U.S. Treasury to put $10 billion capital into new coronavirus credit facility

WASHINGTON (Reuters) – The U.S. Treasury Department said on Tuesday it has approved the establishment of a commercial paper funding facility to provide a liquidity backstop to help American businesses manage their short-term finances through the slowdown caused by the coronavirus outbreak.

U.S. Treasury Secretary Steven Mnuchin said in a statement that Treasury will provide $10 billion of capital to the new facility from the Treasury’s Exchange Stabilization Fund.

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