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RESTART Act

Introduced: May 21, 2020 Introduced by: Bennet, Michael F. Democratic · Colorado See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Dec 10, 2020

Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 116-519.

Jun 3, 2020

Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 116-604.

May 21, 2020

Read twice and referred to the Committee on Finance.

May 21, 2020

Introduced in Senate

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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 extends the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), for certain businesses, and it establishes a loan program whereby the Small Business Administration (SBA) shall guarantee loan amounts to certain businesses affected by COVID-19.

Specifically, the bill provides a paycheck protection loan recipient with 16 weeks to use such funds if the recipient has (1) less than 500 full-time employees, and (2) suffered a decline in revenues of at least 25%.

The bill also establishes a loan program whereby the SBA shall guarantee 100% of program loan amounts made to certain small businesses that have not more 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 December 10, 2020

Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 116-519.

Related & companion bills 1

Bill text 1 version