US Code

Public Law 119-73 (01/23/2026)

15 U.S.C. § 9063

Termination of authority

(a)

In general

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

(b)

Outstanding

(1)

In general

section 9042(b) of this titleExcept as provided in paragraph (2), any loan or loan guarantee made under paragraph (1), (2), or (3) of outstanding on the date described in subsection (a)—
(A)
may be modified, restructured, or otherwise amended; and
(B)
may not be forgiven.
(2)

Duration

section 9042(b)(1) of this titleThe duration of any loan or loan guarantee made under 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

section 343(3) of title 12section 9042(b)(4) of this titleAfter , 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 in which the Secretary made a loan, loan guarantee, or other investment pursuant to , other than a loan submitted, on or before , 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 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 , the Board of Governors of the Federal Reserve System and the Federal Reserve banks—
(A)
section 343(3) of title 12section 9042(b)(4) of this titlesection 343(3) of title 12 shall not modify the terms and conditions of any program or facility established under in which the Secretary made a loan, loan guarantee, or other investment pursuant to , including by authorizing transfer of such funds to a new program or facility established under ; 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

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

(B)

Exception

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

Pub. L. 116–136, div. A, title IV, § 4029134 Stat. 497Pub. L. 116–260, div. N, title X, § 1005134 Stat. 2146(, , ; , , .)

Editorial Notes

References in Text

Pub. L. 116–136section 4001 of Pub. L. 116–136section 9001 of this titleThis part, referred to in subsec. (a), was in the original “this subtitle”, meaning subtitle A (§§ 4001–4029) of title IV of div. A of , 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 , set out as a Short Title note under , and Tables.

Amendments

Pub. L. 116–260, § 1005(1)2020—Subsec. (a). , struck out “new” after “make”.

Pub. L. 116–260, § 1005(2)section 9042(b) of this titleSubsec. (b)(1). , substituted “or loan guarantee made under paragraph (1), (2), or (3) of ” for “, loan guarantee, or other investment” in introductory provisions.

Pub. L. 116–260, § 1005(3)Subsec. (c). , added subsec. (c).