; or (ii) a public health emergency, major disaster or emergency, or national emergency declared by the applicable government authorities in the country in which the foreign institution is located; and (B) ending on the later of— (i) subject to paragraph (2), the last day of the payment period, for purposes of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq.), following the end of any qualifying emergency or any emergency or disaster described in subparagraph (A)(ii) applicable to the foreign institution; or (ii) June 30, 2022. (2) Special rule for certain payment periods For purposes of subparagraph (B)(i), if the following payment period for an award year ends before June 30 of such award year, the covered period shall be extended until June 30 of such award year. . (b) Effective date The amendments made by subsection (a) shall take effect as if included in the enactment of the CARES Act ( Public Law 116–136 ). 116. Funding for HBCU capital financing; endowment challenge grants (a) Funding for HBCU capital financing (1) Amendments Section 3512 of division A of the Coronavirus Aid, Relief, and Economic Security Act ( 20 U.S.C. 1001 note) is amended— (A) in subsection (a)— (i) in paragraph (1), by striking may and inserting shall ; and (ii) in paragraph (2)— (I) in subparagraph (A), by striking or interest and inserting or interest, or any applicable fees or required funds, ; and (II) in subparagraph (B)— (aa) by striking payments and inserting payments, and any payments of applicable fees and required funds, ; and (bb) by striking the period and inserting ; and ; and (III) by adding at the end the following: (C) the institution may pay, without penalty, any periodic installment of principal or interest required under the loan agreement for such loan.