1. Short title
This Act may be cited as the “Loan Interest Forgiveness for Taxpayers Under a Pandemic Act of 2021” or the “LIFT UP Act of 2021”.
Loan Interest Forgiveness for Taxpayers Under a Pandemic Act of 2021
A BILL
To expand the payment of principal, interest, and fees for certain disaster loans under the CARES Act, and for other purposes.
2. Subsidy for certain loan payments
Section 1112 of the CARES Act (15 U.S.C. 9011) is amended—
in subsection (a)—
in paragraph (1)(B), by striking “or” at the end;
in paragraph (2), by striking the period at the end and inserting “; or”; and
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.”
in subsection (c)—
in paragraph (1)—
in subparagraphs (A) and (B), by inserting “(except a covered loan described in subsection (a)(3))” after “on deferment” each place it appears; and
by adding at the end the following new subparagraph:
“(E) With respect to a covered loan described in subsection (a)(3), for the 6-month period beginning with the first payment due on the covered loan.”
in paragraph (6), by inserting “(except a covered loan described in subsection (a)(3))” after “for a covered loan”.
3. Emergency EIDL grants
A borrower of a loan made under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) may also receive payments under section 1112 of the CARES Act (15 U.S.C. 9011), as amended by this Act.