H.R. 809, LIFT UP Act of 2021
Summary
House bill 809, the LIFT UP Act of 2021, is a bill to expand the payment of principal, interest, and fees for certain disaster loans under the CARES Act, and for other purposes. Fletcher, for herself and McCaul, introduced it on February 4, 2021, and it was referred to the Committee on Small Business. Section 2 amends section 1112 of the CARES Act to cover loans made under section 7(b)(1) or 7(b)(2) of the Small Business Act that are unrelated to the COVID-19 pandemic. For those loans it adds a 6-month period beginning with the first payment due on the covered loan. Section 3 provides that a borrower of a loan made under section 7(b)(2) of the Small Business Act may also receive payments under section 1112 of the CARES Act.
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Cite this document
“H.R. 809, LIFT UP Act of 2021.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117hr809ih-bills-117hr809ih/
, SHA-256 633edd2ecfbc15976b41f358f9bf43cfa8bd5a7365d35c9f664363440801644f.Full text
I
117TH CONGRESS
1ST SESSION
H. R. 809
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
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.
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 2021’’ or
6 the ‘‘LIFT UP Act of 2021’’.
7 SEC. 2. SUBSIDY FOR CERTAIN LOAN PAYMENTS.
8
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Section 1112 of the CARES Act (15 U.S.C. 9011)
9 is amended—
10 (1) in subsection (a)—
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2
1 (A) in paragraph (1)(B), by striking ‘‘or’’
2 at the end;
3 (B) in paragraph (2), by striking the pe-
4 riod at the end and inserting ‘‘; or’’; and
5 (C) 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.’’; and
16 (2) in subsection (c)—
17 (A) in paragraph (1)—
18 (i) in subparagraphs (A) and (B), by
19 inserting ‘‘(except a covered loan described
20 in subsection (a)(3))’’ after ‘‘on
21 deferment’’ each place it appears; and
22 (ii) by adding at the end the following
23 new subparagraph:
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24 ‘‘(E) With respect to a covered loan de-
25 scribed in subsection (a)(3), for the 6-month
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3
1 period beginning with the first payment due on
2 the covered loan.’’; and
3 (B) in paragraph (6), by inserting ‘‘(except
4 a covered loan described in subsection (a)(3))’’
5 after ‘‘for a covered loan’’.
6 SEC. 3. EMERGENCY EIDL GRANTS.
7 A borrower of a loan made under section 7(b)(2) of
8 the Small Business Act (15 U.S.C. 636(b)(2)) may also
9 receive payments under section 1112 of the CARES Act
10 (15 U.S.C. 9011), as amended by this Act.
Æ
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