LIFT UP Act of 2021

Bill: 117-hr-809
Sponsor: full_name: Rep. Fletcher, Lizzie [D-TX-7]
Introduced: 2021-02-04
Policy area: Commerce
Subjects: Cardiovascular and respiratory health

Disaster relief and insurance

Economic performance and conditions

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: 2021-02-04
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2021-02-04
action_desc: Introduced in House
text: <p><b>Loan Interest Forgiveness for Taxpayers Under a Pandemic Act of 2021 or the LIFT UP Act of 2021</b></p> <p>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.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 809 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.

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 . 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 . 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.