Texas Insider Report: WASHINGTON, D.C. – Rep. Pete Olson (TX-22) announced the Loan Interest Forgiveness for Taxpayers Under a Pandemic (LIFT UP) Act with Congresswomen Lizzie Fletcher (TX-07). 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. This is the House companion to Senator Ted Cruz’s Loan Interest Forgiveness for Taxpayers Under a Pandemic (LIFT UP) Act of 2020.
“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 all 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.”
“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 previously received SBA loans to help them through other setbacks, such as Hurricane Harvey, in addition to loans through the CARES Act, the LIFT UP Act provides additional flexibility and relief during this time. I thank Congressman Olson for joining me in this important effort that will help support small businesses.”
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.