Periodic Report: Update on Outstanding Lending Facilities — July 10, 2025

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Summary

A periodic report dated July 10, 2025 from the Board of Governors of the Federal Reserve System to the Senate Banking and House Financial Services committees under section 13(3)(C) of the Federal Reserve Act, updating lending facilities authorized under 12 U.S.C. § 343. It reports that as of June 30, 2025 outstanding advances under the Paycheck Protection Program Liquidity Facility totaled $1,449,701,011, with the same collateral value, and accrued revenue of $469,493,749. For the Main Street Lending Program, it reports $2,266,104,495 in Federal Reserve Bank of Boston loans to the special purpose vehicle, collateral of $5,182,934,299 and SPV revenue of $3,502,904,530. Footnotes give a credit loss allowance of $981 million as of March 31, 2025 and approximately $1.76 billion in actual credit losses. The Board expects neither program to cause losses to the Federal Reserve.

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Periodic Report: Update on Outstanding Lending Facilities  
Authorized by the Board under Section 13(3) of the Federal Reserve Act 
July 10, 2025 
 
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 an initial report 
and periodic updates regarding each facility established under section 13(3).  This 
report provides the next periodic update on 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. 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 June 30, 2025: 
• The total outstanding amount of all advances under the PPPLF was 
$1,449,701,011. 
• The total value of the collateral pledged to secure outstanding 
advances was $1,449,701,011. 
• The amount of interest, fees, and other revenue or items of value 
received under the facility, reported on an accrual basis, was 
$469,493,749.  

 
 
 
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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 A). 
 
B. 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 Federal Reserve Bank of Boston (FRBB) established one special 
purpose vehicle (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 June 30, 2025: 
• The total outstanding amount of the FRBB’s loans to the SPV under 
the MSLP was $2,266,104,495.1 
• The total value of the collateral pledged to secure the FRBB’s loans 
to the SPV was $5,182,934,299.2 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the MSLP, reported on an accrual basis, was 
$3,502,904,530.  This comprises $800,485,829 received on 
 
1  Loans were extended to the SPV by the FRBB on the basis of settled transactions. 
2  Includes the principal amount outstanding of participations, net of allowance, purchased under 
the MSNLF in the amount of $439,727,359; purchased under the MSELF in the amount of 
$252,900,206; purchased under the MSPLF in the amount of $1,587,233,922; and purchased 
under the NONLF in the amount of $508,023.  No participations were purchased under the 
NOELF.  Also includes equity investment from the Department of the Treasury and related 
reinvestment earnings of $2,421,759,435; cash and cash equivalents of $449,011,874; and 
interest and other receivables of $31,793,480.  The total collateral value reflects the inclusion of 
an allowance for credit losses in alignment with generally accepted accounting principles.  See 
infra, n.3. 

 
 
 
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commingled investments of the MSLP, such as the equity 
investment from the Department of the Treasury, and amounts 
received of $396,507,779 under the MSNLF; $277,854,681 under 
the MSELF; $2,024,979,108 under the MSPLF; and $3,077,133 
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 
$47,552,820. 
• 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.3 
 
 
 
3  The evaluation of loan participations purchased by the MSLP resulted in the SPV updating the 
credit loss allowance to an amount of $981 million as of March 31, 2025; the adjustment was 
recorded in April 2025.  The allowance for credit losses is estimated based upon the MSLP’s 
holdings as of March 31, 2025, and does not indicate actual losses experienced by the program.  
The estimated allowance for credit losses for the MSLP will be updated on a quarterly basis.  As 
of June 30, 2025, the SPV has recognized approximately $1.76 billion in actual credit losses, net 
of subsequent recoveries.  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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