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[ 1. Power supply's fan is turning.
2. The only load on the power supply is the motherboard.
3. Under the load of the motherboard, all power supply voltages/signals as expected. ]
So we know that the power supply is working; it is producing the required outputs under load.
That means that the motherboard is faulty. And because the voltages/signals from the power supply are as expected, we know that the nature of the motherboard fault is not a short-circuited component (capacitor, or other), because that would overload the power supply.
What Now?
We have eliminated the possibility of short-circuit components (capacitors, and other) on the motherboard.
Your motherboard could be faulty due to any of the many motherboard components. Click here.