1. 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; and (bb) shall— (AA) 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; (BB) solely for non-profit organizations that predominantly serve low-income communities (as determined by the Board of Governors), have the loans forgiven by the Secretary of the Treasury for a similar purpose to maintain payroll and operations provided under the Paycheck Protection Program, notwithstanding subsection (d)(3); and (CC) make any organization that meets the requirements of section 501(c)(4) of the Internal Revenue Code of 1986 eligible for any facility, but only if such organization has not made and will not make a contribution, expenditure, independent expenditure, or electioneering communication (within the meanings of such terms under the Federal Election Campaign Act of 1971), and has not undertaken and will not undertake similar campaign finance activities in State and local elections