Termination of authority

Source Credit

(a) In general
Except as provided in subsection (b), on December 31, 2020, the authority provided under this part to make loans, loan guarantees, or other investments shall terminate.
(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
The duration of any loan or loan guarantee made under section 9042(b)(1) of this title that is modified, restructured, or otherwise amended under paragraph (1) shall not be extended beyond 5 years from the initial origination date of the loan or loan guarantee.
(c) Federal Reserve programs or facilities
(1) In general
After December 31, 2020, the Board of Governors of the Federal Reserve System and the Federal Reserve banks shall not make any loan, purchase any obligation, asset, security, or other interest, or make any extension of credit through 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, other than a loan submitted, on or before December 14, 2020, to the Main Street Lending Program's lender portal for the sale of a participation interest in such loan, provided that the Main Street Lending Program purchases a participation interest in such loan on or before January 8, 2021 and under the terms and conditions of the Main Street Lending Program as in effect on the date the loan was submitted to the Main Street Lending Program's lender portal for the sale of a participation interest in such loan.
(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
Except as provided in subparagraph (B), the Secretary is permitted to use the fund established under section 5302 of title 31 for any purpose permitted under that section.
(B) Exception
The fund established under section 5302 of title 31 shall not be available for any program or facility established under section 343(3) of title 12 that is the same as any such program or facility in which the Secretary made an investment pursuant to section 9042(b)(4) of this title, except the Term Asset-Backed Securities Loan Facility.

History

(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.)

Editorial Notes

Editorial Notes

References in Text
This part, referred to in subsec. (a), was in the original "this subtitle", meaning subtitle A (§§4001–4029) of title IV of div. A of Pub. L. 116–136, known as the Coronavirus Economic Stabilization Act of 2020, which is classified principally to this part. For complete classification of subtitle A to the Code, see section 4001 of Pub. L. 116–136, set out as a Short Title note under section 9001 of this title, and Tables.

Amendments
2020—Subsec. (a). Pub. L. 116–260, §1005(1), struck out "new" after "make".
Subsec. (b)(1). Pub. L. 116–260, §1005(2), substituted "or loan guarantee made under paragraph (1), (2), or (3) of section 9042(b) of this title" for ", loan guarantee, or other investment" in introductory provisions.
Subsec. (c). Pub. L. 116–260, §1005(3), added subsec. (c).