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RESTART Act

Introduced: August 7, 2020 Introduced by: Golden, Jared F. Democratic · Maine See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 2, 2020

Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Jul 2, 2020

Referred to the Subcommittee on Select Revenue Measures.

Jul 2, 2020

Introduced in House

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Plain-English summary Congressional Research Service

Reviving the Economy Sustainably Towards A Recovery in Twenty-twenty Act or the RESTART Act

This bill establishes a loan program whereby the Small Business Administration (SBA) shall guarantee loan amounts to certain businesses affected by COVID-19 (i.e., coronavirus disease 2019).

Specifically, the bill requires the SBA to guarantee 100% of program loan amounts made to certain small businesses that have not more than than 5,000 full-time employees. The terms for such loans shall include (1) a maximum duration of not more than seven years; (2) an amount that is not greater than 45% of 2019 gross receipts, up to $12 million; and (3) no payment on principal for the first two years of the loan.

A lender that is otherwise approved to make paycheck protection loans may make and approve loans established by the bill, and a recipient may use loan funds for specified allowable expenses including payroll costs, rent, utilities, and personal protective equipment.

Such loans may be forgiven up to the amount of total losses incurred by the recipient in the taxable year 2020.

What's happening now July 2, 2020

Related & companion bills 1

Bill text 1 version

Introduced in House Formatted Text PDF Formatted XML

Source documents hosted by congress.gov.

Committees of jurisdiction 3

Small Business Committee
House of Representatives
Tax Subcommittee
House of Representatives · subcommittee of Ways and Means Committee
Ways and Means Committee
House of Representatives