the Commonwealth.
"Licensee." A corporation, person or any other type of
business entity required to be licensed by the Department of
Banking and Securities. The term does not include a licensee or
registrant under the act of December 5, 1972 (P.L.1280, No.284),
known as the Pennsylvania Securities Act of 1972.
"Small business." Any for-profit business, industry or trade
operating with a physical location in this Commonwealth,
regardless of whether that physical location is open to the
public, and employing not more than 100 individuals.
Section 3. COVID-19 Banking on Small Business Program.
(a) Establishment.--The COVID-19 Banking on Small Business
Program is established within the department to provide
cooperation between small businesses and State-chartered banks,
credit unions and licensees during the COVID-19 disaster
emergency. State-chartered banks, credit unions and licensees
may offer loan deferrals, repayment plans and loan modifications
to eligible small businesses as provided under this section.
(b) Eligibility.--A small business shall be eligible for a
loan deferral, repayment plan or loan modification under this
section if:
(1) The small business demonstrates that it has been
adversely impacted by the COVID-19 disaster emergency.
(2) The small business is current on its loan or
mortgage payments with the State-chartered bank, credit union
or licensee.
(c) Loan deferral, repayment plan or loan modification.--To
ensure a small business does not fall behind on loan or mortgage
payments, at the request of a small business, a State-chartered
bank, credit union or licensee may provide a loan deferral,
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