In 2020, the Minneapolis Fed was given a special assignment in response to the COVID-19 pandemic—to set up and lead one of the Federal Reserve System’s emergency lending facilities. The Paycheck Protection Program Liquidity Facility, or PPPLF, was created jointly with the U.S. Treasury for the purpose of supporting lenders who provide even the smallest businesses with forgivable loans through the Small Business Administration’s Paycheck Protection Program, or PPP.