Update on the Paycheck Protection Program Liquidity Facility (Federal Reserve Board)

Summary

• The Federal Reserve Board provided a periodic report update on the Paycheck Protection Program Liquidity Facility on October 13, 2026.p.1
• The PPPLF was authorized on April 8, 2020, to supply liquidity to financial institutions lending to small businesses.p.1
• The PPPLF ceased extending credit on July 30, 2021.p.1
• As of September 30, 2026, the total outstanding amount of all advances under the PPPLF was $7,424,347.p.1
• The total value of collateral pledged to secure outstanding advances was $7,424,347 as of September 30, 2026.p.1
• Cumulative interest, fees, and other revenue received under the facility on an accrual basis totaled $470,760,009 as of September 30, 2026.p.1
• The Board continues to project that the PPPLF will not result in any losses to the Federal Reserve.p.1

Key insights

1. On April 8, 2020, the Board authorized all 12 Federal Reserve Banks to establish and operate the PPPLF.p.1
2. Credit extension under the PPPLF concluded on July 30, 2021.p.1
3. Total outstanding PPPLF advances reached $7,424,347 as of September 30, 2026.p.1
4. Pledged collateral value fully equaled the outstanding advance balance of $7,424,347 as of September 30, 2026.p.1
5. Accrued interest, fees, and revenue items collected under the facility amounted to $470,760,009 by September 30, 2026.p.1
6. Built-in risk mitigation features are expected to protect the Federal Reserve from incurring losses on the PPPLF.p.1