By Shruti Singh and Amanda Albright, includes “Illinois, which has faced escalating penalties in the bond market as the coronavirus batters its finances, is poised to become the first state to borrow from the Federal Reserve’s $500 billion lifeline for local governments. … The closing is planned for June 5 … But Illinois continues to face a steep penalty to borrow. That has left it among those that could benefit from the Fed’s loans, since the penalty the central bank is charging is less than it would face in a public debt sale. …”