republic-os/legal/us/code/title-15/chapter-116/section-9063.md

type, title, description, jurisdiction, corpus, kind, title_number, title_name, chapter_number, chapter_name, section, citation, status, release_point, release_date, source, source_url, source_identifier, source_file, source_hash, raw_snapshot_hash, text_hash, retrieved_at, confidence, tags

type	title	description	jurisdiction	corpus	kind	title_number	title_name	chapter_number	chapter_name	section	citation	status	release_point	release_date	source	source_url	source_identifier	source_file	source_hash	raw_snapshot_hash	text_hash	retrieved_at	confidence	tags
LegalText	15 U.S.C. § 9063	Termination of authority	us	united_states_code	code_section	15	COMMERCE AND TRADE	116	CORONAVIRUS ECONOMIC STABILIZATION (CARES ACT)	9063	15 U.S.C. § 9063	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip	/us/usc/t15/s9063	data/legal/raw/us/code/title-15/usc15.xml	4b8f00fb5273d0831ff7bd7cdcd458e8c238220f74ab4bbfa993e9132eddcd08	6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059	041c7656e483258a2a6bc338479d707aa6b72826ec9c850bb2447361caa0e92c	2026-07-04	official	legal us-code

15 U.S.C. § 9063 - Termination of authority

Text

(a) In general Except as provided in subsection (b), on December 31, 2020, the authority provided under this part to make loans, loan guarantees, or other investments shall terminate.

(b) Outstanding (1) In general Except as provided in paragraph (2), any loan or loan guarantee made under paragraph (1), (2), or (3) of section 9042(b) of this title outstanding on the date described in subsection (a)—

(A) may be modified, restructured, or otherwise amended; and

(B) may not be forgiven.

(2) Duration The duration of any loan or loan guarantee made under section 9042(b)(1) of this title that is modified, restructured, or otherwise amended under paragraph (1) shall not be extended beyond 5 years from the initial origination date of the loan or loan guarantee.

(c) Federal Reserve programs or facilities (1) In general After December 31, 2020, 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 343(3) of title 12 in which the Secretary made a loan, loan guarantee, or other investment pursuant to section 9042(b)(4) of this title, other than a loan submitted, on or before December 14, 2020, to the Main Street Lending Program’s lender portal for the sale of a participation interest in such loan, provided that the Main Street Lending Program purchases a participation interest in such loan on or before January 8, 2021 and under the terms and conditions of the Main Street Lending Program as in effect on the date the loan was submitted to the Main Street Lending Program’s lender portal for the sale of a participation interest in such loan.

(2) No modification After December 31, 2020, the Board of Governors of the Federal Reserve System and the Federal Reserve banks—

(A) shall not modify the terms and conditions of any program or facility established under section 343(3) of title 12 in which the Secretary made a loan, loan guarantee, or other investment pursuant to section 9042(b)(4) of this title, including by authorizing transfer of such funds to a new program or facility established under section 343(3) of title 12; and

(B) may modify or restructure a loan, obligation, asset, security, other interest, or extension of credit made or purchased through any such program or facility provided that—

(i) the loan, obligation, asset, security, other interest, or extension of credit is an eligible asset or for an eligible business, including an eligible nonprofit organization, each as defined by such program or facility; and

(ii) the modification or restructuring relates to an eligible asset or single and specific eligible business, including an eligible nonprofit organization, each as defined by such program or facility; and

(iii) the modification or restructuring is necessary to minimize costs to taxpayers that could arise from a default on the loan, obligation, asset, security, other interest, or extension of credit.

(3) Use of funds (A) In general Except as provided in subparagraph (B), the Secretary is permitted to use the fund established under section 5302 of title 31 for any purpose permitted under that section.

(B) Exception The fund established under section 5302 of title 31 shall not be available for any program or facility established under section 343(3) of title 12 that is the same as any such program or facility in which the Secretary made an investment pursuant to section 9042(b)(4) of this title, except the Term Asset-Backed Securities Loan Facility.

(Pub. L. 116–136, div. A, title IV, § 4029, Mar. 27, 2020, 134 Stat. 497; Pub. L. 116–260, div. N, title X, § 1005, Dec. 27, 2020, 134 Stat. 2146.)

Notes

Editorial Notes

References in TextThis part, referred to in subsec. (a), was in the original “this subtitle”, meaning subtitle A (§§ 4001–4029) of title IV of div. A of Pub. L. 116–136, known as the Coronavirus Economic Stabilization Act of 2020, which is classified principally to this part. For complete classification of subtitle A to the Code, see section 4001 of Pub. L. 116–136, set out as a Short Title note under section 9001 of this title, and Tables.

Amendments2020—Subsec. (a). Pub. L. 116–260, § 1005(1), struck out “new” after “make”. Subsec. (b)(1). Pub. L. 116–260, § 1005(2), substituted “or loan guarantee made under paragraph (1), (2), or (3) of section 9042(b) of this title” for “, loan guarantee, or other investment” in introductory provisions. Subsec. (c). Pub. L. 116–260, § 1005(3), added subsec. (c).