C - No breakdown (health and income support)
06 - Budget reallocation info_outline
07 - Central bank financing government USD2,864,580,000,000 USD2,864,580,000,000

As of end of July 2020, the total increase in Treasury liabilities held by the Federal Reserve since end of February (USD1.739 trillion) was about USD380 billion less than total government deficits during March/April/May/June (USD2.119 trillion, as reported in measure 05 above); the US Treasury's deposit balances held in accounts at the Federal Reserve have increased a total of USD1,269.132 billion since the end of February 2020. [update]

07A - Direct lending and reserve drawdown USD95,653,000,000 USD95,653,000,000

(i) On 22 May 2020, USD40.375 billion, or 85% of the US Treasury's first-loss positions in the CPFF, PMCCF, and SMCCF currently allocated on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement; (ii) On 29 May 2020, USD14.829 billion, or 85% of the US Treasury's first-loss position in the MLF currently allocated on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement; (iii) On 8 June 2020, USD31.875 billion, or 85% of the US Treasury's current allocation of its first-loss position on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement; (iv) On 19 June 2020, USD8.5 billion, or 85% of the US Treasury's current allocation of its first-loss position for TALF on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury Securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement; (v) as of 30 September 2020, the end of the 2020 fiscal year, the total non-marketable "Domestic Series" debt issuance to the SPVs was USD95.625, plus an additional USD28 million in interest on this debt that has been rolled over into Domestic Series issues, for a combined total of USD95.653 billion that is the peak value since the CARES Act authorizations; (vi) As of the Fed's 6 January 2021 weekly publication of its balance sheet, the US Treasury's equity positions in the Fed's SPVs has declined from USD114 billion to USD72 billion; similarly, the amount invested by the SPVs into non-marketable, domestic series Treasury Securities has declined by USD35.2 billion to USD60.468 billion, with the difference from the peak value being due to interest earned and reinvested in the securities; (viii) 11 January 2021, the Fed announced that its preliminary estimate of income remitted to the US Treasury for 2020 is USD88.5 billion--the Fed is legally required to transfer its profits to the US Treasury after a modest (and legally capped) "dividend" payment to member commercial banks; (ix) On 15 January 2021, the Fed's Main Street SPV returned USD20.9 billion of the Treasury's equity position, which also reduced the amount of domestic series Treasury Securities by USD17.9 billion to USD42.568 billion; as of 17 March, added interest raises the amount to USD42.572 billion; (x) On 25 June 2021, the Fed's Commercial Paper SPV returned USD8.505 billion of the Treasury's equity position, which, when offset by an increase of USD1 billion in interest on these non-marketable securities on 29 June 2021, leaves the amount of domestic series Treasury securities held by the Fed at USD34.068 billion;

07B - Secondary purchase: government securities USD2,768,927,000,000 USD2,768,927,000,000

(i) No amount/estimate: 15 March 2020, The Federal Reserve restarted quantitative easing and engaged in market functioning purchases with the purchase of Treasuries; (ii) 22 July 2021, the Federal Reserve currently owns USD5,242.987 billion in US Treasuries, which is an increase of USD2,768.927 billion over the USD2,474.06 billion it owned at the end of February 2020 and is also the peak figure since that date; the total increased is composed of an additional USD45.503 billion in T-bills, an additional USD2,476.945 billion in T-notes and T-bonds, and an additional USD246.479 billion in inflation indexed securities (the inflation indexed holdings is a small decrease of USD442 million from the previous peak value 4 weeks earlier) [update] ; (iii) 27 January 2021, no amount/estimate, the FOMC reaffirmed its commitment to purchase USD80 billion per month in US Treasury securities; it did so again on 28 April 2021 and on 16 June 2021

08 - International Assistance Received
08A - Swaps info_outline
08B - International loans/grants
08B1 - Asian Development Bank
08B2 - Other
09 - International Assistance Provided USD942,730,466,000 USD942,730,466,000
09A - Swaps info_outline USD940,930,400,000 USD940,930,400,000

(i) 19 March 2020, The New York Fed entered into temporary US dollar liquidity arrangements (swap lines) with banks. These new facilities will support the provision of US dollar liquidity in amounts up to USD60 billion each for the Reserve Bank of Australia, the Banco Central do Brasil, the Bank of Korea, the Banco de Mexico, the Monetary Authority of Singapore, and the Sveriges Riksbank and USD30 billion each for the Danmarks Nationalbank, the Norges Bank, and the Reserve Bank of New Zealand. The following have unlimited swap lines with the New York Fed: European Central Bank, Bank of England, Bank of Canada, Bank of Japan, and Swiss National Bank. These US dollar liquidity arrangements will be in place for at least 6 months; total entered USD combines the credit limits for the first 9 central banks and the peak outstanding for those without limits, which sums to USD869.9304 billion (this is net of USD44 million in swaps outstanding on 26 February 2020); as of 21 April 2021, peak central bank swaps outstanding were USD448.946 billion on 27 May 2020, and the current amount outstanding is USD628 million; the sum peak amounts outstanding using the peak date for each swap line individually was USD467.1954 billion [update] (ii) 31 March 2020, the Federal Reserve established a temporary repo facility for foreign and international monetary authorities (FIMA Repo Facility) to obtain credit from the Federal Reserve collateralized with US Treasury securities; on 7 April 2020, Bank Indonesia was given a USD60 billion FIMA Repo Facility line of credit; on 22 April 2020, the Hong Kong Monetary Authority obtained a USD10 billion FIMA Repo Facility line of credit; 16 June 2020, Sri Lanka's central bank was given a USD1 billion FIMA Repo Facility line of credit; (iii) No amount/estimate: 29 July 2020, the Fed announced extension of all temporary swap lines and FIMA repo facilities through 31 March 2021; (iv) 16 December 2020, the Fed announced extension of the US dollar liquidity swap lines and FIMA facility lines through 30 September 2021;

09B - International loans/grants USD1,800,066,000 USD1,800,066,000

(i) As of 6 May 2020, total assistance for global health, humanitarian aid, and economic assistance to more than 120 countries worldwide to combat COVID-19 is over USD900 million; (ii) No amount/estimate: 22 August 2020, The US Department of Labor approved the RMI’s Implementation Plan further to the RMI’s eligibility for the Pandemic Unemployment Assistance (PUA) under the CARES Act. PUA benefits are payable up to 39 weeks. (iii) No amount/estimate: 5 September 2020, the U.S. Secretary of Transportation has announced that they will award more than USD1.2 billion in airport safety and infrastructure grants through the Federal Aviation Administration (FAA) to 405 airports in 50 states and the Federated States of Micronesia, the Marshall Islands, the Northern Mariana Islands, Puerto Rico, Palau, and the U.S. Virgin Islands. The Administration sees this move as especially important as economies recover from the COVID-19 pandemic; (iv) 1 September 2020, The US Department of Labor announced USD100,000 in funding to support state efforts to combat fraud and recover improper payments in the Unemployment Insurance (UI) program, including those programs created under the Coronavirus Aid, Relief and Economic Security (CARES) Act [update]; (v) 12 March 2021, The American Rescue Plan Act of 2021 (ARPA) authorizes USD800 million for the Food for Peace Program; (vi) 25 May 2021, The US government donated 4,700 PCR test kits worth LKR13 million (USD0.066 million) to the Sri Lanka Ministry of Health;

10 - No breakdown
11 - Other Economic Measures

US President Donald J. Trump has already declared himself a “war-time” president and invoked war production powers to combat the COVID-19 crisis. (i) Temporary exclusion of certain products from the additional duty of 25% on a list of products (imposed on September 1, 2019). Published on 20 March 2020, but effective retroactively from 1 September 2019; (ii) Presidential Memoranda allocating to domestic use certain personal protective equipment (e.g., N-95 filtering facepiece respirators; other filtering facepiece respirators; elastomeric, air-purifying respirators and appropriate particulate filters/cartridges; PPE surgical masks; and PPE gloves or surgical glove), due to the COVID-19 pandemic; (iii) No amount/estimate: 1 July 2020, 5 federal financial regulatory agencies announced an extension of the swap margin rule compliance dates, allowing an additional year for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants to implement the initial margin requirements for certain smaller counterparties;

12 - Non-Economic Measures
12A - Measures affecting travel and transport (local and international)

(i) Forty-eight states have issued stay at home orders; (ii) Current State Department guidance – Level 4 health advisory alert – advises Americans not to travel;

12B - Measures affecting business and workplace

(i) Limits on operation of bars and restaurants in place in most states; and (ii) US retailer Gap announced it will reopen up to 800 of its stores by the end of this month as states nationwide gradually begin to ease lockdowns; (iii) 21 January 2021, President Biden issued an exective order directing agencies to completely evaluate and revise guidance to employers on workplace safety during COVID-19 pandemic, launch a national program to focus the Occupational Safety and Health Administration on enforcement efforts related to COVID-19 violatoins that place workers at seroius risk or are contrary to anti-retaliation principles and inform workers of their rights under appliccable law; the order will also require federal departments to work with states to ensure that workers covered by state worker safety plans are adequately protected from COVID-19;

12C - Others

(i) March 2020; All states have closed schools; (ii) 21 January 2021, President Biden's executive order on establishing a COVID-19 pandemic testing board established a board composed of representatives from executive departments and agencies to coordinate federal government efforts to promote COVID-19 diagnostic, screening, and surveillance testing, identify barriers to access and use of testing and coordinate federal government efforts to increase testing ; the order also requires departments to facilitate testing free of charge to those without comprehensive health insurance and clarify private insurers' obligations to provide coverage for testing; the order further establishes a public health workforce program to work to understand challenges recruiting and training sufficient personnel to ensure adequate and equitable community-based testing;