; (2) relief payments by the Administration are appropriate for all borrowers; and (3) the Administration should encourage lenders to extend the maturity of covered loans so as to avoid any increase in debt payments by borrowers at the end of the deferral period. (c) Interest payments (1) In general The Administrator shall pay the principal, interest, and any associated fees that are owed on a covered loan— (A) with respect to a covered loan made before the date of enactment of this Act, for the 6-month period beginning with the next payment due on the covered loan; and (B) with respect to a covered loan made during the period beginning on the date of enactment of this Act and ending on the date that is 6 months after such date of enactment, for the 6-month period beginning with the first payment due on the covered loan. (2) Timing of payment The Administrator shall begin making payments under paragraph (1) on a covered loan not later than 30 days after the date on which the first such payment is due. (3) Application of payment Any payment made by the Administrator under paragraph (1) shall be applied to the covered loan such that the borrower is relieved of the obligation to pay that amount. (d) Other requirements The Administrator shall— (1) communicate and coordinate with the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and State bank regulators to encourage those entities to not require lenders to increase their reserves on account of receiving payments made by the Administrator under subsection (c); (2) waive statutory limits on covered loan durations for any lender that offers a deferral and extends the maturity of covered loan products during the 1-year period following the date of enactment of this Act