(a) Application form.--Prior to recommending the approval or rejection of any interest deferral or loan guarantee authorized by this act, the committee shall receive from the prospective borrower an application in the form and manner prescribed by the secretary together with any such other information as the secretary shall require the prospective borrower and the prospective lender to provide.

(b) Majority required.--The committee shall not recommend the approval of an application for an interest deferral or a loan guarantee unless a majority of the quorum present at a meeting vote in favor of the action.

(c) Financial status of borrower.--In determining whether to recommend any interest deferral or loan guarantee in accordance with this act, the committee shall give primary consideration to the borrower's ability to repay and secondary consideration to the security available.

(d) Recommendation to secretary.--The committee shall forward its recommendation of the approval or rejection of any interest deferral or loan guarantee to the secretary together with the rationale for the committee's decision, any other information requested by the secretary and any recommendation of special conditions to be placed on an approved interest deferral or loan guarantee. If the committee does not submit its recommendation to the secretary within 90 days, the committee shall be deemed to have recommended approval of the application.

(e) Criteria for committee recommendations.--In determining whether to recommend the approval or rejection of any interest deferral or loan guarantee, the committee shall adhere to the eligibility criteria and loan limits prescribed by section 8.¹

(f) Action by the secretary.--The secretary shall grant an interest deferral or a loan guarantee to an applicant only after consideration of the recommendation of the committee and the recommendation of the Secretary of Commerce² and only in accordance with the eligibility criteria and loan limits prescribed by section 8. The secretary may grant an interest deferral or a loan guarantee in a lesser amount and on less favorable terms than recommended by the committee or the Secretary of Commerce and may impose conditions not recommended by the committee or the Secretary of Commerce.