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Federal Reserve Paycheck Protection Program Liquidity Facility — periodic reports

Federal Reserve Ppplf — 24 court filings in the archive from Board of Governors of the Federal Reserve System, filed between April 28, 2020 and October 10, 2025.

Case facts

CourtBoard of Governors of the Federal Reserve System
Filings24 public filings
Filed2020-04-28 – 2025-10-10

Case summary

This page collects 24 periodic reports of the Board of Governors of the Federal Reserve System on lending facilities authorized under section 13(3) of the Federal Reserve Act, dated between April 28, 2020 and October 10, 2025. Section 13(3)(C) requires the Board to give the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services an initial report on each facility and periodic updates. The reports cover the Paycheck Protection Program Liquidity Facility, which the Board authorized the twelve Federal Reserve Banks to establish and operate on April 8, 2020 to provide liquidity to lenders making Small Business Administration Paycheck Protection Program loans, and which ceased extending credit on July 30, 2021, alongside the other section 13(3) facilities.

Case at a glance

PartiesBoard of Governors of the Federal Reserve System, reporting to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services
Court and docketNone. These are agency reports to Congress, not court filings
ProgramPaycheck Protection Program Liquidity Facility (PPPLF), reported alongside the Main Street and Nonprofit Organization facilities and, in the earlier reports, the corporate credit and asset-backed securities facilities
ClaimsNot applicable. The documents are statutory periodic reports under section 13(3)(C) of the Federal Reserve Act, 12 U.S.C. § 343
Disposition or statusContinuing. The facility stopped extending credit on July 30, 2021 and the Board has continued monthly reporting on outstanding advances; the most recent report on the page is dated October 10, 2025
Status checked2026-09-23 · against DOJ press releases through 2026-09-22; court docket not yet read

What is the PPPLF?

A facility the Board authorized each of the twelve Federal Reserve Banks to establish and operate on April 8, 2020, which offered a source of liquidity to financial institution lenders that lend to small businesses through the Small Business Administration's Paycheck Protection Program. It ceased extending credit on July 30, 2021.

What do the latest figures show?

The report of October 10, 2025 states that as of September 30, 2025 the total outstanding amount of all advances under the PPPLF was $80,876,407, that the total value of the collateral pledged to secure outstanding advances was $80,876,407, and that interest, fees and other revenue received under the facility, reported on an accrual basis, was $470,613,687.

Why do these reports exist?

Because section 13(3)(C) of the Federal Reserve Act requires the Board to provide the two congressional committees an initial report on each facility established under section 13(3) and periodic updates, which the Board states it provides monthly for its outstanding facilities.

Summary written from the documents on this page; every sentence is sourced.

Filings

24 public filings from this case, in filing-date order.

  1. Federal Reserve Section 13(3) Periodic Report — April 28, 2020
  2. Federal Reserve Section 13(3) Periodic Report — May 15, 2020
  3. Federal Reserve Section 13(3) Periodic Report — June 9, 2020
  4. Federal Reserve Section 13(3) Periodic Report — July 9, 2020
  5. Federal Reserve Section 13(3) Periodic Report — September 7, 2020
  6. Federal Reserve Section 13(3) Periodic Report — October 7, 2020
  7. Federal Reserve Section 13(3) Periodic Report — November 6, 2020
  8. Federal Reserve Section 13(3) Periodic Report — November 23, 2020
  9. Federal Reserve Section 13(3) Periodic Report — December 10, 2020
  10. Federal Reserve Section 13(3) Periodic Report — January 9, 2021
  11. Federal Reserve Section 13(3) Periodic Report — April 9, 2021
  12. Federal Reserve Section 13(3) Periodic Report — May 9, 2021
  13. Federal Reserve Section 13(3) Periodic Report — July 12, 2021
  14. Federal Reserve Section 13(3) Periodic Report — November 10, 2021
  15. Federal Reserve Section 13(3) Periodic Report — December 10, 2021
  16. Federal Reserve Section 13(3) Periodic Report — January 10, 2022
  17. Federal Reserve Section 13(3) Periodic Report — April 11, 2022
  18. Federal Reserve Section 13(3) Periodic Report — July 11, 2022
  19. Federal Reserve Section 13(3) Periodic Report — January 10, 2023
  20. Federal Reserve Section 13(3) Periodic Report — April 10, 2023
  21. Federal Reserve Section 13(3) Periodic Report — July 10, 2023
  22. Federal Reserve Section 13(3) Periodic Report — April 10, 2024
  23. Federal Reserve Section 13(3) Periodic Report — October 10, 2024
  24. Federal Reserve Section 13(3) Periodic Report — October 10, 2025

Court, dates and docket numbers are as recorded on the filings.

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