Termination of authority

  1. Law
  2. USC 15
  3. Commerce And Trade
  4. CORONAVIRUS ECONOMIC STABILIZATION (CARES ACT)
  5. ECONOMIC STABILIZATION AND ASSISTANCE TO SEVERELY DISTRESSED SECTORS OF THE UNITED STATES ECONOMY
  6. Coronavirus Economic Stabilization
  7. Termination of authority

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§9063. Termination of authority

(a) In general

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

(b) Outstanding

(1) In general

Except as provided in paragraph (2), any loan, loan guarantee, or other investment 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.

( Pub. L. 116–136, div. A, title IV, §4029, Mar. 27, 2020, 134 Stat. 497 .)

References in Text

This 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.


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