Bill
Bill > HR7928
US HR7928
LIFT UP Act of 2020 Loan Interest Forgiveness for Taxpayers Under a Pandemic Act of 2020
summary
Introduced
08/04/2020
08/04/2020
In Committee
08/04/2020
08/04/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
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 Loan Interest Forgiveness for Taxpayers Under a Pandemic Act of 2020, or the LIFT UP Act of 2020, expands the debt relief provisions of the CARES Act to cover certain disaster loans made to small businesses prior to and unrelated to the COVID-19 pandemic. Specifically, the Small Business Administration must pay the principal, interest, and any associated fees on these pre-existing disaster loans for a six-month period.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Referred to the House Committee on Small Business. (on 08/04/2020)
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/house-bill/7928/all-info |
| BillText | https://www.congress.gov/116/bills/hr7928/BILLS-116hr7928ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr7928/BILLS-116hr7928ih.pdf.pdf |
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