Rural Development Guarantee Loan Servicing Flexibilities To Address Coronavirus 2019 Impacts
rural-development · Rural Utilities Service · Rule · Published 2020-04-08 · Effective 2020-03-31 · 85 FR 19655
Document
Document number
2020-07487
Federal Register citation
85 FR 19655
CFR reference
7 CFR 1779
Type
Rule
Action
Notification.
Category
rural-development
Sub-agency
Rural Utilities Service
Publication date
2020-04-08
Effective date
2020-03-31
Abstract
The Rural-Business Cooperative Service (RBCS), Rural Housing Service (RHS), and Rural Utilities Service (RUS) agencies of the Rural Development mission area, hereinafter referred to as Agency, issued a notification in the Federal Register on March 31, 2020, that allows lenders with guaranteed loans with the Agency to unilaterally offer payment deferrals for the period specified in the notice to their customers who may be experiencing temporary cash flow issues due to the Coronavirus (COVID-19) pandemic. This notification supplements the prior notification and includes additional servicing flexibilities regarding Agency guaranteed loan requirements as they relate to the new loans that are covered by Section 1102 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.