WASHINGTON, D.C. – Today, U.S. Senators Thom Tillis (R-NC), Ted Cruz (R-TX), Marco Rubio (R-FL), and Shelley Moore Capito (R-WV) introduced the Loan Interest Forgiveness for Taxpayers Under a Pandemic (LIFT UP) Act, legislation that would expand the eligibility for debt forgiveness provided in the CARES Act to small businesses that received Small Business Administration (SBA) disaster loans.
“As hardworking North Carolinians continue to do everything they can to stay in business during this pandemic, Congress must have their backs,” said Senator Tillis. “This commonsense legislation will expand the eligibility for loan forgiveness for small businesses and give them the flexibility and relief they need as our economy continues to recover.”
The LIFT UP Act would extend the six months of debt 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.
The full text of the legislation can be read here.