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1. Until 31 December 2023, upon request from a Member State, the Commission may grant the Member State concerned a loan for the implementation of its recovery and resilience plan.

2. A Member State may request loan support at the time of the submission of a recovery and resilience plan referred to in Article 18, or at a different moment in time until 31 August 2023. In the latter case, the request shall be accompanied by a revised recovery and resilience plan, including additional milestones and targets.

3. The request for loan support by a Member State shall set out:

(a) the reasons for the loan support, justified by the higher financial needs linked to additional reforms and investments;

(b) the additional reforms and investments in line with Article 18;

(c) the higher cost of the recovery and resilience plan concerned compared to the amount of the financial contributions allocated to the recovery and resilience plan respectively pursuant to point (a) or (b) of Article 20(4);

(d) where applicable, the reforms and investments in line with Article 21c.

4. The loan support to the recovery and resilience plan of the Member State concerned shall not be higher than the difference between the total costs of the recovery and resilience plan, as revised where relevant, and the maximum financial contribution referred to in Article 11, including, where relevant, the revenue referred to in Article 21a as well as resources transferred from shared management programmes.

5. The maximum volume of the loan support for each Member State shall not exceed 6,8 % of its 2019 GNI in current prices.

6. By derogation from paragraph 5, subject to the availability of resources, in exceptional circumstances the amount of the loan support may be increased, considering the needs of the requesting Member State, as well as requests for loan support already submitted or planned to be submitted by other Member States, while applying the principles of equal treatment, solidarity, proportionality and transparency. To facilitate the application of those principles, Member States shall communicate to the Commission by 31 March 2023, whether they intend to request loan support. The Commission shall present to the European Parliament and to the Council, simultaneously, on equal terms and without undue delay, an overview of the intentions expressed by the Member States and the proposed way forward for the distribution of the available resources. That communication of the intention to request loan support shall not prejudice the ability of Member States to request loan support until 31 August 2023, including in the case of requests exceeding 6,8 % GNI, where the relevant conditions apply. It shall also not prejudice the entering into of the corresponding loan agreement after the adoption of the relevant Council implementing decision.

7. The loan shall be paid in instalments subject to the fulfilment of milestones and targets in line with Article 20(5)(h).

8. The Commission shall assess the request for loan support in accordance with Article 19. The Council shall adopt an implementing decision, on a proposal from the Commission, in accordance with Article 20(1). Where appropriate, the recovery and resilience plan shall be amended accordingly.