; and (B) defer debt collectors’ required payments on such loans until after small businesses or nonprofit organizations’ debt payments resume. . 110604. Main Street Lending Program requirements (a) In general Section 4003(c)(3)(D)(ii) of the CARES Act ( 15 U.S.C. 9042(c)(3)(D)(ii) ) is amended— (1) by striking Nothing in this subparagraph shall limit the discretion of the Board of Governors of the Federal Reserve System to and inserting the following: (I) In general The Board of Governors of the Federal Reserve System shall ; and (2) by adding at the end the following: (II) Requirements In carrying out subclause (I), the Board of Governors of the Federal Reserve System— (aa) shall make non-profit organizations and institutions of higher education (as such term is defined in section 101(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1001(a) ) eligible for any program or facility established under such subclause; (bb) shall create a low-cost loan option tailored to the unique needs of non-profit organizations, including the ability to defer payments without capitalization of interest and, solely for non-profit organizations that predominantly serve low-income communities, as determined by the Federal Reserve, have the loans forgiven by the Department of the Treasury for a similar purpose to maintain payroll and operations provided under the Paycheck Protection Program, notwithstanding section 4003(d)(3) of the CARES Act; (cc) shall make any 501(c)(4) organization (as defined in section 501(c)(4) of the Internal Revenue Code of 1986) eligible for any facility provided that such 501(c)(4) organization has not made and will not make a contribution, expenditure, independent expenditure, or electioneering communication within the meaning of the Federal Election Campaign Act, and has not undertaken and will not undertake similar campaign finance activities in state and local elections, during the election cycle which ends on the date of the general election in this calendar year