§ 9061 - Direct appropriation

CHAPTER 116— CORONAVIRUS ECONOMIC STABILIZATION (CARES ACT) › SUBCHAPTER III— ECONOMIC STABILIZATION AND ASSISTANCE TO SEVERELY DISTRESSED SECTORS OF THE UNITED STATES ECONOMY

(a) 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.

(c)(1) On or after January 1, 2021, any remaining funds made available under section 9042(b) of this title may be used only for—

(c)(1)(A) modifications, restructurings, or other amendments of loans, loan guarantees, or other investments in accordance with section 9063(b)(1) of this title; and

(c)(1)(B) exercising any options, warrants, or other investments made prior to January 1, 2021; and

(c)(1)(C) paying costs and administrative expenses as provided in section 9042(f) of this title.

(c)(2) 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.

Notes

Editorial Notes

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.

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.