Sec. 2. MATURITY FOR LOANS WITH REMAINING BALANCE AFTER APPLICATION OF FORGIVENESS
149 words·~1 min read·
/statute-compilations/comps-15727/sec-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## SEC. 2 MATURITY FOR LOANS WITH REMAINING BALANCE AFTER APPLICATION OF FORGIVENESS ###
(a)In General Section 7(a)(36)(K)(ii) of the Small Business Act (15 U.S.C. 636(a)(36)) is amended by inserting “minimum maturity of 5 years and a” before “maximum maturity”. ###
(b)Effective Date; Applicability **[**[15 U.S.C. 636 note](/us/usc/t15/s636)**]** The amendment made by this section shall take effect on the date of the enactment of this Act and shall apply to any loan made pursuant to section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) on or after such date. Nothing in this Act, the CARES Act (Public Law 116-136), or the Paycheck Protection Program and Health Care Enhancement Act (Public Law 116-139) shall be construed to prohibit lenders and borrowers from mutually agreeing to modify the maturity terms of a covered loan described in subparagraph
(K)of such section to conform with requirements of this section.
Connectionstraces to 3
Traces to 3 documents
Citation graph
cites case law
Sec. 2
MATURITY FOR LOANS WITH REMAINING BALANCE AFTER APPLICATION OF FORGIVENESS
Cites 3Cited by 0 across 0 sources