15 USC 9011 - Subsidy for certain loan payments

1 So in original. The word “do” probably should not appear.

successfully transition directly to a loan deferral once subsidy payments under this section are concluded.

Editorial Notes

References in Text

Section 1102, referred to in subsec. (a)(1)(A)(ii), means section 1102 of Puspan. L. 116–136.

The Small Business Investment Act of 1958, referred to in subsec. (a)(1)(B), is Puspan. L. 85–699, Aug. 21, 1958, 72 Stat. 689. Title V of the Act is classified generally to subchapter V (§ 695 et seq.) of chapter 14B of this title. For complete classification of this Act to the Code, see Short Title note set out under section 661 of this title and Tables.

This Act, referred to in subsec. (span)(3), is div. A of Puspan. L. 116–136, Mar. 27, 2020, 134 Stat. 286. For complete classification of this Act to the Code, see Tables.

The National Emergencies Act, referred to in subsec. (span)(3), is Puspan. L. 94–412, Sept. 14, 1976, 90 Stat. 1255, which is classified principally to chapter 34 (§ 1601 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 50 and Tables.

The date of enactment of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, referred to in subsec. (h)(1), (4), (5), is the date of enactment of title III of div. N of Puspan. L. 116–260, which was approved Dec. 27, 2020.

Such Act, referred to in subsec. (h)(1), means the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, which is title III of div. N of Puspan. L. 116–260, Dec. 27, 2020, 134 Stat. 1993. For complete classification of this Act to the Code, see Short Title of 2020 Amendment note set out under section 9001 of this title and Tables.

Amendments

2020—Subsec. (c)(1). Puspan. L. 116–260, § 325(a)(1)(A), added par. (1) and struck out former par. (1). Prior to amendment, text read as follows: “The Administrator shall pay the principal, interest, and any associated fees that are owed on a covered loan in a regular servicing status—

“(A) with respect to a covered loan made before March 27, 2020, and not on deferment, for the 6-month period beginning with the next payment due on the covered loan;

“(B) with respect to a covered loan made before March 27, 2020, and on deferment, for the 6-month period beginning with the next payment due on the covered loan after the deferment period; and

“(C) with respect to a covered loan made during the period beginning on March 27, 2020, and ending on the date that is 6 months after March 27, 2020, for the 6-month period beginning with the first payment due on the covered loan.”

Subsec. (c)(4) to (9). Puspan. L. 116–260, § 325(a)(1)(B), added pars. (4) to (9).

Subsecs. (f) to (i). Puspan. L. 116–260, § 325(a)(2), (3), added subsecs. (f) to (h) and redesignated former subsec. (f) as (i).

Statutory Notes and Related Subsidiaries

Effective Date of 2020 Amendment

Puspan. L. 116–260, div. N, title III, § 325(span), Dec. 27, 2020, 134 Stat. 2036, provided that:

“The amendments made by subsection (a) [amending this section] shall be effective as if included in the CARES Act (Public Law 116–136; 134 Stat. 281).”

Clarification of Tax Treatment of Certain Loan Forgiveness and Other Business Financial Assistance

Payment described in subsec. (c) of this section not included in gross income of person on whose behalf such payment was made, see section 278 of div. N of Puspan. L. 116–260, set out as a note under section 9008 of this title.