Purpose and scope.

§ 606.1 Purpose and scope. (a) In general. The regulations in this part 606 are issued to implement the tax credit provisions of the Federal Unemployment Tax Act, and the loan provisions of title XII of the Social Security Act. The regulations on tax credits cover all of the subjects of 3302 of the Federal Unemployment Tax Act (FUTA), except subsections (c)(3) and (e). The regulations on loans cover all of the subjects in title XII of the Social Security Act. (b) Scope. This part 606 covers general matters relating to this part in this subpart A, and in the following subparts includes specific subjects described in general terms as follows: (1) Subpart B describes the tax credit reductions under the Federal Unemployment Tax Act, which relate to outstanding balances of advances made under title XII of the Social Security Act. (2) Subpart C describes the various forms of relief from tax credit reductions, and the criteria and standards for grant of such relief in the form of— (i) A cap on tax credit reduction, (ii) Avoidance of tax credit reduction, and (iii) Waiver of and substitution for additional tax credit reduction. (3) Subpart D describes the interest rates on advances made under title XII of the Social Security Act, dues dates for payment of interest, and other related matters. (4) Subpart E describes the various forms of relief from payment of interest, and the criteria and standards for grant of such relief in the form of— (i) May/September delay of interest payments, (ii) High unemployment deferral of interest payments, (iii) High unemployment delay of interest payments, and (iv) Maintenance of solvency effort required to retain a deferral previously granted.