Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under

Summary

Periodic report dated September 10, 2026, in which the Board of Governors of the Federal Reserve System updates its lending facilities established under section 13(3) of the Federal Reserve Act. For the Paycheck Protection Program Liquidity Facility, it states that as of August 31, 2026 the total outstanding amount of all advances was $15,854,097, and that the facility ceased extending credit on July 30, 2021. For the Main Street Lending Program, it states that purchases of participations in eligible loans ceased on January 8, 2021 and that on August 20, 2026 the program sold the remaining loan participations through a competitive, commercial auction. It describes this as the Board's final periodic update on the Main Street Lending Program.

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“Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under.” Original at www.federalreserve.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/periodic-report-update-on-outstanding-lending-facilities-authorized-by-41e4e73480/, SHA-256 e53c70100049934e4ec1b88e9fd324f80941978ccac1a2ed301b6d8147399350.

Full text

Periodic Report: Update on Outstanding Lending Facilities
Authorized by the Board under Section 13(3) of the Federal Reserve Act
September 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 August 31, 2026:
• The total outstanding amount of all advances under the PPPLF was
$15,854,097.
• The total value of the collateral pledged to secure outstanding
advances was $15,854,097.
• The amount of interest, fees, and other revenue or items of value
received under the facility, reported on an accrual basis, was
$470,755,667.
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. The
FRBB’s advance to the SPV was repaid in full in January 2026. On August 20,
2026, the MSLP sold the remaining loan participations through a competitive,
commercial auction. Additional information about the sale is available at
https://www.bostonfed.org/supervision-and-regulation/credit/special-
facilities/main-street-lending-program.

This will be the Board’s final periodic update concerning the MSLP
because the FRBB’s advance to the SPV is no longer outstanding and the SPV no
longer holds any credit exposures.

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 August 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
Loans were extended to the SPV by the FRBB on the basis of settled transactions.
2
$894,465,358.2
• The total amount of interest, fees, and other revenue received by the
SPV with respect to the MSLP, reported on an accrual basis, was
$3,665,710,521. This comprises $832,478,430 received on
commingled investments of the MSLP, such as the equity
investment from the Department of the Treasury, and amounts
received of $417,783,669 under the MSNLF; $291,103,441 under
the MSELF; $2,121,221,420 under the MSPLF; and $3,123,561
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 MSLP did not result in losses to the Federal Reserve.3

2
Includes the principal amount outstanding of participations purchased under the MSNLF,
MSELF, MSPLF, and NONLF, each 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 $240,162,265; cash and cash equivalents of $653,564,567; and
interest and other receivables of $738,526.
3
As of August 31, 2026, the SPV has recognized approximately $2.2 billion in actual credit
losses, net of subsequent recoveries.
3

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