Congresswoman Lizzie Fletcher, Congressman Pete Olson Introduce Bipartisan LIFT UP Act to Expand Debt Forgiveness for Small Businesses During COVID-19 Pandemic
Washington, August 4, 2020 | Rocio Cruz
Tags: Economy & Jobs
(Washington, DC) – Today, Congresswoman Lizzie Fletcher (TX-07) and Congressman Pete Olson (TX-22) introduced the bipartisan Loan Interest Forgiveness for Taxpayers Under a Pandemic (LIFT UP) Act. This legislation extends the six months of debt forgiveness provided by the CARES Act for small businesses that have previously received Small Business Administration (SBA) disaster loans.
“Keeping small businesses operating through loans provided by the CARES Act has been essential to mitigating the devastating economic impacts of the COVID-19 pandemic,” said Congresswoman Lizzie Fletcher. “For the businesses that received SBA disaster loans to help them through other setbacks, like Hurricane Harvey, the LIFT UP Act provides additional flexibility and relief during this time. I am grateful for the thoughtful input of my constituents in crafting this remedy and for the partnership of Congressman Olson in this important effort that will help support small businesses in our districts and across the country.”
“The Houston region is still struggling from Hurricane Harvey, and now the COVID-19 pandemic has set our recovery back and crippled our business community,” Rep. Pete Olson said. “This bill will offer needed relief and flexibility to small businesses in our region. We can’t afford skyrocketing bankruptcy rates and a closed sign on the doors of our community businesses. I appreciate Senator Cruz’s leadership on this issue and look forward to working with Lizzie Fletcher to get this across the finish line in the House.”
“NFIB has heard from small business owner members about the need for debt relief for existing disaster assistance loans. COVID-19 and the government responses to the pandemic stifled small business recovery efforts from previous disasters. This legislation provides the much needed relief and is consistent with other CARES Act debt relief provisions. NFIB thanks Representative Fletcher for introducing the LIFT UP Act to address small business owner constituents’ needs,” said Kevin Kuhlman, NFIB Vice President of Government Relations.
"The passage of the LIFT UP Act introduced by both Congresswoman Fletcher and Senator Cruz will help so many small businesses that were already struggling from previous disasters. It also illustrates how important our voices are to those in Washington. My federal lawmakers listened to our struggles and are working to help us with the LIFT UP Act," said Janice Jucker, Owner, Three Brothers Bakery.
The LIFT UP Act would extend the six months of loan forgiveness provided in Section 1112 of the CARES Act to small businesses that received SBA Business Physical Disaster Loans or non-COVID Economic Injury Disaster Loans, helping to ensure that small businesses recovering from past disasters have equitable access to the aid passed by Congress. Companion legislation was introduced in the Senate by Senators Ted Cruz (R-TX), Shelly Moore Capito (R-WV), and Thom Tillis (R-NC).