Sec. 12003. Subsidy for certain USDA rural development loan payments
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In addition to the amounts otherwise available, there is appropriated to the Secretary for fiscal year 2022, out of any money in the Treasury not otherwise appropriated, $390,000,000, to remain available until September 30, 2031, to carry out this section. The Secretary shall make a payment to the lender on a covered loan equal to half of the total of the installment amounts owed by the borrower on the loan for 1 year, if the borrower has the opportunity to opt out of the payment. To the extent that amounts made available by subsection
(a)remain after making the payments under paragraph (1), the Secretary shall make additional loan payments on a covered loan. The Secretary shall waive statutory limits on maximum loan maturities for any covered loan durations, including those where the lender provides a deferral and extends the maturity of a covered loan during the 1-year period beginning with the date of enactment of this Act. The Secretary shall, when necessary to provide more time because of the potential of higher volumes, travel restrictions, and the inability to access some properties during the COVID-19 pandemic, extend lender site visit requirements to— not more than 60 days (which may be extended at the discretion of the Secretary) after the occurrence of an adverse event, other than a payment default, that causes a loan to be classified as in liquidation; and not more than 90 days after a payment default. In this section, the term covered loan means— a business and industry loan made or guaranteed before January 1, 2021, under subsection
(a)or
(g)of section 310B of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1932(a) or (g)); a loan that is made by an intermediary lender before January 1, 2021, to an ultimate recipient using a loan received under section 1323 of the Food Security Act of 1985 ( 7 U.S.C. 1932 note; Public Law 99–198 ) or section 310H of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1936b ); and a loan that is made by a microenterprise development organization before January 1, 2021, to a microentrepreneur under section 379E of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 2008s ).
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- Pub. L. 99-198
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Sec. 12003
Subsidy for certain USDA rural development loan payments
Pub. L.Pub. L. 99-198
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