Sec. 116. Funding for HBCU capital financing; endowment challenge grants
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Section 3512 of division A of the Coronavirus Aid, Relief, and Economic Security Act ( 20 U.S.C. 1001 note) is amended— in subsection (a)— in paragraph (1), by striking may and inserting shall ; and in paragraph (2)— in subparagraph (A), by striking or interest and inserting or interest, or any applicable fees or required funds, ; and in subparagraph (B)— by striking payments and inserting payments, and any payments of applicable fees and required funds, ; and by striking the period and inserting ; and ; and by adding at the end the following: the institution may pay, without penalty, any periodic installment of principal or interest required under the loan agreement for such loan. ; and in subsection (d), by striking $62,000,000 and inserting such sums as may be necessary .
The amendments made by this subsection shall take effect as if enacted as part of the Coronavirus Aid, Relief, and Economic Security Act ( Public Law 116–136 ). For the duration of a qualifying emergency (as defined in section 3502 of the Coronavirus Aid, Relief, and Economic Security Act ( 20 U.S.C. 1001 note)), notwithstanding the provisions of subsections (b)(3), (c)(3)(B), and
(d)of section 331 of the Higher Education Act of 1965 ( 20 U.S.C. 1065 ) applicable during the grant period for an endowment challenge grant awarded to an institution under such section 331 ( 20 U.S.C. 1065 ), the institution may use the endowment fund corpus plus any endowment fund income— for any educational purpose; or to defray any expenses necessary to the operation of the institution, including expenses of operations and maintenance, administration, academic and support personnel, construction and renovation, community and student services programs, and technical assistance.
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Sec. 116
Funding for HBCU capital financing; endowment challenge grants
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