; and (2) in lieu of the fee otherwise applicable under paragraph (18)(A), the Administrator shall collect no fee. (n) Interest rate requirements A covered loan shall bear an interest rate— (1) for the first two years, and shall be no greater than 4 percent; (2) for years 3 through 7, and shall have Applicable Federal Rate (AFR) plus 250–450 base points (bps) as determined by the Administrator based on revenue decline. (o) Loan deferment (1) Definition of impacted borrower In this section, the term impacted borrower means an eligible recipient that— (A) is in operation on February 15, 2020; and (B) has an application for a covered loan that is approved or pending approval on or after the date of enactment of this section. (2) Presumption For purposes of this subsection, an impacted borrower is presumed to have been adversely impacted by COVID–19.