arrow_back Back to App

Loan Interest Forgiveness for Pre-Pandemic Business Loans

This act aims to expand support for small businesses that took out federal loans before the COVID-19 pandemic. It allows the government to cover a portion of principal, interest, and fees for these loans for a six-month period, potentially providing financial relief to business owners.
Key points
The government can cover principal, interest, and fees for certain small business loans taken out between January 1, 2015, and the day before the act's enactment, if unrelated to the COVID-19 pandemic.
The support covers six months of payments, starting from the first payment due on the loan.
Businesses that received Economic Injury Disaster Loans (EIDL) can also receive these payment subsidies.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_809
Sponsor: Rep. Fletcher, Lizzie [D-TX-7]
Process start date: 2021-02-04
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

LIFT UP Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_809.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-02-04.

What are the main provisions?

Key points include:

  • The government can cover principal, interest, and fees for certain small business loans taken out between January 1, 2015, and the day before the act's enactment, if unrelated to the COVID-19 pandemic.
  • The support covers six months of payments, starting from the first payment due on the loan.
  • Businesses that received Economic Injury Disaster Loans (EIDL) can also receive these payment subsidies.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Fletcher, Lizzie [D-TX-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Small Business.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Benefits