Federal Reserve Board, "Paycheck Protection Program Liquidity Facility (PPPLF)," Policy Tools page (captured Sept. 18, 2026)

Summary

A Policy Tools page of the Federal Reserve Board on the Paycheck Protection Program Liquidity Facility (PPPLF), showing a last update of September 11, 2026. It says the Federal Reserve is supplying liquidity to participating financial institutions through term financing backed by PPP loans, taking the loans as collateral at face value. The page links a Term Sheet dated June 25, 2021, FAQs, and monthly Periodic Reports and PPPLF Transaction-specific Disclosures from January 13, 2026 to September 11, 2026. Related press releases include the June 25, 2021 announcement of a final extension to July 30, 2021 and the March 8, 2021 extension to June 30, 2021.

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Policy Tools

Paycheck Protection Program Liquidity Facility (PPPLF)
To bolster the effectiveness of the Small Business Administration's Paycheck Protection
Program (PPP), the Federal Reserve is supplying liquidity to participating financial institutions
through term financing backed by PPP loans to small businesses. The PPP provides loans to
small businesses so that they can keep their workers on the payroll. The Paycheck Protection
Program Liquidity Facility (PPPLF) will extend credit to eligible financial institutions that originate
PPP loans, taking the loans as collateral at face value.

      Term Sheet (June 25, 2021) (PDF)
      FAQs
      For additional information visit: https://www.frbdiscountwindow.org

Reports to Congress
      Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under
      Section 13(3) of the Federal Reserve Act (PDF) (September 11, 2026)
           PPPLF Transaction-specific Disclosures (XLSX) (September 11, 2026)
      Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under
      Section 13(3) of the Federal Reserve Act (PDF) (August 11, 2026)
           PPPLF Transaction-specific Disclosures (XLSX) (August 11, 2026)
      Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under
      Section 13(3) of the Federal Reserve Act (PDF) (July 13, 2026)*
           PPPLF Transaction-specific Disclosures (XLSX) (July 13, 2026)
      Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under
      Section 13(3) of the Federal Reserve Act (PDF) (June 11, 2026)
           PPPLF Transaction-specific Disclosures (XLSX) (June 11, 2026)
      Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under
      Section 13(3) of the Federal Reserve Act (PDF) (May 12, 2026)
           PPPLF Transaction-specific Disclosures (XLSX) (May 12, 2026)
      Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under
      Section 13(3) of the Federal Reserve Act (PDF) (April 13, 2026)
           PPPLF Transaction-specific Disclosures (XLSX) (April 13, 2026)
      Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under
      Section 13(3) of the Federal Reserve Act (PDF) (March 11, 2026)
           PPPLF Transaction-specific Disclosures (XLSX) (March 11, 2026)
      Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under
      Section 13(3) of the Federal Reserve Act (PDF) (February 11, 2026)
          PPPLF Transaction-specific Disclosures (XLSX) (February 11, 2026)
     Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under
     Section 13(3) of the Federal Reserve Act (PDF) (January 13, 2026)
          PPPLF Transaction-specific Disclosures (XLSX) (January 13, 2026)
*Note: On July 16, 2026, the PDF was replaced with the July Periodic Report, replacing the
transmittal letters to Congress that were previously posted in error.

Archive:
2025 Reports

2024 Reports

2023 Reports

2022 Reports
2021 Reports

2020 Reports

Related Press Releases
     Federal Reserve Board announces it will extend for a final time its Paycheck Protection
     Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021
     (June 25, 2021)
     Federal Reserve Board announces it will extend its Paycheck Protection Program Liquidity
     Facility, or PPPLF, by three months to June 30, 2021
     (March 8, 2021)
     Federal Reserve Board announces extension through March 31, 2021, for several of its
     lending facilities that were generally scheduled to expire on or around December 31
     (November 30, 2020)
     Federal Reserve Board announces an extension through December 31 of its lending
     facilities that were scheduled to expire on or around September 30 (July 28, 2020)
     Federal Reserve publishes updates to the term sheet for the Term Asset-Backed
     Securities Loan Facility (TALF) and announces information to be disclosed monthly for the
     TALF and the Paycheck Protection Program Liquidity Facility (May 12, 2020)
     Federal bank regulatory agencies modify liquidity coverage ratio for banks participating in
     Money Market Mutual Fund Liquidity Facility and Paycheck Protection Program Liquidity
     Facility (May 5, 2020)
     Federal Reserve expands access to its Paycheck Protection Program Liquidity Facility
     (PPPLF) to additional lenders, and expands the collateral that can be pledged (April 30,
     2020)
     Federal Reserve announces its Paycheck Protection Program Liquidity Facility is fully
     operational and available to provide liquidity to eligible financial institutions (April 16, 2020)
     Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support
     the economy (April 9, 2020)
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Last Update: September 11, 2026


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