S. 4101 — Introduced in Senate

II 116th CONGRESS 2d Session S. 4101 IN THE SENATE OF THE UNITED STATES June 30, 2020Mr. 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. 1. Short title This Act may be cited as the Loan Interest Forgiveness for Taxpayers Under a Pandemic Act of 2020 or the LIFT UP Act. 2. Debt relief under the CARES Act Section 1112(a) of the CARES Act (Public Law 116–136) is amended— (1) in paragraph (1), by striking and at the end; (2) in paragraph (2), by striking the period at the end and inserting ; and; 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 COVID–19; or (B) under section 7(b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) that is unrelated to COVID–19. .