LIFT UP Act

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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Loan Interest Forgive- 4 ness for Taxpayers Under a Pandemic Act of 2020’’ or 5 the ‘‘LIFT UP Act’’. 6 SEC. 2. DEBT RELIEF UNDER THE CARES ACT. 7 Section 1112(a) of the CARES Act (Public Law 116– 8 136) is amended— 9 VerDate Sep 11 2014 05:53 Jul 08, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S4101.IS S4101 kjohnson on DSK79L0C42PROD with BILLS 2 •S 4101 IS (1) in paragraph (1), by striking ‘‘and’’ at the 1 end; 2 (2) in paragraph (2), by striking the period at 3 the end and inserting ‘‘; and’’; and 4 (3) by adding at the end the following: 5 ‘‘(3) made during the period beginning on Jan- 6 uary 1, 2015, and ending on the day before the date 7 of enactment of this paragraph— 8 ‘‘(A) to a business concern under section 9 7(b)(1) of the Small Business Act (15 U.S.C. 10 636(b)(1)) that is unrelated to COVID–19; or 11 ‘‘(B) under section 7(b)(2) of the Small 12 Business Act (15 U.S.C. 636(b)(2)) that is un- 13 related to COVID–19.’’. 14 Æ VerDate Sep 11 2014 05:53 Jul 08, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S4101.IS S4101 kjohnson on DSK79L0C42PROD with BILLS