15 U.S.C. § 9061 — Direct appropriation

Page 2545 TITLE 15—COMMERCE AND TRADE § 9063 (f) Government Accountability Office (1) Study The Comptroller General of the United States shall conduct a study on the loans, loan guarantees, and other investments provided under section 9042 of this title. (2) Report Not later than 9 months after March 27, 2020, and annually thereafter through the year suc- ceeding the last year for which loans, loan guarantees, or other investments made under section 9042 of this title are outstanding, the Comptroller General shall submit to the Com- mittee on Financial Services, the Committee on Transportation and Infrastructure, the Committee on Appropriations, and the Com- mittee on the Budget of the House of Rep- resentatives and the Committee on Banking, Housing, and Urban Affairs, the Committee on Commerce, Science, and Transportation, the Committee on Appropriations, and the Com- mittee on the Budget of the Senate a report on the loans, loan guarantees, and other invest- ments made under section 9042 of this title. (Pub. L. 116–136, div. A, title IV, § 4026, Mar. 27, 2020, 134 Stat. 494; Pub. L. 117–103, div. HH, title III, § 301, Mar. 15, 2022, 136 Stat. 1113.) Editorial Notes REFERENCES IN TEXT This Act, referred to in subsec. (c), probably means subtitle A (§§ 4001–4029) of title IV of div. A of Pub. L. 116–136, known as the Coronavirus Economic Stabiliza- tion Act of 2020, which is classified principally to this part. For complete classification of this Act 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 Ta- bles. AMENDMENTS 2022—Subsec. (c). Pub. L. 117–103 substituted ‘‘semi- annual’’ for ‘‘quarterly’’ and inserted at end ‘‘This sub- section shall have no force or effect after December 31, 2027.’’ § 9061. Direct appropriation (a) In general Notwithstanding any other provision of law, there is appropriated, out of amounts in the Treasury not otherwise appropriated, to the fund established under section 5302(a)(1) of title 31, $500,000,000,000 to carry out this part. (b) Omitted (c) Clarification (1) In general On or after January 1, 2021, any remaining funds made available under section 9042(b) of this title may be used only for— (A) modifications, restructurings, or other amendments of loans, loan guarantees, or other investments in accordance with sec- tion 9063(b)(1) of this title; and (B) exercising any options, warrants, or other investments made prior to January 1, 2021; and (C) paying costs and administrative ex- penses as provided in section 9042(f) of this title. (2) Deficit reduction On January 1, 2026, any funds described in paragraph (1) that are remaining shall be transferred to the general fund of the Treasury to be used for deficit reduction. (Pub. L. 116–136, div. A, title IV, § 4027, Mar. 27, 2020, 134 Stat. 496.) Editorial Notes REFERENCES IN TEXT This part, referred to in subsec. (a), was in the origi- nal ‘‘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 clas- sification of subtitle A to the Code, see section 4001 of Pub. L. 116–136, set out as a Short Title note under sec- tion 9001 of this title, and Tables. CODIFICATION Section is comprised of section 4027 of Pub. L. 116–136. Subsec. (b) of section 4027 of Pub. L. 116–136 amended section 5302 of Title 31, Money and Finance. § 9062. Rule of construction Nothing in this part shall be construed to allow the Secretary to provide relief to eligible businesses, States, and municipalities except in the form of loans, loan guarantees, and other in- vestments as provided in this part and under terms and conditions that are in the interest of the Federal Government. (Pub. L. 116–136, div. A, title IV, § 4028, Mar. 27, 2020, 134 Stat. 497.) Editorial Notes REFERENCES IN TEXT This part, referred to in text, 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 clas- sification of subtitle A to the Code, see section 4001 of Pub. L. 116–136, set out as a Short Title note under sec- tion 9001 of this title, and Tables. § 9063. Termination of authority (a) In general Except as provided in subsection (b), on De- cember 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 out- standing on the date described in subsection (a)— (A) may be modified, restructured, or oth- erwise 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 amend- ed under paragraph (1) shall not be extended