,i #aaf? ,,congress #b;d ,session ,h4 ,r4 #gdeb ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,july #a1 #bjbj,ms4 ,f9k5au] introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,agriculture ,a ,,bill ,to require ! ,secret>y ( ,agriculture to provide relief f h>d%ip due to ! ,,covid-#ai p&emic to c]ta9 borr[]s ( rural developm5t loans1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,relief = ,rural ,developm5t ,borr[]s ,act4 #b4 ,subsidy = paym5ts & loan def]m5t = rural developm5t loans 7a7 ,def9ition ( secret>y ,9 ?is section1 ! t]m ,secret>y means ! ,secret>y ( ,agriculture4 7b7 ,subsidy = c]ta9 loan paym5ts 7#a7 ,def9ition ( cov]$ loan ,9 ?is subsection1 ! t]m cov]$ loan means-- 7,a7 a bus9ess & indu/ry gu>ante$ loan "u section #caj;,b7g7 ( ! ,consolidat$ ,f>m & ,rural ,developm5t ,act 7#g ,u4,s4,c4 #aicb7;g771 o!r ?an su* a loan gu>ante$ us+ am\nts made available = ! ,rural ,bus9ess ,program ,acc\nt by title ,i ( division ,b ( ! ,coronavirus ,aid1 ,relief1 & ,economic ,security ,act 7,public ,law #aaf-acf72 7,b7 a community facility gu>ante$ loan "u section #cjf7;a7 ( ! ,consolidat$ ,f>m & ,rural ,developm5t ,act 7#g ,u4,s4,c4 #aibf7;a772 & 7,c7 a community facility direct loan "u section #cjf7;a7 ( ! ,consolidat$ ,f>m & ,rural ,developm5t ,act 7#g ,u4,s4,c4 #aibf7;a774 7#b7 ,pr9cipal & int]e/ paym5ts 7,a7 ,9 g5]al ,! ,secret>y %all pay ! pr9cipal1 int]e/1 & any associat$ fees t are ow$ on a cov]$ loan 9 a regul> s]vic+ /atus-- 7i7 ) respect to a cov]$ loan made be=e ! date ( enactm5t ( ?is ,act & n on def]m5t1 = ! #f-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan2 7ii7 ) respect to a cov]$ loan made be=e ! date ( enactm5t ( ?is ,act & on def]m5t1 = ! #f-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan aft] ! def]m5t p]iod2 & 7iii7 ) respect to a cov]$ loan made dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act & end+ on ! date t is #f mon?s aft] t date ( enactm5t1 = ! #f-mon? p]iod beg9n+ ) ! fir/ paym5t due on ! cov]$ loan4 7,b7 ,tim+ ( paym5t ,! ,secret>y %all beg9 mak+ paym5ts "u subp>agraph 7,a7 on a cov]$ loan n lat] ?an #cj days aft] ! date on :i* ! fir/ paym5t describ$ 9 t subp>agraph is due4 7,c7 ,application ( paym5t ,any paym5t made by ! ,secret>y "u subp>agraph 7,a7 %all be appli$ to ! cov]$ loan su* t ! borr[] is reliev$ ( ! obligation to pay t am\nt4 7#c7 ,o!r requirem5ts ,! ,secret>y %all-- 7,a7 communicate & coord9ate ) ! ,f$]al ,deposit ,insurance ,corporation1 ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 & ,/ate bank regulators to enc\rage ^? entities to n require l5d]s to increase _! res]ves on acc\nt ( receiv+ paym5ts made by ! ,secret>y "u p>agraph 7#b72 7,b7 waive /atutory limits on maximum loan maturities = any cov]$ loan durations :]e ! l5d] provides a def]ral & ext5ds ! maturity ( cov]$ loans dur+ ! #a-ye> p]iod foll[+ ! date ( enactm5t ( ?is ,act2 & 7,c7 :5 necess>y to provide m "t because ( ! pot5tial ( high] volumes1 travel re/rictions1 & ! inability to access "s prop]ties dur+ ! ,,covid-#ai p&emic1 ext5d l5d] site visit requirem5ts to-- 7i7 n m ?an #fj days 7:i* may be ext5d$ at ! discretion ( ! ,secret>y7 aft] ! occurr5ce ( an adv]se ev5t1 o!r ?an a paym5t default1 caus+ a loan to be classifi$ z 9 liquidation2 & 7ii7 n m ?an #ij days aft] a paym5t default4 7#d7 ,effect ,no?+ 9 ?is section limits ! au?ority ( ! ,secret>y to make paym5ts pursuant to p>agraph 7#b7 ) respect to a cov]$ loan solely because ! cov]$ loan has be5 sold 9 ! second>y m>ket4 7c7 ,subsidy = o!r loan paym5ts 7#a7 ,def9ition ( cov]$ loan ,9 ?is subsection1 ! t]m cov]$ loan means a rural developm5t loan made or gu>ante$ by ! ,secret>y1 o!r ?an a loan describ$ 9 subp>agraph 7,a71 7,b71 or 7,c7 ( subsection 7b77#a74 7#b7 ,pr9cipal & int]e/ paym5ts ,! ,secret>y %all pay ! pr9cipal1 int]e/1 & fees1 = a borr[] ( a cov]$ loan ! application ( :i* is approv$ "u p>agraph 7#d77;,b7-- 7,a7 ) respect to a cov]$ loan made be=e ! date ( enactm5t ( ?is ,act & n o!rwise on def]m5t1 = ! #f-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan2 7,b7 ) respect to a cov]$ loan made be=e ! date ( enactm5t ( ?is ,act & o!rwise on def]m5t1 = ! #f-mon? p]iod beg9n+ ) ! next paym5t due on ! cov]$ loan aft] ! def]m5t p]iod2 & 7,c7 ) respect to a cov]$ loan made dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act & end+ on ! date t is #f mon?s aft] t date ( enactm5t1 = ! #f-mon? p]iod beg9n+ ) ! fir/ paym5t due on ! cov]$ loan4 7#c7 ,loans held by o!r l5d]s ,9 ! case ( a cov]$ loan held by a l5d] t is n ! ,secret>y1 ! ,secret>y %all require ! l5d] to provide ! complete paym5t def]m5t relief describ$ 9 p>agraph 7#b74 7#d7 ,applications 7,a7 ,9 g5]al ,a borr[] seek+ paym5t subsidies "u p>agraph 7#b7 or 7#c7 %all submit to ! ,secret>y an application 9 su* mann] & conta9+ su* in=mation z ! ,secret>y may require4 7,b7 ,det]m9ations ,! ,secret>y %all approve an application submitt$ "u subp>agraph 7,a7 by a borr[] t1 z det]m9$ by ! ,secret>y & demon/rat$ 9 ! application-- 7i7 is unable to make paym5ts on a cov]$ loan because ( a tempor>y ca% fl[ disruption due to ! ,,covid-#ai p&emic2 & 7ii7 makes a good fai? c]tification t ! curr5t economic conditions h made paym5t def]m5t relief necess>y4 7#e7 ,second>y m>ket ,) respect to a cov]$ loan t is sold on ! second>y m>ket1 if an inve/or decl9es to approve a def]ral reque/$ by a l5d] "u p>agraph 7#c71 ! ,secret>y %all ex]cise ! au?ority to pur*ase ! cov]$ loan s t ! borr[] may receive a def]ral "u ?is subsection4 7#f7 ,guidance ,n lat] ?an #cj days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all provide guidance on ! def]m5t process describ$ 9 ?is subsection4 7d7 ,waiv] au?ority 7#a7 ,9 g5]al ,! ,secret>y may waive any requirem5t t a borr[] ( a cov]$ loan r$uce or elim9ate a debt res]ve e/abli%$ by ! borr[]1 z a condition ( grant+ a loan def]m5t "u ?is section4 7#b7 ,conditions ,! ,secret>y may provide su* a waiv]-- 7,a7 :5 a borr[] is seek+ def]m5t z ! result ( an inability to make paym5ts on a cov]$ loan 7z def9$ 9 subsection 7b77#a7 because ( a tempor>y ca% fl[ disruption due to ! ,,covid-#ai p&emic1 if pay+ d[n a res]ve e/abli%$ by ! borr[] = debt s]vic+ poses a ?reat to ! cont9u+ f9ancial /ability ( ! borr[]2 & 7,b7 "u o!r conditions z ! ,secret>y may deem necess>y4