Sec. 110604. Main Street Lending Program requirements
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Section 4003(c)(3)(D)(ii) of the CARES Act ( 15 U.S.C. 9042(c)(3)(D)(ii) ) is amended— by striking Nothing in this subparagraph shall limit the discretion of the Board of Governors of the Federal Reserve System to and inserting the following: The Board of Governors of the Federal Reserve System shall ; and by adding at the end the following: In carrying out subclause (I), the Board of Governors of the Federal Reserve System— shall make non-profit organizations eligible for any program or facility established under such subclause; shall create a low-cost loan option tailored to the unique needs of non-profit organizations, including the ability to defer payments and, solely for non-profit organizations that are ineligible to receive a covered loan under section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) and that predominantly serve low-income communities, as determined by the Federal Reserve, have the loans forgiven by the Department of the Treasury for a similar purpose to maintain payroll and operations provided under the Paycheck Protection Program, notwithstanding section 4003(d)(3) of the CARES Act; .
Not later than the end of the 5-day period beginning on the date of enactment of this Act, the Board of Governors of the Federal Reserve System shall issue such rules or take such other actions as may be necessary to implement the requirements made by the amendments made by this section.
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