U.S. Sen. Todd Young (R-IN) recently introduced bipartisan legislation that would establish a loan program for businesses affected by COVID–19 and would extend the loan forgiveness period for the Paycheck Protection Program (PPP).
“The Paycheck Protection Program has been a tremendous asset, providing nearly $10 billion in loans to Indiana recipients, and saving more than 50 million American jobs,” Sen. Young said. “However, after speaking with some of the hardest-hit businesses, it’s clear more is needed to help job creators navigate this pandemic.”
Sen. Young on May 21 introduced the Reviving the Economy Sustainably Towards A Recovery in Twenty-twenty (RESTART) Act, S. 3814, with lead sponsor U.S. Sen. Michael Bennet (D-CO) to support the small- and mid-sized businesses most affected by the COVID-19 pandemic.
If enacted, the bill would give business owners who took out PPP loans authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act the flexibility to effectively utilize the program; would create a loan program to provide funding to support the hardest-hit businesses for the remainder of 2020; and would provide loan forgiveness as a backstop against ongoing economic challenges, according to a bill summary provided by Sen. Young’s office.
The bill would provide “longer-term loans and more flexibility so that the businesses who have suffered the greatest economic hardship can resume operations,” said Sen. Young. “The RESTART Act will jumpstart the next phase of recovery to allow businesses to reopen, paychecks to continue, and people to get back to work.”