Sec. 407. Principal and interest payments for certain disaster loans
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The Administrator shall pay the principal, interest, and any associated fees that are owed on a physical disaster loan or a covered EIDL loan as follows: With respect to a physical disaster loan— not in deferment, for the 12-month period beginning with the next payment due on such loan; in deferment, for the 12-month period beginning with the next payment due on such loan after the deferment period; and made on or after the date of enactment of this Act, for the 12-month period beginning with the first payment due on such loan.
With respect to a covered EIDL loan— not in deferment, for the 12-month period beginning with the next payment due on such loan; and in deferment, for the 12-month period beginning with the next payment due on such loan after the deferment period. The Administrator shall begin making payments under subsection
(a)not later than 30 days after the date on which the first such payment is due. Any payment made by the Administrator under subsection
(a)shall be applied to the physical disaster loan or a covered EIDL loan (as applicable) such that the borrower is relieved of the obligation to pay that amount. In this section: The term physical disaster loan means a loan made under section 7(b)(1) of the Small Business Act ( 15 U.S.C. 636(b)(1) ) in a regular servicing status. The term covered EIDL loan means a loan made under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) that— was approved by the Administrator before February 15, 2020; and is in a regular servicing status.
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Sec. 407
Principal and interest payments for certain disaster loans
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