Bill
Bill > S4101
US S4101
LIFT UP Act Loan Interest Forgiveness for Taxpayers Under a Pandemic Act of 2020
summary
Introduced
06/30/2020
06/30/2020
In Committee
06/30/2020
06/30/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to expand the payment of principal, interest, and fees for certain disaster loans under the CARES Act, and for other purposes. This bill modifies specified debt relief made available to small businesses in response to COVID-19 (i.e., coronavirus disease 2019). Specifically, the Small Business Administration must pay the principal, interest, and any associated fees that are owed on certain disaster loans made to small businesses prior and unrelated to COVID-19 for a six-month period.
AI Summary
This bill, the LIFT UP Act (Loan Interest Forgiveness for Taxpayers Under a Pandemic Act of 2020), modifies the debt relief provisions of the CARES Act to expand the payment of principal, interest, and fees for certain Small Business Administration (SBA) disaster loans made prior to and unrelated to COVID-19. Specifically, the SBA must pay the principal, interest, and associated fees on these disaster loans for a six-month period, regardless of whether they were made for reasons unrelated to the COVID-19 pandemic.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Read twice and referred to the Committee on Small Business and Entrepreneurship. (on 06/30/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/4101/all-info |
| BillText | https://www.congress.gov/116/bills/s4101/BILLS-116s4101is.pdf |
| Bill | https://www.congress.gov/116/bills/s4101/BILLS-116s4101is.pdf.pdf |
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