INTEREST CALCULATION ON COVERED LOANS.

SEC. 339. INTEREST CALCULATION ON COVERED LOANS. (a) [15 U.S.C. 636 note] Definitions.—In this section, the terms “covered loan” and “eligible recipient” have the meanings given the terms in section 7(a)(36)(A) of the Small Business Act (15 U.S.C. 636(a)(36)(A)). (b) Calculation.—Section 7(a)(36)(L) of the Small Business Act (15 U.S.C. 636(a)(36)(L)) is amended by inserting “, calculated on a non-compounding, non-adjustable basis” after “4 percent”. (c) [15 U.S.C. 636 note] Applicability.—The amendment made by subsection (b) may apply with respect to a covered loan made before the date of enactment of this Act, upon the agreement of the lender and the eligible recipient with respect to the covered loan.