the Commonwealth.
"Licensee." A corporation, person or any other type of
business entity required to be licensed by the department. 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.
"Nonprofit." A nonprofit organization operating with a
physical location in this Commonwealth, regardless of whether
that physical location is open to the public, and employs not
more than 50 full-time and 50 part-time individuals.
"Secretary." The Secretary of Banking and Securities of the
Commonwealth.
Section 3. COVID-19 Banking on Nonprofits Program.
(a) Establishment.--The COVID-19 Banking on Nonprofits
Program is established within the department to provide
cooperation between nonprofits 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 nonprofits as provided under this section.
(b) Eligibility.--A nonprofit shall be eligible for a loan
deferral, repayment plan or loan modification under this section
if:
(1) The nonprofit demonstrates that it has been
adversely impacted by the COVID-19 disaster emergency.
(2) The nonprofit 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 nonprofit does not fall behind on loan or mortgage
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