Sec. 604. Flexibility in deferral of payments of 7(a) loans
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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 by inserting and interest after principal ; and by adding at the end the following new subparagraphs: 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. 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 under subparagraph (B). .
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Sec. 604
Flexibility in deferral of payments of 7(a) loans
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