H.R. 7928, LIFT UP Act of 2020
Summary
H.R. 7928, the LIFT UP Act of 2020, was introduced in the House of Representatives on August 4, 2020 by Mrs. Fletcher, for herself and Mr. Olson, and referred to the Committee on Small Business. It is a bill to expand the payment of principal, interest, and fees for certain disaster loans under the CARES Act. It amends section 1112(a) of the CARES Act to add loans made during the period beginning in 2015 and ending on the day before the date of enactment, to a business concern under section 7(b)(1) or under section 7(b)(2) of the Small Business Act, that are unrelated to the COVID-19 pandemic.
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Cite this document
“H.R. 7928, LIFT UP Act of 2020.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116hr7928ih-bills-116hr7928ih/
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I
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.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Loan Interest Forgive-
5 ness for Taxpayers Under a Pandemic Act of 2020’’ or
6 the ‘‘LIFT UP Act of 2020’’.
7 SEC. 2. DEBT RELIEF UNDER THE CARES ACT.
8 Section 1112(a) of the CARES Act (Public Law 116–
9 136) is amended—
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2
1 (1) in paragraph (1)(B), by striking ‘‘or’’ at the
2 end;
3 (2) in paragraph (2), by striking the period at
4 the end and inserting ‘‘; or’’; and
5 (3) by adding at the end the following:
6 ‘‘(3) made during the period beginning on Jan-
7 uary 1, 2015, and ending on the day before the date
8 of enactment of this paragraph—
9 ‘‘(A) to a business concern under section
10 7(b)(1) of the Small Business Act (15 U.S.C.
11 636(b)(1)) that is unrelated to the COVID–19
12 pandemic; or
13 ‘‘(B) under section 7(b)(2) of the Small
14 Business Act (15 U.S.C. 636(b)(2)) that is un-
15 related to the COVID–19 pandemic.’’.
Æ
•HR 7928 IH
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