Important Update Regarding Our COVID-19 Relief Program

  • April 21, 2020

April 21, 2020
                           
Yesterday, we were pleased to announce a COVID-19 Relief Program consisting of zero-rate advances and grants that are available to all of our member institutions.
                            
In response to questions received yesterday from members following our announcement, we have updated our COVID-19 Relief Program FAQ with the below questions and answers.
                 
COVID-19 Relief Advance
                   

Q: Can $30 million in the COVID-19 Relief Program meet the demand of all members and associate members requesting a Relief Advance?
A: Yes. A portion of the $30 million will be allocated via an interest rate subsidy on $2.76 billion in interest-free advances to members, with every member to draw up to $4 million in an interest-free advance, subject to credit and collateral requirements. FHLBank Chicago has budgeted sufficient funds for all members to participate in the program.

Q: Is the Relief Advance first come, first served?
A: There are sufficient funds for any member to draw up to $4 million in an interest-free advance. If member demand exceeds our operational capacity to process requests within the request week, the member will receive COVID-19 Relief Advance funds on a subsequent Friday.
                                    
COVID-19 Relief Grant 
                     
Q: Can $30 million in the COVID-19 Relief Program meet the demand of all members and associate members requesting a Relief Grant?
A
: Yes. The FHLBank Chicago has budgeted sufficient funds for all members to request up to $20,000 for the Relief Grant. 
                         
Q: Is the Relief Grant first come, first served?
A: There are sufficient funds for any member to request the full $20,000 amount available for a Relief Grant. If member demand exceeds our operational capacity to process requests within the request week, the member will receive COVID-19 Relief Grant funds on a subsequent Friday.
                              
Visit our COVID-19 Resource Center to view the full FAQ. Information shared on the Resource Center, including the FAQ, will continue to evolve and be updated regularly. Check back for updates and see below for where to access the FAQ through the Resource Center.

               
Please feel free to reach out to your Sales Director with any questions. 

Contact Us

Please direct all media and investor inquiries to:

Erin Kopecky
Vice President, Director, Communications
ekopecky@fhlbc.com
3
12.833.5323