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H.R. 809: LIFT UP Act of 2021


The text of the bill below is as of Feb 4, 2021 (Introduced).


I

117th CONGRESS

1st Session

H. R. 809

IN THE HOUSE OF REPRESENTATIVES

February 4, 2021

(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.