; and (2) submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require. (d) Terms and conditions (1) Interest A loan under this section shall have a rate of interest of not to exceed 2 percent. Interest shall begin to accrue on the date that is 60 days after the date of origination. (2) Term The term of a loan under this section shall be 1 year minus one day. A borrower shall have the option to extend such term for a total of not to exceed 19 years. Further extensions may be granted if approval by the Secretary. (3) Security An eligible health care organization shall not be required to provide security for a loan under this section. (4) Payments Loan payments shall be made on a biannual basis. (e) Definitions In this section: (1) COVID-19 emergency The term COVID-19 emergency means the national emergency declared by the President under the National Emergencies Act ( 50 U.S.C. 1601 et seq.) with respect to the Coronavirus Disease 2019 (COVID-19). (2) Secretary The term Secretary means the Secretary of Health and Human Services. (f) Use of certain funds Loan recipients may use funds such recipients were awarded under the Public Health and Social Services Emergency Fund or the Health Provider Assistance Fund established under section 562 to repay loans awarded under this section, provided the funds from the Public Health and Social Services Emergency Fund or the Health Provider Assistance Fund were awarded based on foregone revenue. (g) Clarification No individual, employer, or other entity may be restricted from participating in or benefitting from any exemption or benefit under this section, based on any factor that is unrelated to its qualifications to perform the required services. (h) Appropriations There is authorized to be appropriated, and there is appropriated, to carry out this section, $80,000,000,000 for fiscal year 2020, to remain available until expended.