Fed establishes facility to provide term financing via PPP to small businesses

The Federal Reserve announced on Monday that it will establish facility to provide term financing to small businesses.

"To facilitate lending to small businesses via the Small Business Administration's Paycheck Protection Program (PPP), the Federal Reserve will establish a facility to provide term financing backed by PPP loans," the press release read. 

The Fed further added that it will release additional details later this week.

Market reaction

Wall Street's main indexes continue to push higher on Monday. As of writing, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite were up 5.5% on the day.