Loan Interest Forgiveness for Taxpayers Under a Pandemic Act of 2020

H.R. 7928 · 116th Congress · Aug 4, 2020 · Lineage

A BILL

To expand the payment of principal, interest, and fees for certain disaster loans under the CARES Act, and for other purposes.

This Act may be cited as the “Loan Interest Forgiveness for Taxpayers Under a Pandemic Act of 2020” or the “LIFT UP Act of 2020”.

Section 1112(a) of the CARES Act (Public Law 116–136) is amended—

(1)

in paragraph (1)(B), by striking “or” at the end;

(2)

in paragraph (2), by striking the period at the end and inserting “; or”; and

(3)

by adding at the end the following:

“(3) made during the period beginning on January 1, 2015, and ending on the day before the date of enactment of this paragraph—

“(A) to a business concern under section 7(b)(1) of the Small Business Act (15 U.S.C. 636(b)(1)) that is unrelated to the COVID–19 pandemic; or

“(B) under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) that is unrelated to the COVID–19 pandemic.”