This report provides FedFin’s first-wave analysis of all the new Fed facilities; subsequent analyses will address related regulatory actions, work on the Senate rescue, new GSE facilities, and additional crisis interventions.  The Fed is also expected shortly to announce what it calls a new small-business facility working through the SBA.   However, eligible borrowers in this facility will still need to be investment-grade rated, making it at best uncertain if thousands of restaurants, personal-care, and other service enterprises will receive liquidity assistance.  The Fed may expect support for this sector to come solely from pending fiscal policy.

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