Title: LIFT UP Act of 2021
Policy area: Commerce

Summary:
Loan Interest Forgiveness for Taxpayers Under a Pandemic Act of 2021 or the LIFT UP Act of 2021
This bill extends the six-month period during which the Small Business Administration (SBA) must subsidize payments on certain loans made in response to COVID-19 (i.e., coronavirus disease 2019) for those who have previously received SBA disaster assistance for non-COVID emergencies.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 809 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 809

  To expand the payment of principal, interest, and fees for certain 
      disaster loans under the CARES Act, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 4, 2021

  Mrs. Fletcher (for herself and Mr. McCaul) introduced the following 
      bill; which was referred to the Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
  To expand the payment of principal, interest, and fees for certain 
      disaster loans under the CARES Act, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Loan Interest Forgiveness for 
Taxpayers Under a Pandemic Act of 2021'' or the ``LIFT UP Act of 
2021''.

SEC. 2. SUBSIDY FOR CERTAIN LOAN PAYMENTS.

    Section 1112 of the CARES Act (15 U.S.C. 9011) is amended--
            (1) in subsection (a)--
                    (A) in paragraph (1)(B), by striking ``or'' at the 
                end;
                    (B) in paragraph (2), by striking the period at the 
                end and inserting ``; or''; and
                    (C) by adding at the end the following:
            ``(3) made during the period beginning on January 1, 2015, 
        and ending on the day before the date of enactment of this 
        paragraph--
                    ``(A) to a business concern under section 7(b)(1) 
                of the Small Business Act (15 U.S.C. 636(b)(1)) that is 
                unrelated to the COVID-19 pandemic; or
                    ``(B) under section 7(b)(2) of the Small Business 
                Act (15 U.S.C. 636(b)(2)) that is unrelated to the 
                COVID-19 pandemic.''; and
            (2) in subsection (c)--
                    (A) in paragraph (1)--
                            (i) in subparagraphs (A) and (B), by 
                        inserting ``(except a covered loan described in 
                        subsection (a)(3))'' after ``on deferment'' 
                        each place it appears; and
                            (ii) by adding at the end the following new 
                        subparagraph:
                    ``(E) With respect to a covered loan described in 
                subsection (a)(3), for the 6-month period beginning 
                with the first payment due on the covered loan.''; and
                    (B) in paragraph (6), by inserting ``(except a 
                covered loan described in subsection (a)(3))'' after 
                ``for a covered loan''.

SEC. 3. EMERGENCY EIDL GRANTS.

    A borrower of a loan made under section 7(b)(2) of the Small 
Business Act (15 U.S.C. 636(b)(2)) may also receive payments under 
section 1112 of the CARES Act (15 U.S.C. 9011), as amended by this Act.
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