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Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (February 10, 2026)

Summary

A periodic report of the Board of Governors of the Federal Reserve System, dated February 10, 2026, updating the Senate Banking Committee and the House Financial Services Committee on outstanding lending facilities established under section 13(3) of the Federal Reserve Act. It reports that as of January 31, 2026 the total outstanding amount of advances under the Paycheck Protection Program Liquidity Facility (PPPLF) was $58,331,717. It states that the Federal Reserve Bank of Boston's loans to the special purpose vehicle under the Main Street Lending Program had been repaid in full in January 2026, and that the SPV has recognized approximately $1.96 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
                            February 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 January 31, 2026:
        • The total outstanding amount of all advances under the PPPLF was
           $58,331,717.
        • The total value of the collateral pledged to secure outstanding
           advances was $58,331,717.
        • The amount of interest, fees, and other revenue or items of value
           received under the facility, reported on an accrual basis, was
           $470,692,108.
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           • 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.

      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 January 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
            $1,322,110,849.2
         • The total amount of interest, fees, and other revenue received by the
            SPV with respect to the MSLP, reported on an accrual basis, was
            $3,640,576,877. This comprises $826,312,769 received on
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 $50,789,065; purchased under the MSELF in the amount of
$33,702,016; purchased under the MSPLF in the amount of $264,629,015; and purchased under
the NONLF 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 $641,420,741; cash and cash equivalents of $313,985,028; and interest and other
receivables of $17,584,984. The total collateral value reflects the inclusion of an allowance for
credit losses in alignment with generally accepted accounting principles. See infra, n.3.
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            commingled investments of the MSLP, such as the equity
            investment from the Department of the Treasury, and amounts
            received of $415,764,749 under the MSNLF; $289,261,338 under
            the MSELF; $2,106,128,116 under the MSPLF; and $3,109,905
            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 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 $815 million as of December 31, 2025; the adjustment was
recorded in January 2026. The allowance for credit losses is estimated based upon the MSLP’s
holdings as of December 31, 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 January 31, 2026, the SPV has recognized approximately $1.96 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.
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