Or. Admin. Code § 603-007-0170

Current through Register Vol. 63, No. 11, November 1, 2024

Section 603-007-0170 - Standards to Determine Loan Forgiveness

(1) A forgivable loan disbursed under the Program will be forgiven in full except when;

(a) The aggregate of a Recipient's Gross Farm Income in the calendar year 2021, the forgivable loan received under the Program, and any federal disaster payments exceed the applicable percentage limitations for the Recipient's three-year baseline. In such case, the Recipient must repay the lesser of:

(A) The amount of money necessary to cause the Recipient's aggregate income as described in section 1(a) of this rule to not exceed the applicable percentage of the Recipient's three-year baseline; or

(B) The full amount of the loan received.

(b) A Recipient fails to timely disclose receipt of federal disaster payments to a Lending Institution as required by the Program Requirements. In such case, the full amount of the disbursed forgivable loan is ineligible for loan forgiveness.

(2) If a Recipient is required to pay back an amount of money under (1) of this rule that is less than or equal to $1,000, the amount of money will be forgiven in full.

(3)

(a) If a Recipient is required to pay back a forgivable loan in whole or in part, all payments must be made to the Lending Institution servicing the loan no later than June 1, 2023.

(b) Any forgivable loans determined delinquent on June 2, 2023, will be held to the terms and conditions of the signed Application and loan agreement.

Or. Admin. Code § 603-007-0170

DOA 6-2022, temporary adopt filed 04/26/2022, effective 4/27/2022 through 10/23/2022

Statutory/Other Authority: OL 2021, Ch. 2, SB 892 (2021) & OL 2021, Ch. 4, SB 5561 (2021)

Statutes/Other Implemented: OL 2021, Ch. 2, SB 892 (2021) & OL 2021, Ch. 4, SB 5561 (2021)