US GAO summary assessment of the US FED lending programs and their effect on credit markets:
“The last of the Federal Reserve’s emergency lending programs supported through CARES Act funding ended in early 2021.
As of September 1, 2021, the programs had about $19 billion in assets.
Economic indicators we examined suggest that these programs helped improve liquidity and access to credit in markets they targeted.
Entities that used the programs, such as state and local governments and small businesses, generally said they were beneficial.
However, vulnerabilities remain. For example, high debt levels leave businesses financially vulnerable, and the pandemic’s duration may affect state and local governments’ ability to repay their debt.”
Link to the full report: https://www.gao.gov/products/gao-22-104640