https://www.law.cornell.edu/uscode/text/17/117"(a)Making of Additional Copy or Adaptation by Owner of Copy.—Notwithstanding the provisions of section 106, it is not an infringement for the owner of a copy of a computer program to make or authorize the making of another copy or adaptation of that computer program provided:
(1) that such a new copy or adaptation is created as an essential step in the utilization of the computer program in conjunction with a machine and that it is used in no other manner, or
(2) that such new copy or adaptation is for archival purposes only and that all archival copies are destroyed in the event that continued possession of the computer program should cease to be rightful."
Where does it say that the copy must come from your original? If two people own the program, one may make a copy of his/her original for the other because the others original may have been destroyed. Remember, this law was written in the days of cds, records, etc.
It is clear that you can lend an original copy but not an archival copy. If you lend the original copy, you physically cannot be using it(needless to say, you cannot legally use your archival copy while you are lending you original copy).