15 USC 9063 - Termination of authority

U.S Code last checked for updates: Nov 22, 2024

§ 9063.

Termination of authority

(a)

In general

(b)

Outstanding

(1)

In general

Except as provided in paragraph (2), any loan or loan guarantee made under paragraph (1), (2), or (3) of section 9042(b) of this title outstanding on the date described in subsection (a)—

(A)

may be modified, restructured, or otherwise amended; and

(B)

may not be forgiven.

(2)

Duration

(c)

Federal Reserve programs or facilities

(1)

In general

(2)

No modification

After December 31, 2020, the Board of Governors of the Federal Reserve System and the Federal Reserve banks—

(A)

shall not modify the terms and conditions of any program or facility established under section 343(3) of title 12 in which the Secretary made a loan, loan guarantee, or other investment pursuant to section 9042(b)(4) of this title, including by authorizing transfer of such funds to a new program or facility established under section 343(3) of title 12; and

(B)

may modify or restructure a loan, obligation, asset, security, other interest, or extension of credit made or purchased through any such program or facility provided that—

(i)

the loan, obligation, asset, security, other interest, or extension of credit is an eligible asset or for an eligible business, including an eligible nonprofit organization, each as defined by such program or facility; and

(ii)

the modification or restructuring relates to an eligible asset or single and specific eligible business, including an eligible nonprofit organization, each as defined by such program or facility; and

(iii)

the modification or restructuring is necessary to minimize costs to taxpayers that could arise from a default on the loan, obligation, asset, security, other interest, or extension of credit.

(3)

Use of funds

(A)

In general

(B)

Exception

(Pub. L. 116–136, div. A, title IV, § 4029, Mar. 27, 2020, 134 Stat. 497; Pub. L. 116–260, div. N, title X, § 1005, Dec. 27, 2020, 134 Stat. 2146.)

cite as: 15 USC 9063