Congressmembers Lizzie Fletcher and Michael McCaul Introduce Bipartisan LIFT UP Act To Support Small Businesses During COVID-19 Pandemic
Bill Provides Debt Flexibility for CARES Act Loans for Businesses that Received Federal Disaster Loans to Help Through Previous Setbacks
Washington, February 4, 2021
Tags: Economy & Jobs
Today, Congresswoman Lizzie Fletcher (TX-07) and Congressman Michael McCaul (TX-10) introduced the bipartisan Loan Interest Forgiveness for Taxpayers Under a Pandemic (LIFT UP) Act to support small businesses as the COVID-19 pandemic continues. This legislation extends the six-month period of debt forgiveness for loans established by the CARES Act for businesses that have previously received Small Business Administration (SBA) disaster loans. This would provide additional relief for businesses in Houston that are currently navigating the COVID-19 pandemic and that have also previously received SBA loans to help with recovery from Hurricane Harvey and other disasters.
“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 businesses that received SBA disaster loans to help them through setbacks in the past, 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 common-sense solution and for the partnership of Congressman McCaul in this important effort.”
“America’s small businesses are essential to our economy and the communities around the nation. As a result of the COVID-19 pandemic and Hurricane Harvey, many businesses in our districts have endured hardship for years and have depended on loans to survive. By extending the period of loan forgiveness, this legislation will provide vital relief to small businesses who desperately need it,” said Congressman Michael McCaul.
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.
Congresswoman Fletcher first introduced the LIFT UP Act last August, and it passedas a part of the updated Heroes Act. Fletcher’s other bill to support small businesses through the COVID-19 pandemic, the Protecting the Paycheck Protection Program Actwas signed into law as a part of the bipartisan year-end spending bill.