§636m. Loan forgiveness — Inbound Citations
15 U.S.C. § 636m
Cited by 16 provisions in release 119-102.
Citations to 15 U.S.C. § 636m as a whole
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(K) With respect to a covered loan that has a remaining balance after reduction based on the loan forgiveness amount under section 636m of this title—(i) the remaining balance shall continue to be guaranteed by the Administration under this subsection; and(ii) the covered loan shall have a minimum maturity of 5 years and a maximum maturity of 10 years from the date on which the borrower applies for loan forgiveness under that section.
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(II) require lenders under this subsection to provide complete payment deferment relief for impacted borrowers with covered loans, including payment of principal, interest, and fees, until the date on which the amount of forgiveness determined under section 636m of this title is remitted to the lender.
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(iii) With respect to a covered loan that is sold on the secondary market, if an investor declines to approve a deferral requested by a lender under clause (ii), the Administrator shall exercise the authority to purchase the loan so that the impacted borrower may receive a deferral, including payment of principal, interest, and fees, until the date on which the amount of forgiveness determined under section 636m of this title is remitted to the lender.
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(ii) Except as otherwise provided in this subparagraph, an eligible entity shall be eligible for forgiveness of indebtedness on a covered loan in the same manner as an eligible recipient with respect to a loan made under paragraph (36) of this section, as described in section 636m of this title.
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(v) For purposes of applying subsection (l)(1) of section 636m of this title to a covered loan of not more than $150,000 under this paragraph, an eligible entity may be required to provide, at the time of the application for forgiveness, documentation required to substantiate revenue loss in accordance with subparagraph (I).
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(D) Loan forgiveness under terms and conditions that, to the maximum extent practicable, is consistent with the terms and conditions for loan forgiveness under section 7A of the Small Business Act [15 U.S.C. 636m].
Citations to §636m(a)
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(IX) covered property damage costs, as defined in section 636m(a) of this title;
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(VIII) covered operations expenditures, as defined in section 636m(a) of this title;
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(X) covered supplier costs, as defined in section 636m(a) of this title; and
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(XI) covered worker protection expenditures, as defined in section 636m(a) of this title.
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(v) If an eligible recipient fails to apply for forgiveness of a covered loan within 10 months after the last day of the covered period defined in section 636m(a) of this title, such eligible recipient shall make payments of principal, interest, and fees on such covered loan beginning on the day that is not earlier than the date that is 10 months after the last day of such covered period.
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(iii) the terms “covered mortgage obligation”, “covered operating expenditure”, “covered property damage cost”, “covered rent obligation”, “covered supplier cost”, “covered utility payment”, and “covered worker protection expenditure” have the meanings given those terms in section 636m(a) of this title;
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(i) In this subparagraph, the term “covered period” has the meaning given that term in section 636m(a) of this title.
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(i) the terms “covered mortgage obligation”, “covered rent obligation”, “covered utility payment”, and “covered worker protection expenditure” have the meanings given those terms in section 636m(a) of this title, as redesignated, transferred, and amended by this Act; and
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(H) Covered supplier costs, as defined in section 636m(a) of this title (as redesignated, transferred, and amended by section 304(b) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Public Law 116–260)).
Citations to §636m(d)
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(iv) Subject to any reductions under section 636m(d) of this title, the forgiveness amount under this subparagraph shall be equal to the lesser of—(I) the amount described in clause (ii); and(II) the amount equal to the quotient obtained by dividing—(aa) the amount of the covered loan used for payroll costs during the covered period; and(bb) 0.60.