S 4101
Lift up act
Lift up Act
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- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill, the ‘Lift Up Act,’ aims to provide debt relief to small businesses by expanding the eligibility for loan forgiveness under the CARES Act. Specifically, it directs the Small Business Administration to pay off the principal, interest, and associated fees on certain disaster loans issued to small businesses before 2020 that were not related to the COVID-19 pandemic. This expansion applies to loans made under both section 7(b)(1) and 7(b)(2) of the Small Business Act. The goal is to offer financial assistance to businesses that previously received disaster loans but did not benefit from COVID-19 relief programs.
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