The bulk of the PPP money originated will be finished over the next couple weeks. I know Congress is talking about extending it, but kind of stupid considering most businesses used it up as they were going off the initial 8 week deadline. Do you all foresee these businesses go back to laying off/furloughing or is the rebound getting in full swing.
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Structured finance, is about to get really busy thanks to TALF. TALF (Term Asset-Backed Securities Loan Facility) is about to start up, and last until September. This is great news because companies will be securitizing their originations, and using those cash flows to pay people, pay off debts, hopefully expand, and originate more loans.
TALF is basically a program where the government will purchase the most senior securities, as long as the assets are rated investment grade by two rating agencies, and other criteria. The government may purchase these securities from investors or from the issuing company directly. Because many companies in the US heavily rely on securitization, this will be huge, especially for auto companies that need all the cash they can get right now.
TALF plans on issuing up to 100 billion in loans, which is a lot and should definitely provide some stimulus to the economy. Unfortunately, the government is only providing a short window to take advantage of this as they only completed their term sheet 1-2 weeks ago, and the program is only lasting from June - September..
Let's hope it helps!
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