The social media giant will buy invoices from small businesses owned by women and minorities, sparing them the usual wait to be paid by customers.
Accurate reporting, proactive cash flow management, and contingency planning all play a role.
The defendants allegedly tried to steal a total of $175 million from the program, which some had feared would be a magnet for fraud.
The deal "accelerates our plans to offer U.S. small businesses an easy and efficient way to manage their payments and cash flow digitally in one place."
More than 100 executives said small businesses need "much more significant and sustained support" than the PPP to weather the COVID-19 pandemic.
The software firm cited the negative impact of COVID-19 on small business customers and the extension of the tax filing deadline to July 15.
The Paycheck Protection Program has "enjoyed broad-based participation from lenders of all sizes and a wide array of industries and businesses."
The Fed's latest moves in response to the coronavirus crisis take it "well beyond the lender-of-last-resort functions it played" during the Great Recession.
But downside risks to growth remain high as the spread of the coronavirus and duration of lockdowns remain “highly uncertain."
“We are cautiously optimistic that this will provide the cash flow that small businesses needed yesterday."
The proposal includes direct cash payments to Americans but Democrats say it unduly favors corporations.
The Fed will offer a liquidity backstop to ease funding pressures on large corporations amid the coronavirus outbreak.
