Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (January 12, 2026)

Summary

A periodic report of the Board of Governors of the Federal Reserve System, dated January 12, 2026, updating Congress on outstanding lending facilities established under section 13(3) of the Federal Reserve Act (12 U.S.C. § 343). It explains that section 13(3)(C) requires the Board to report to the Senate Banking Committee and the House Financial Services Committee on each facility. It reports that as of December 31, 2025 the total outstanding amount of advances under the Paycheck Protection Program Liquidity Facility (PPPLF) was $63,090,024, and the Federal Reserve Bank of Boston's loans to the special purpose vehicle under the Main Street Lending Program totaled $43,860,550. It states that the SPV has recognized approximately $1.97 billion in actual credit losses, net of recoveries.

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Periodic Report: Update on Outstanding Lending Facilities
Authorized by the Board under Section 13(3) of the Federal Reserve Act
January 12, 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 December 31, 2025:
• The total outstanding amount of all advances under the PPPLF was
$63,090,024.
• The total value of the collateral pledged to secure outstanding
advances was $63,090,024.
• The amount of interest, fees, and other revenue or items of value
received under the facility, reported on an accrual basis, was
$470,673,975.
1
• 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 December 31, 2025:
• The total outstanding amount of the FRBB’s loans to the SPV under
the MSLP was $43,860,550.1
• The total value of the collateral pledged to secure the FRBB’s loans
to the SPV was $1,613,039,976.2
• The total amount of interest, fees, and other revenue received by the
SPV with respect to the MSLP, reported on an accrual basis, was
$3,633,760,245. This comprises $825,059,362 received on
commingled investments of the MSLP, such as the equity
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 $93,358,416; purchased under the MSELF in the amount of
$167,326,948; purchased under the MSPLF in the amount of $454,635,625; and purchased under
the NONLF in the amount of $37,063. No participations were purchased under the NOELF.
Also includes equity investment from the Department of the Treasury and related reinvestment
earnings of $639,994,813; cash and cash equivalents of $234,359,833; and interest and other
receivables of $23,327,278. The total collateral value reflects the inclusion of an allowance for
credit losses in alignment with generally accepted accounting principles. See infra, n.3.
2
investment from the Department of the Treasury, and amounts
received of $414,886,343 under the MSNLF; $288,210,512 under
the MSELF; $2,102,496,019 under the MSPLF; and $3,108,009
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
$48,197,956.
• 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 $696 million as of September 30, 2025; the adjustment was
recorded in October 2025. The allowance for credit losses is estimated based upon the MSLP’s
holdings as of September 30, 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 December 31, 2025, the SPV has recognized approximately $1.97 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.
3

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