Sec. 334. Flexibility in deferral of payments of 7(a) loans
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(a)loans Section 7(a)(7) of the Small Business Act ( 15 U.S.C. 636(a)(7) ) is amended— by striking The Administration and inserting
(A); In general .—The Administrator in subparagraph (A), as so designated, by inserting and interest after principal ; and by adding at the end the following: With respect to a deferral provided under this paragraph, the Administrator may allow lenders under this subsection— to provide full payment deferment relief (including payment of principal and interest) for a period of not more than 1 year; and to provide an additional deferment period if the borrower provides documentation justifying such additional deferment. Except as provided in clause (ii), if an investor declines to approve a deferral or additional deferment requested by a lender under subparagraph (B), the Administrator shall exercise the authority to purchase the loan so that the borrower may receive full payment deferment relief (including payment of principal and interest) or an additional deferment as described in subparagraph (B). If, in a fiscal year, the Administrator determines that the cost of implementing clause
(i)is greater than zero, the Administrator shall not implement that clause. .
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Sec. 334
Flexibility in deferral of payments of 7(a) loans
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