LIFT UP Act

Bill: 116-s-4101
Sponsor: full_name: Sen. Cruz, Ted [R-TX]
Introduced: 2020-06-30
Policy area: Commerce
Subjects: Cardiovascular and respiratory health

Disaster relief and insurance

Emergency medical services and trauma care

Government lending and loan guarantees

Infectious and parasitic diseases

Interest, dividends, interest rates

Small business
Latest action: action_date: 2020-06-30
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2020-06-30
action_desc: Introduced in Senate
text: <p><b>Loan Interest Forgiveness for Taxpayers Under a Pandemic Act of 2020 or the LIFT UP Act</b></p> <p>This bill modifies specified debt relief made available to small businesses in response to COVID-19 (i.e., coronavirus disease 2019).</p> <p> Specifically, the Small Business Administration must pay the principal, interest, and any associated fees that are owed on certain disaster loans made to small businesses prior and unrelated to COVID-19 for a six-month period.</p>

tv_txt: II 116th CONGRESS 2d Session S. 4101 IN THE SENATE OF THE UNITED STATES June 30, 2020 Mr. Cruz (for himself, Mr. Rubio , Mrs. Capito , and Mr. Tillis ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To expand the payment of principal, interest, and fees for certain disaster loans under the CARES Act, and for other purposes.

1. Short title This Act may be cited as the Loan Interest Forgiveness for Taxpayers Under a Pandemic Act of 2020 or the LIFT UP Act . 2. Debt relief under the CARES Act Section 1112(a) of the CARES Act ( Public Law 116–136 ) is amended— (1) in paragraph (1), by striking and at the end; (2) in paragraph (2), by striking the period at the end and inserting ; and ; and (3) 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 COVID–19; or (B) under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) that is unrelated to COVID–19. .