(a) Prompt Action- The Secretary shall promptly take all necessary actions to provide assistance under title I of the Emergency Economic Stabilization Act of 2008 to smaller community financial institutions, including such institutions that are privately held.

(b) Comparable Terms- An institution that receives assistance after the date of the enactment of the TARP Reform and Accountability Act of 2009, shall do so on terms comparable to the terms applicable to institutions that received assistance prior to the date of the enactment of such Act of 2009: Provided, That the institution--

(1) has submitted an application on which no action has been taken, such as institutions that are C corporations (including privately held institutions) and community development financial institutions; or

(2) is of a type for which the Secretary has not yet established an application deadline or for which any such deadline has not yet occurred as of the date of the enactment of this Act, such as institutions that are non-stock corporations, S-corporations, mutually-owned insured depository institutions (as defined in section 3 of the Federal Deposit Insurance Act).

(c) Definitions- For purposes of this section, the terms `S Corporation' and `C Corporation' shall have the same meaning given to those terms in section 1361(a) of the Internal Revenue Code of 1986.