; and (7) the term subsidy amount means the amount of budget authority sufficient to cover the estimated long-term cost to the Federal Government of a covered loan— (A) calculated on a net present value basis; and (B) excluding administrative costs and any incidental effects on governmental receipts or outlays in accordance with the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661 et seq.). 3. Purpose The purpose of this Act is to help entities that provide or finance public transportation to choose and be able to afford the best vehicles for their needs, and to achieve fuel and maintenance cost savings, by providing loans to eligible entities to acquire electric buses and related infrastructure. 4. Authorization to provide assistance The Secretary may make a direct loan to an eligible entity for eligible project costs. 5. Applications (a) In general An eligible entity desiring a covered loan shall submit to the Secretary an application that— (1) includes an implementation plan for use of the covered loan; (2) estimates the amounts the eligible entity will save on fuel and maintenance costs due to the covered loan