Sec. 1003. Termination of authority
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Section 4029 of the CARES Act ( 15 U.S.C. 9063 ) is amended by adding at the end the following: Notwithstanding any other provision of law, after January 4, 2021, the Board of Governors of the Federal Reserve System and the Federal Reserve banks shall not make any loan, purchase any obligation, asset, security, or other interest, or make any extension of credit through any program or facility established under section 13(3) of the Federal Reserve Act ( 12 U.S.C. 343(3) ) in which the Secretary made a loan, loan guarantee, or other investment using funds appropriated under section 4027, other than any such loan, purchase, or extension of credit for which a complete application was submitted on or before January 4, 2021, provided that such loan, purchase, or extension of credit is made on or before January 18, 2021, and under the terms and conditions of the program or facility as in effect on the date the complete application was submitted.
On or after January 19, 2021, the Board of Governors of the Federal Reserve System and the Federal Reserve banks shall not modify the terms and conditions of any program or facility established under section 13(3) of the Federal Reserve Act ( 12 U.S.C. 343(3) ) in which the Secretary made a loan, loan guarantee, or other investment using funds appropriated under section 4027, but may modify or restructure a loan, obligation, asset, security, or other interest, or extension of credit made or purchased through any such program or facility provided that— the loan, obligation, asset, security, or other interest, or extension of credit is for an eligible business, including an eligible nonprofit organization; and the modification or restructuring relates to a single and specific eligible business, including an eligible nonprofit organization; and the modification or restructuring is necessary to minimize costs to taxpayers that could arise from a default on the loan, obligation, asset, security, or other interest, or extension of credit. .
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