; and (ii) the covered loan shall have a maximum maturity of 10 years from the date on which the borrower applies for loan forgiveness under that section. (L) Interest rate requirements During the covered period, a covered loan shall bear an interest rate not to exceed 4 percent. (M) Subsidy recoupment fee Notwithstanding any other provision of law, a covered loan shall not be subject to a subsidy recoupment fee. (N) Loan deferment (i) Definition of impacted borrower (I) In general In this subparagraph, the term impacted borrower means an eligible recipient that— (aa) is in operation on February 15, 2020; and (bb) has an application for a covered loan that is approved or pending approval on or after the date of enactment of this paragraph. (II) Presumption For purposes of this subparagraph, an impacted borrower is presumed to have been adversely impacted by COVID–19. (ii) Deferral During the covered period, the Administrator shall— (I) consider each eligible recipient that applies for a covered loan to be an impacted borrower