Section 3. Power of the Government to defer the Payment, in part, due and payable to any person or institution.

Notwithstanding anything contained in any other law, rule or order or code, in the event of any disaster or public health emergency, it shall be competent and lawful for the Government to defer any payment due and payable to any person or institution in part, to the extent not exceeding half of the amount due or payable, for such period for the management of the situation arising out of such disaster or public health emergency or otherwise.