Periodic Report: Update on Outstanding Lending Facilities — March 10, 2021

Record facts

Summary

A periodic report of the Board of Governors of the Federal Reserve System dated March 10, 2021, updating two congressional committees on lending facilities authorized under section 13(3) of the Federal Reserve Act (12 U.S.C. § 343). It covers the facilities listed in the report, among them the Primary Dealer Credit Facility, the Municipal Liquidity Facility, the Paycheck Protection Program Liquidity Facility and the Main Street Lending Program, with figures as of February 28, 2021. It reports total outstanding advances under the PPPLF of $53,120,894,423 and states that on March 8, 2021 the Board announced an extension of the PPPLF from March 31, 2021 until June 30, 2021. It records that the Main Street Lending Program ceased purchasing participations on January 8, 2021 and that a loan loss allowance of $2.4 billion was recorded.

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Periodic Report: Update on Outstanding Lending Facilities  
Authorized by the Board under Section 13(3) of the Federal Reserve Act 
March 10, 2021 
 
Overview 
 
The Board of Governors of the Federal Reserve System (Board) is providing 
the following updates concerning certain lending facilities established by the Board 
under section 13(3) of the Federal Reserve Act (12 U.S.C. § 343).  Pursuant to 
section 13(3)(C) of the Federal Reserve Act, the Board must provide the 
Committee on Banking, Housing, and Urban Affairs of the Senate and the 
Committee on Financial Services of the House of Representatives (the 
Committees) an initial report regarding each facility established under 
section 13(3) and periodic updates at least every 30 days thereafter.  This report 
provides the next periodic update on the Primary Dealer Credit Facility (PDCF), 
the Money Market Mutual Fund Liquidity Facility (MMLF), the Commercial 
Paper Funding Facility (CPFF), the Primary Market Corporate Credit Facility 
(PMCCF), the Secondary Market Corporate Credit Facility (SMCCF), the Term 
Asset-Backed Securities Loan Facility (TALF), the Municipal Liquidity Facility 
(MLF), the Paycheck Protection Program Liquidity Facility (PPPLF), the Main 
Street New Loan Facility (MSNLF), the Main Street Expanded Loan Facility 
(MSELF), the Main Street Priority Loan Facility (MSPLF), the Nonprofit 
Organization New Loan Facility (NONLF), and the Nonprofit Organization 
Expanded Loan Facility (NOELF).  The Board will provide periodic updates 
concerning these facilities at least every 30 days, in accordance with section 13(3) 
of the Federal Reserve Act. 
 
A. Primary Dealer Credit Facility 
 
On March 17, 2020, the Board authorized the Federal Reserve Bank of 
New York (FRBNY) to establish and operate the PDCF.  The PDCF is a term 
loan facility that provides funding to primary dealers in exchange for a broad 
range of collateral and is intended to foster the functioning of financial markets 
more generally.  The facility allows primary dealers to support smooth market 
functioning and facilitate the availability of credit to businesses and households.  
Additional information concerning the PDCF can be found on the Board’s public 
website at https://www.federalreserve.gov/monetarypolicy/pdcf.htm.  
 

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Update.  As of February 28, 2021: 
• The total outstanding amount of the FRBNY’s loans under the 
PDCF was $255,000,000. 
• The total value of the collateral pledged to the FRBNY was 
$306,015,723. 
• The amount of interest, fees, and other revenue or items of value 
received by the FRBNY, reported on an accrual basis, was 
$12,787,897. 
• As described in the Board’s initial report to Congress regarding the 
PDCF, the PDCF includes features that are intended to mitigate risk 
to the Federal Reserve.  The Board continues to expect that the 
PDCF will not result in losses to the Federal Reserve. 
 
B. Commercial Paper Funding Facility 
 
On March 17, 2020, the Board authorized the FRBNY to establish and 
operate the CPFF.  The purpose of the CPFF is to provide liquidity to short-term 
funding markets.  The CPFF provides a liquidity backstop to U.S. issuers of 
commercial paper, including municipalities, by purchasing three-month unsecured 
and asset-backed commercial paper directly from eligible issuers.  Additional 
information concerning the CPFF can be found on the Board’s public website at 
https://www.federalreserve.gov/monetarypolicy/cpff.htm.  
 
Update.  As of February 28, 2021:   
• The outstanding amount of the FRBNY’s loans to the special purpose 
vehicle (SPV) was $0. 
• The total outstanding amount of the commercial paper held by the 
SPV was $0. 
• The total value of the collateral pledged to secure the FRBNY’s loan 
to the SPV was $10,055,748,556.1  
• The amount of interest, fees, and other revenue or items of value 
received by the FRBNY, reported on an accrual basis, was 
$1,054,580.  
• The amount of interest, fees, and other revenue or items of value 
received by the SPV, reported on an accrual basis, was $60,812,516.  
• As described in the Board’s initial report to Congress regarding the 
 
1  Includes $10 billion equity investment from the Department of the Treasury and interest 
earned thereon. 

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CPFF, the CPFF includes features that are intended to mitigate risk to 
the Federal Reserve.  The Board continues to expect that the CPFF 
will not result in losses to the Federal Reserve.   
 
C. Money Market Mutual Fund Liquidity Facility 
 
On March 18, 2020, the Board authorized the Federal Reserve Bank of 
Boston (FRBB) to establish and operate the MMLF.  The MMLF provides 
funding to U.S. depository institutions and bank holding companies to finance 
their purchases of certain types of assets from money market mutual funds under 
certain conditions.  The program is intended to assist money market mutual funds 
that hold such paper in meeting demands for redemptions by investors and to 
foster liquidity in the markets for the assets held by money market mutual funds, 
including the market for short-term municipal securities.  Additional information 
concerning the MMLF can be found on the Board’s public website at 
https://www.federalreserve.gov/monetarypolicy/mmlf.htm. 
 
Update.  As of February 28, 2021: 
• The total outstanding amount of the FRBB’s loans under the MMLF 
was $1,216,200,324. 
• The total value of the collateral pledged to secure the FRBB’s loans 
was $1,201,097,295.  In addition, the Department of the Treasury is 
providing $10 billion as credit protection to the FRBB. 
• The amount of interest, fees, and other revenue or items of value 
received by the FRBB, reported on an accrual basis, was 
$185,932,995.   
• As described in the Board’s initial report to Congress regarding the 
MMLF, the MMLF includes features that are intended to mitigate 
risk to the Federal Reserve.  The Board continues to expect that the 
MMLF will not result in losses to the Federal Reserve.  
 
D. Corporate Credit Facilities 
 
The Board authorized two facilities to support credit to large employers—
the PMCCF for new bond and loan issuance and the SMCCF to provide liquidity 
for outstanding corporate bonds (together, corporate credit facilities, or the 
CCFs).  The FRBNY established one SPV to manage and operate the CCFs.  The 
CCFs ceased purchasing eligible assets on December 31, 2020.  This section 
provides aggregate information about the CCFs.  Additional information about 

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the CCFs can be found on the Board’s public website at 
https://www.federalreserve.gov/monetarypolicy/pmccf.htm and 
https://www.federalreserve.gov/monetarypolicy/smccf.htm. 
 
Update.  As of February 28, 2021: 
• The total outstanding amount of the FRBNY’s loans under the CCFs 
was $14,017,552,227.2  All loans were extended under the SMCCF. 
• The total value of the collateral pledged to secure the FRBNY’s 
loans to the SPV was $28,257,693,454.3 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the CCFs, reported on an accrual basis, was 
$216,975,422. 
• The total amount of interest, fees, and other revenue or items of 
value received by the FRBNY with respect to the CCFs, reported on 
an accrual basis, was $9,281,272.   
• As described in the Board’s initial report to Congress regarding the 
CCFs, the CCFs include features that are intended to mitigate risk to 
the Federal Reserve.  The Board continues to expect that the CCFs 
will not result in losses to the Federal Reserve. 
 
Additional transaction-specific disclosures regarding the SMCCF may be 
found in the attached spreadsheet (Spreadsheet A).  No transactions occurred 
under the PMCCF during the period it was operational.  Accordingly, there are 
no transaction-specific disclosures for the PMCCF. 
 
E. Term Asset-Backed Securities Loan Facility 
 
On March 22, 2020, the Board authorized the FRBNY to establish and 
operate the TALF.  Under the TALF, the FRBNY lent to an SPV, which made 
loans to U.S. companies secured by certain AAA-rated asset-backed securities 
(ABS) backed by recently originated consumer and business loans.  The TALF 
 
2  Loans were extended to the SPV by the FRBNY on the basis of settled securities purchase 
transactions. 
3  Includes the market value of exchange-traded fund holdings under the SMCCF in the amount 
of $8,585,438,619 and the amortized cost of corporate bonds purchased under the SMCCF in the 
amount of $5,420,336,377, each of which is the recorded value of transactions that have reached 
their contractual settlement date as of February 28, 2021.  Also includes equity investment from 
the Department of the Treasury and related reinvestment earnings of $13,897,024,843; cash 
equivalents of $306,757,525; and interest and other miscellaneous receivables of $48,136,090. 

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was intended to support the provision of credit to consumers and businesses by 
enabling the issuance of ABS backed by private student loans, auto loans and 
leases, consumer and corporate credit card receivables, certain loans guaranteed 
by the Small Business Administration, and certain other assets.  The TALF ceased 
extending credit on December 31, 2020.  Additional information about the TALF 
can be found on the Board’s public website at 
https://www.federalreserve.gov/monetarypolicy/talf.htm. 
 
Update.  As of February 28, 2021: 
• The total outstanding amount of the FRBNY’s loans to the SPV 
under the TALF was $2,622,572,067.4 
• The total outstanding amount of loans made by the SPV to eligible 
borrowers was $2,588,719,760. 
• The total value of the collateral pledged to secure the FRBNY’s 
loans to the SPV was $6,195,742,301.5 
• The total value of the collateral pledged to secure the SPV’s loans to 
eligible borrowers was $3,019,345,089.6 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the TALF, reported on an accrual basis, was 
$25,996,890. 
• The total amount of interest, fees, and other revenue or items of 
value received by the FRBNY, reported on an accrual basis, was 
$1,941,111. 
• As described in the Board’s initial report to Congress regarding the 
TALF, the TALF includes features that are intended to mitigate risk 
to the Federal Reserve.  The Board continues to expect that the 
TALF will not result in losses to the Federal Reserve. 
 
Additional transaction-specific disclosures regarding the TALF may be 
found in the attached spreadsheet (Spreadsheet B).7 
 
 
4  Loans were extended to the SPV by the FRBNY on the loan closing date. 
5  Includes $3.5 billion equity investment from the Department of the Treasury and interest 
earned thereon. 
6  Reflects the estimated market value of the collateral, based on information from third-party 
vendors. 
7  Transaction-specific disclosures regarding the TALF include the material investors identified 
to the Board by TALF agents on or before the as-of date.  This information may be updated in 
future reports should the Board receive revised material investor information. 

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F. Municipal Liquidity Facility 
 
On April 8, 2020, the Board authorized the establishment of the MLF.  
The MLF was intended to support lending to state, city, and county governments, 
certain multistate entities, and other issuers of municipal securities.  The Board 
authorized the FRBNY to operate the MLF.  The MLF ceased purchasing 
eligible notes on December 31, 2020.  Additional information about the MLF can 
be found on the Board’s public website at 
https://www.federalreserve.gov/monetarypolicy/muni.htm.  
 
Update.  As of February 28, 2021: 
• The total outstanding amount of the FRBNY’s loans to the SPV was 
$6,203,000,000.8 
• The total outstanding amount of the notes held by the SPV was 
$6,203,000,000. 
• The total value of the collateral pledged to secure the FRBNY’s 
loans to the SPV was $12,544,859,653.9 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the MLF, reported on an accrual basis, was 
$63,743,708. 
• The total amount of interest, fees, and other revenue or items of 
value received by the FRBNY, reported on an accrual basis, was 
$2,031,319. 
• As described in the Board’s initial report to Congress regarding the 
MLF, the MLF includes features that are intended to mitigate risk to 
the Federal Reserve.  The Board continues to expect that the MLF 
will not result in losses to the Federal Reserve. 
 
Additional transaction-specific disclosures regarding the MLF may be 
found in the attached spreadsheet (Spreadsheet C). 
 
G. Paycheck Protection Program Liquidity Facility 
 
On April 8, 2020, the Board authorized each of the 12 Federal Reserve 
Banks to establish and operate the PPPLF.  The PPPLF offers a source of 
 
8  Loans were extended to the SPV by the FRBNY on the basis of settled note purchase 
transactions. 
9  Includes $6.3 billion equity investment from the Department of the Treasury and interest 
earned thereon. 

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liquidity to financial institution lenders that lend to small businesses through the 
Small Business Administration’s Paycheck Protection Program.   
 
Extension.  On March 8, 2021, the Board announced an extension of the 
PPPLF from March 31, 2021, until June 30, 2021.   
 
As described in the Board’s initial report to the Committees regarding the 
PPPLF, the Board took into consideration the disruptions in financial markets 
and economic activity caused by the COVID-19 pandemic when it initially 
authorized the PPPLF.  Specifically, the Board assessed the price and availability 
of credit for small businesses as compared to normal market conditions.  In 
addition, the Board considered the effects of the pandemic on economic activity 
generally, including unemployment claims and on the revenues and expenses of 
businesses. 
 
Although financial markets have stabilized significantly, the availability of 
credit for small businesses served by the Paycheck Protection Program remains 
limited, and there is substantial continued uncertainty related to the economic 
effects of the COVID-19 pandemic.  The Board’s Regulation A provides that an 
emergency lending facility may be renewed if the Board finds that unusual and 
exigent circumstances continue to exist and the facility continues to appropriately 
provide liquidity to the financial system.10  Based on the continued economic 
disruptions described above, the Board extended the termination date for the 
PPPLF until June 30, 2021.  The Secretary of the Treasury also approved the 
extension.  The terms of the PPPLF are otherwise unchanged as result of this 
action. 
 
Additional information about the PPPLF can be found on the Board’s 
public website at https://www.federalreserve.gov/monetarypolicy/ppplf.htm.  
 
Update.  As of February 28, 2021: 
• The total outstanding amount of all advances under the PPPLF was 
$53,120,894,423. 
• The total value of the collateral pledged to secure outstanding 
advances was $53,120,894,423.  
• The amount of interest, fees, and other revenue or items of value 
received under the facility, reported on an accrual basis, was              
$169,211,792.  
 
10  12 CFR 201.4(d)(9)(ii). 

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• As described in the Board’s initial report to Congress regarding the 
PPPLF, the PPPLF includes features that are intended to mitigate 
risk to the Federal Reserve.  The Board continues to expect that the 
PPPLF will not result in losses to the Federal Reserve. 
  
Additional transaction-specific disclosures regarding the PPPLF may be 
found in the attached spreadsheet (Spreadsheet D). 
 
H. Main Street Lending Program  
 
The Board authorized a Main Street Lending Program (MSLP) to support 
lending to small and medium-sized businesses and nonprofit organizations that 
were in sound financial condition before the onset of the COVID-19 pandemic.  
The MSLP includes five facilities:  the MSNLF, MSELF, MSPLF, NONLF, and 
NOELF.  The FRBB established one SPV to manage and operate all five 
facilities.  The MSLP ceased purchasing participations in eligible loans on 
January 8, 2021. 
 
This periodic update provides aggregate information about the MSLP and 
transaction-level disclosures about the MSNLF, MSELF, MSPLF, and NONLF.  
Additional information about the MSLP can be found on the Board’s public 
website at https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm. 
 
Update.  As of February 28, 2021: 
• The total outstanding amount of the FRBB’s loans to the SPV under 
the MSLP was $16,523,632,542.11 
• The total value of the collateral pledged to secure the FRBB’s loans 
to the SPV was $30,952,741,347.12 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the MSLP, reported on an accrual basis, was 
$157,702,239.  This comprises $14,800,227 received on 
 
11  Loans were extended to the SPV by the FRBB on the basis of settled transactions. 
12  Includes the amortized cost of participations, net of allowance purchased under the MSNLF in 
the amount of $2,145,977,899; purchased under the MSELF in the amount of $1,399,725,909; 
purchased under the MSPLF in the amount of $10,532,216,945; and purchased under the 
NONLF in the amount of $32,566,556.  No participations were purchased under the NOELF.  
Also includes equity investment from the Department of the Treasury and related reinvestment 
earnings of $16,586,854,938; cash and cash equivalents of $152,274,367; and interest and other 
receivables of $103,124,733.  The total collateral value reflects the inclusion of an allowance for 
loan losses in alignment with generally accepted accounting principles.  See infra, n.13. 

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commingled investments of the MSLP, such as the equity 
investment from the Department of the Treasury, and amounts 
received of $24,318,184 under the MSNLF; $15,493,391 under the 
MSELF; $102,775,498 under the MSPLF; and $314,939 under the 
NONLF related to separately identifiable assets and accounts of the 
facilities. 
• The total amount of interest, fees, and other revenue or items of 
value received by the FRBB, reported on an accrual basis, was 
$4,399,200. 
• As described in the Board’s initial reports to Congress regarding the 
MSNLF, MSELF, MSPLF, NONLF, and NOELF, the MSLP 
includes features that are intended to mitigate risk to the Federal 
Reserve.  The Board continues to expect that the MSLP will not 
result in losses to the Federal Reserve.13 
 
Additional transaction-specific disclosures regarding the MSLP may be 
found in the attached spreadsheet (Spreadsheet E).14 
 
13  The evaluation of loan participations purchased by the MSLP resulted in the SPV recording a 
loan loss allowance in the amount of $2.4 billion as of December 31, 2020, which was recorded 
in February 2021.  The allowance for loan losses is estimated based upon the MSLP’s holdings 
as of December 31, 2020, and does not indicate actual losses experienced by the program.  The 
estimated allowance for loan losses for the MSLP will be updated on a quarterly basis. 
14  In this report, the Board is updating the transaction-specific disclosures contained in prior 
periodic reports regarding the MSLP to correct errors in the cities and/or states of 37 borrowers.  
The attached spreadsheet (Spreadsheet E) reflects these corrections.

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