Businesses with up to 15,000 employees or up to $5 billion in annual revenue could participate. In June 2020, the Fed lowered the minimum loan size for New Loans and Priority Loans, increased the maximum for all facilities, and extended the repayment period. As with other facilities, the Fed invoked Section 13(3) and received permission from the U.S. Treasury, which through the CARES Act put $75 billion into the three Main Street Programs to cover losses. Borrowers are subject to restrictions on stock buybacks, dividends, and executive compensation. (See here for additional operational details.) Secretary Mnuchin, again over the Fed's objections, decided that the Main Street facility would stop taking loan submissions on December 14, 2020, as it was set to make its final purchases by January 8, 2021. The Fed also established a Paycheck Protection Program Liquidity Facility that facilitated loans made under the PPP. Banks lending to small businesses could borrow from the facility using PPP loans as collateral. The PPP Liquidity Facility closed on July 30, 2021. According to a December 2023 Government Accountability Office report: Of the 1,830 loans made through the Main Street Lending Program, 1,175 (or 64%) remained outstanding as of the end of August 2023, the most recent data available at the time of the report. These loans total $11.3 billion