S. 4101, LIFT UP Act
Summary
S. 4101, the LIFT UP Act, was introduced June 30, 2020 by Mr. Cruz (for himself, Mr. Rubio, Mrs. Capito, and Mr. Tillis) and referred to the Committee on Small Business and Entrepreneurship. It is a bill to expand the payment of principal, interest, and fees for certain disaster loans under the CARES Act. It would amend the CARES Act debt relief provision to add loans made to a business concern under the Small Business Act that are unrelated to COVID–19. The added loans are those made from 2015 up to the day before enactment.
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Cite this document
“S. 4101, LIFT UP Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116s4101is-bills-116s4101is/
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II
116TH CONGRESS
2D SESSION
S. 4101
To expand the payment of principal, interest, and fees for certain disaster
loans under the CARES Act, and for other purposes.
IN THE SENATE OF THE UNITED STATES
JUNE 30, 2020
Mr. CRUZ (for himself, Mr. RUBIO, Mrs. CAPITO, and Mr. TILLIS) introduced
the following bill; which was read twice and referred to the Committee
on Small Business and Entrepreneurship
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’’.
7 SEC. 2. DEBT RELIEF UNDER THE CARES ACT.
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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), by striking ‘‘and’’ at the
2 end;
3 (2) in paragraph (2), by striking the period at
4 the end and inserting ‘‘; and’’; 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 COVID–19; or
12 ‘‘(B) under section 7(b)(2) of the Small
13 Business Act (15 U.S.C. 636(b)(2)) that is un-
14 related to COVID–19.’’.
Æ
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•S 4101 IS
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