Periodic Report: Update on Outstanding Lending Facilities — October 12, 2021

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A periodic report dated October 12, 2021 from the Board of Governors of the Federal Reserve System to the Senate Banking and House Financial Services Committees under section 13(3) of the Federal Reserve Act (12 U.S.C. § 343) on its outstanding lending facilities. It gives figures as of September 30, 2021 for the corporate credit facilities, the TALF, the Municipal Liquidity Facility, the Paycheck Protection Program Liquidity Facility and the Main Street Lending Program. For the PPPLF it reports outstanding advances of $59,118,908,060 and revenue of $323,270,236, and states that the facility ceased extending credit on July 30, 2021. The report states it is the final periodic update on the corporate credit facilities and corrects a counterparty error in an August 10, 2021 SMCCF disclosure. It references attached Spreadsheets A through D.

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Periodic Report: Update on Outstanding Lending Facilities 
Authorized by the Board under Section 13(3) of the Federal Reserve Act 
October 12, 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 and periodic updates regarding each facility 
established under section 13(3). This report provides the next periodic update on 
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 updates concerning its outstanding facilities on a monthly basis, in 
accordance with section 13(3) of the Federal Reserve Act. 
A. 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 Federal Reserve Bank of New York (FRBNY) established one 
special purpose vehicle (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. This will be the Board’s final periodic 
update concerning the CCFs, because the FRBNY’s loans under the CCFs (all of 
which had been extended under the SMCCF) are no longer outstanding. 
Additional information about the CCFs can be found on the Board’s public 
website at https://www.federalreserve.gov/monetarypolicy/pmccf.htm and 
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https://www.federalreserve.gov/monetarypolicy/smccf.htm. 
Update. As of August 31, 2021, all of the SMCCF’s holdings of corporate 
bonds and exchange traded funds (ETFs) had either matured or been sold. This 
report reflects the final set of sales made on August 31, 2021, that settled on 
September 2, 2021. 
As of September 30, 2021: 
• The total outstanding amount of the FRBNY’s loans under the CCFs 
was $0.1 
• Following the disposition of SMCCF corporate bond and ETF 
holdings and repayment of all loans, the FRBNY has released its lien 
on the assets of the SPV.2 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the CCFs, reported on an accrual basis, was 
$558,243,930. 
• 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 $16,568,615. 
• As described in the Board’s initial report to Congress regarding the 
CCFs, the CCFs included features that were intended to mitigate 
risk to the Federal Reserve. The CCFs did 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. 
Correction. The Board is correcting an error in the transaction-specific 
disclosure for the SMCCF dated August 10, 2021, as of July 31, 2021, in which a 
1  Loans were extended to the SPV by the FRBNY on the basis of settled securities purchase 
transactions. The remaining outstanding FRBNY loans to the SPV, totaling $4,803,055,914, 
were fully repaid on September 13, 2021.  The lien on collateral pledged to secure the FRBNY’s 
loans to the SPV was released, and the credit and security agreements were updated to reflect the 
release. 
2  On September 24, 2021, in connection with the wind-up of CCF operations, the FRBNY 
caused the SPV to distribute to the Department of the Treasury the preferred equity account 
balance of $13,898,155,655, representing the value of the SPV’s associated investment in non-
marketable Treasury securities (and interest thereon) and cash. 
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bond sale transaction with Mischler Financial Group, Inc. (Mischler) as 
counterparty was mistakenly reported as a transaction with BofA Securities, Inc. 
(BofA) as counterparty.  As a result, one trade in the amount of $3,980,329 was 
understated for Mischler and overstated for BofA, respectively. An updated 
August 10, 2021, transaction-level disclosure for the SMCCF will be posted to 
the Board’s website on October 13, 2021, to correct this error. 
B. 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 
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 September 30, 2021: 
• The total outstanding amount of the FRBNY’s loans to the SPV 
under the TALF was $1,461,547,528.3 
• The total outstanding amount of loans made by the SPV to eligible 
borrowers was $1,456,265,596. 
• The total value of the collateral pledged to secure the FRBNY’s 
loans to the SPV was $5,043,594,161.4 
• The total value of the collateral pledged to secure the SPV’s loans to 
eligible borrowers was $1,702,282,392.5 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the TALF, reported on an accrual basis, was 
$39,209,853. 
• The total amount of interest, fees, and other revenue or items of 
3  Loans were extended to the SPV by the FRBNY on the loan closing date. 
4 Includes $3.5 billion equity investment from the Department of the Treasury and interest 
earned thereon. 
5 Reflects the estimated market value of the collateral, based on information from third-party 
vendors. 
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value received by the FRBNY, reported on an accrual basis, was 
$3,264,170. 
• 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).6 
C. 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 September 30, 2021: 
• The total outstanding amount of the FRBNY’s loans to the SPV was 
$4,373,255,000.7 
• The total outstanding amount of the notes held by the SPV was 
$4,373,255,000. 
• The total value of the collateral pledged to secure the FRBNY’s 
loans to the SPV was $10,776,990,466.8 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the MLF, reported on an accrual basis, was 
$129,589,126. 
• The total amount of interest, fees, and other revenue or items of 
value received by the FRBNY, reported on an accrual basis, was 
6 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. 
7 Loans were extended to the SPV by the FRBNY on the basis of settled note purchase 
transactions. 
8 Includes $6.3 billion equity investment from the Department of the Treasury and interest 
earned thereon. 
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$5,105,712. 
• 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). 
D. 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 offered a source of 
liquidity to financial institution lenders that lend to small businesses through the 
Small Business Administration’s Paycheck Protection Program. The PPPLF 
ceased extending credit on July 30, 2021.  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 September 30, 2021: 
• The total outstanding amount of all advances under the PPPLF was 
$59,118,908,060. 
• The total value of the collateral pledged to secure outstanding 
advances was $59,118,908,060. 
• The amount of interest, fees, and other revenue or items of value 
received under the facility, reported on an accrual basis, was 
$323,270,236. 
• 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). 
E. 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 
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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 Federal Reserve Bank of Boston (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. 
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 September 30, 2021: 
• The total outstanding amount of the FRBB’s loans to the SPV under 
the MSLP was $15,920,451,767.9 
• The total value of the collateral pledged to secure the FRBB’s loans 
to the SPV was $30,451,314,494.10 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the MSLP, reported on an accrual basis, was 
$444,108,755.  This comprises $16,187,916 received on 
commingled investments of the MSLP, such as the equity 
investment from the Department of the Treasury, and amounts 
received of $66,774,068 under the MSNLF; $43,618,137 under the 
MSELF; $316,528,147 under the MSPLF; and $1,000,487 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 
$13,928,816. 
• 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 
9  Loans were extended to the SPV by the FRBB on the basis of settled transactions. 
10  Includes the amortized cost of participations, net of allowance purchased under the MSNLF in 
the amount of $1,881,973,901; purchased under the MSELF in the amount of $1,341,165,356; 
purchased under the MSPLF in the amount of $10,135,144,164; and purchased under the 
NONLF in the amount of $28,661,310.  No participations were purchased under the NOELF.  
Also includes equity investment from the Department of the Treasury and related reinvestment 
earnings of $16,585,741,118; cash and cash equivalents of $276,147,605; and interest and other 
receivables of $202,481,040.  The total collateral value reflects the inclusion of an allowance for 
loan losses in alignment with generally accepted accounting principles.  See infra, n.11. 
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result in losses to the Federal Reserve.11 
The MSLP ceased purchasing participations on January 8, 2021; therefore, 
the Board will not provide additional transaction-specific disclosures about the 
MSLP on a periodic basis going forward. 
11  The evaluation of loan participations purchased by the MSLP resulted in the SPV recording a 
loan loss allowance in the amount of $2.5 billion as of June 30, 2021, which was recorded in July 
2021. The allowance for loan losses is estimated based upon the MSLP’s holdings as of June 30, 
2021, 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.  As of September 30, 2021, the 
SPV has recognized approximately $12 million in actual loan losses.  The amount of actual 
losses for the MSLP will be updated in future periodic reports for any losses recognized in the 
respective report period. 
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