Periodic Report: Update on Outstanding Lending Facilities — February 10, 2026

Record facts

Summary

A periodic report dated February 10, 2026 from the Board of Governors of the Federal Reserve System to Senate and House banking committees on lending facilities authorized under section 13(3) of the Federal Reserve Act (12 U.S.C. § 343). For the Paycheck Protection Program Liquidity Facility, it reports that as of January 31, 2026 outstanding advances were $58,331,717, matched by pledged collateral, and revenue received was $470,692,108. For the Main Street Lending Program's five facilities, it reports no outstanding loans from the Federal Reserve Bank of Boston to the SPV, eligible collateral of $1,322,110,849 and SPV revenue of $3,640,576,877. Footnotes report a credit loss allowance of $815 million as of December 31, 2025 and approximately $1.96 billion in actual credit losses, net of recoveries. The Board states it 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 
February 10, 2026 
 
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 January 31, 2026: 
• The total outstanding amount of all advances under the PPPLF was 
$58,331,717. 
• The total value of the collateral pledged to secure outstanding 
advances was $58,331,717. 
• The amount of interest, fees, and other revenue or items of value 
received under the facility, reported on an accrual basis, was 
$470,692,108.  

2 
•
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.  The 
FRBB’s advance to the SPV was repaid in full in January 2026. 
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 January 31, 2026: 
•
The total outstanding amount of the FRBB’s loans to the SPV under
the MSLP was $0.1
•
The total value of eligible collateral held by the SPV was
$1,322,110,849.2
•
The total amount of interest, fees, and other revenue received by the
SPV with respect to the MSLP, reported on an accrual basis, was
$3,640,576,877.  This comprises $826,312,769 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 $50,789,065; purchased under the MSELF in the amount of 
$33,702,016; purchased under the MSPLF in the amount of $264,629,015; and purchased under 
the NONLF in the amount of $0.  No participations were purchased under the NOELF.  Also 
includes equity investment from the Department of the Treasury and related reinvestment 
earnings of $641,420,741; cash and cash equivalents of $313,985,028; and interest and other 
receivables of $17,584,984.  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 $415,764,749 under the MSNLF; $289,261,338 under 
the MSELF; $2,106,128,116 under the MSPLF; and $3,109,905 
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
$48,198,557.
•
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 $815 million as of December 31, 2025; the adjustment was 
recorded in January 2026.  The allowance for credit losses is estimated based upon the MSLP’s 
holdings as of December 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 January 31, 2026, the SPV has recognized approximately $1.96 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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