I invented this term, to describe the loopholes I used to get around with for lent. It is usually used for people who are either non religious, or believe in God/etc. but do not follow certain religious customs, but have family that follow the custom. Such loopholes include simply giving up something you really do not care about, or substituting things you are giving up.
"I gave up chewing gum for Lent, but not bubblegum. And last year, I gave up Coke, but not Pepsi. I love Loophole Lent!"