On March 25, the Federal Reserve Bank of New York released FAQs to address programmatic inquiries about the newly-created Commercial Paper Funding Facility (CPFF), which will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle (SPV). The FAQs address, among other things, how the CPFF will work, when the CPFF will become operational, which issuers will be eligible to sell commercial paper to the SPV, whether issuers are required to register with the CPFF, and what types of commercial paper will be eligible for purchase by the SPV.