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.
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
.
Subsidy for certain loan payments
Section 1112 of the CARES Act (15 U.S.C. 9011) is amended—
in subsection (a)—
in paragraph (1)(B), by striking or
at the end;
in paragraph (2), by striking the period at the end and inserting ; or
; and
by adding at the end the following:
made during the period beginning on January 1, 2015, and ending on the day before the date of enactment of this paragraph—
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
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
in subsection (c)—
in paragraph (1)—
in subparagraphs (A) and (B), by inserting (except a covered loan described in subsection (a)(3))
after on deferment
each place it appears; and
by adding at the end the following new subparagraph:
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
in paragraph (6), by inserting (except a covered loan described in subsection (a)(3))
after for a covered loan
.
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.
