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15 U.S. Code § 9011. Subsidy for certain loan payments
(a) Definition of covered loanIn this section, the term “covered loan” means a loan that is—
(1) guaranteed by the Administration under—
(A)section 636(a) of this title—
(i)
including a loan made under the Community Advantage Pilot Program of the Administration; and
(ii)
excluding a loan made under paragraph (36) of such section 636(a) of this title, as added by section 1102; or
(B)
title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 et seq.); or
(2)
made by an intermediary to a small business concern using loans or grants received under section 636(m) of this title.
(b) Sense of CongressIt is the sense of Congress that—
(1)
all borrowers are adversely affected by COVID–19;
(2)
relief payments by the Administration are appropriate for all borrowers; and
(3)
in addition to the relief provided under this Act, the Administration should encourage lenders to provide payment deferments, when appropriate, and to extend the maturity of covered loans, so as to avoid balloon payments or any requirement for increases in debt payments resulting from deferments provided by lenders during the period of the national emergency declared by the President under the National Emergencies Act (50 U.S.C. 1601 et seq.) with respect to the Coronavirus Disease 2019 (COVID–19).
(c) Principal and interest payments
(1) In generalSubject to the other provisions of this section, the Administrator shall pay the principal, interest, and any associated fees that are owed on a covered loan in a regular servicing status, without regard to the date on which the covered loan is fully disbursed, and subject to availability of funds, as follows:
(A) With respect to a covered loan made before March 27, 2020, and not on deferment, the Administrator shall make those payments as follows:
(i)
The Administrator shall make those payments for the 6-month period beginning with the next payment due on the covered loan.
(ii) In addition to the payments under clause (i)—
(I) with respect to a covered loan other than a covered loan described in paragraph (1)(A)(i) or (2) of subsection (a), the Administrator shall make those payments for—
(aa)
the 3-month period beginning with the first payment due on the covered loan on or after February 1, 2021; and
(bb)
an additional 5-month period immediately following the end of the 3-month period provided under item (aa) if the covered loan is made to a borrower that, according to records of the Administration, is assigned a North American Industry Classification System code beginning with 61, 71, 72, 213, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812; and
(II)
with respect to a covered loan described in paragraph (1)(A)(i) or (2) of subsection (a), the Administrator shall make those payments for the 8-month period beginning with the first payment due on the covered loan on or after February 1, 2021.
(B) With respect to a covered loan made before March 27, 2020, and on deferment, the Administrator shall make those payments as follows:
(i)
The Administrator shall make those payments for the 6-month period beginning with the next payment due on the covered loan after the deferment period.
(ii) In addition to the payments under clause (i)—
(I) with respect to a covered loan other than a covered loan described in paragraph (1)(A)(i) or (2) of subsection (a), the Administrator shall make those payments for—
(aa) the 3-month period (beginning on or after February 1, 2021) beginning with the later of—
(AA)
the next payment due on the covered loan after the deferment period; or
(BB)
the first month after the Administrator has completed the payments under clause (i); and
(bb)
an additional 5-month period immediately following the end of the 3-month period provided under item (aa) if the covered loan is made to a borrower that, according to records of the Administration, is assigned a North American Industry Classification System code beginning with 61, 71, 72, 213, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812; and
(II) with respect to a loan described in paragraph (1)(A)(i) or (2) of subsection (a), the 8-month period (beginning on or after February 1, 2021) beginning with the later of—
(aa)
the next payment due on the covered loan after the deferment period; or
(bb)
the first month after the payments under clause (i) are complete.
(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.
(D)
With respect to a covered loan approved during the period beginning on February 1, 2021, and ending on September 30, 2021, for the 6-month period beginning with the first payment due on the covered loan.