Federal Reserve Section 13(3) Periodic Report — July 11, 2022

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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 11, 2022 
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 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. Term Asset-Backed Securities Loan Facility
On March 22, 2020, the Board authorized the Federal Reserve Bank of 
New York (FRBNY) to establish and operate the TALF.  Under the TALF, the 
FRBNY lent to a special purpose vehicle (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 June 30, 2022: 
•
The total outstanding amount of the FRBNY’s loans to the SPV

 
 
 
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under the TALF was $1,151,728,235.1 
• The total outstanding amount of loans made by the SPV to eligible 
borrowers was $1,126,099,775. 
• The total value of the collateral pledged to secure the FRBNY’s 
loans to the SPV was $2,352,562,977.2 
• The total value of the collateral pledged to secure the SPV’s loans to 
eligible borrowers was $1,261,086,879.3 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the TALF, reported on an accrual basis, was 
$54,658,883. 
• The total amount of interest, fees, and other revenue or items of 
value received by the FRBNY, reported on an accrual basis, was 
$6,955,123. 
• 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 A).4 
 
B. 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.  
 
 
1  Loans were extended to the SPV by the FRBNY on the loan closing date. 
2  Includes $1.2 billion equity investment from the Department of the Treasury and interest 
earned thereon. 
3  Reflects the estimated market value of the collateral, based on information from third-party 
vendors. 
4  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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Update.  As of June 30, 2022: 
• The total outstanding amount of the FRBNY’s loans to the SPV was 
$2,907,280,000.5 
• The total outstanding amount of the notes held by the SPV was 
$2,907,280,000. 
• The total value of the collateral pledged to secure the FRBNY’s 
loans to the SPV was $5,977,439,618.6 
• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the MLF, reported on an accrual basis, was 
$181,666,014. 
• The total amount of interest, fees, and other revenue or items of 
value received by the FRBNY, reported on an accrual basis, was 
$7,793,754. 
• 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 B). 
 
C. 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, 2022: 
• The total outstanding amount of all advances under the PPPLF was 
$17,905,882,736. 
• The total value of the collateral pledged to secure outstanding 
 
5  Loans were extended to the SPV by the FRBNY on the basis of settled note purchase 
transactions. 
6  Includes $2.9 billion equity investment from the Department of the Treasury and interest 
earned thereon. 

 
 
 
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advances was $17,905,882,736.  
• The amount of interest, fees, and other revenue or items of value 
received under the facility, reported on an accrual basis, was 
$406,028,607.  
• 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 C). 
 
D. 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 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, 2022: 
• The total outstanding amount of the FRBB’s loans to the SPV under 
the MSLP was $13,591,457,124.7 
• The total value of the collateral pledged to secure the FRBB’s loans 
to the SPV was $26,390,228,501.8 
 
7  Loans were extended to the SPV by the FRBB on the basis of settled transactions. 
8  Includes the principal amount outstanding of participations, net of allowance, purchased under 
the MSNLF in the amount of $1,684,365,342; purchased under the MSELF in the amount of 
$1,249,213,505; purchased under the MSPLF in the amount of $9,031,831,970; and purchased 
under the NONLF in the amount of $15,813,812.  No participations were purchased under the 
NOELF.  Also includes equity investment from the Department of the Treasury and related 
reinvestment earnings of $13,940,426,237; cash and cash equivalents of $420,730,049; and 
interest and other receivables of $47,847,586.  The total collateral value reflects the inclusion of 
 

 
 
 
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• The total amount of interest, fees, and other revenue received by the 
SPV with respect to the MSLP, reported on an accrual basis, was 
$839,044,017.  This comprises $49,494,675 received on 
commingled investments of the MSLP, such as the equity 
investment from the Department of the Treasury, and amounts 
received of $119,821,253 under the MSNLF; $81,161,595 under the 
MSELF; $586,887,375 under the MSPLF; and $1,679,119 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 
$25,076,662. 
• 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.9 
 
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. 
 
an allowance for loan losses in alignment with generally accepted accounting principles.  See 
infra, n.9. 
9  The evaluation of loan participations purchased by the MSLP resulted in the SPV updating the 
loan loss allowance to an amount of $1.9 billion as of March 31, 2022; the adjustment was 
recorded in April 2022.  The allowance for loan losses is estimated based upon the MSLP’s 
holdings as of March 31, 2022, 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 June 30, 2022, the SPV has recognized approximately $32 million in actual loan 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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