; and (bb) by striking the period and inserting ; and ; and (III) by adding at the end the following: (C) the institution may pay, without penalty, any periodic installment of principal or interest required under the loan agreement for such loan. ; and (B) in subsection (d), by striking $62,000,000 and inserting such sums as may be necessary . (2) Effective date The amendments made by this subsection shall take effect as if enacted as part of the Coronavirus Aid, Relief, and Economic Security Act ( Public Law 116–136 ). (b) Endowment challenge grants For the duration of a qualifying emergency (as defined in section 3502 of the Coronavirus Aid, Relief, and Economic Security Act ( 20 U.S.C. 1001 note)), notwithstanding the provisions of subsections (b)(3), (c)(3)(B), and (d) of section 331 of the Higher Education Act of 1965 ( 20 U.S.C. 1065 ) applicable during the grant period for an endowment challenge grant awarded to an institution under such section 331 ( 20 U.S.C. 1065 ), the institution may use the endowment fund corpus plus any endowment fund income— (1) for any educational purpose; or (2) to defray any expenses necessary to the operation of the institution, including expenses of operations and maintenance, administration, academic and support personnel, construction and renovation, community and student services programs, and technical assistance. 117. Waiver authority for institutional aid (a) In general Section 3517(a)(1)(D) of the CARES Act ( Public Law 116–136 ) is amended by striking (b), (c), and (g) and inserting (b) and (c) . (b) Effective date The amendment made by subsection (a) shall take effect as if included in the enactment of the CARES Act ( Public Law 116–136 ). 118. Scope of modifications to required and allowable uses (a) Amendment to include Minority Science and Engineering Improvement Program Subsection (a) of section 3518 of the CARES Act ( Public Law 116–136 ) is amended— (1) by striking part A or B of title III, and inserting part A, part B, or subpart 1 of part E of title III,