Fed outlines terms for lending program and promises full disclosure on PPP recipients

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Controversy has arisen over the PPP following disclosures that publicly traded companies that have access to cash on the open markets had been applying for and receiving funding.

"The Federal Reserve remains committed to providing the public and Congress with detailed information about our efforts to support households and businesses during this unprecedented time," Fed Chairman Jerome Powell said in a statement.

The disclosures will include the name of participants, amounts borrowed, interest rates charged and value of pledged collateral. The information also will include costs, revenues and fees for the programs.

 

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