LIFT UP Act of 2020

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7928 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 7928

  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

                             August 4, 2020

  Mrs. Fletcher (for herself and Mr. Olson) 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 2020'' or the ``LIFT UP Act of 
2020''.

SEC. 2. DEBT RELIEF UNDER THE CARES ACT.

    Section 1112(a) of the CARES Act (Public Law 116-136) is amended--
            (1) in paragraph (1)(B), by striking ``or'' at the end;
            (2) in paragraph (2), by striking the period at the end and 
        inserting ``; or''; 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 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.''.
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