July 23, 2020

Support Growing for RESTART Act in Next Coronavirus Relief Package

WASHINGTON – U.S. Senators Todd Young (R-Ind.) and Michael Bennet (D-Colo.) today announced 23 new cosponsors have signed on to their Reviving the Economy Sustainably Towards a Recovery in Twenty-twenty (RESTART) Act for a total of 33 cosponsors. Senators Young and Bennet are working to ensure the RESTART Act is included in the next phase of coronavirus relief to help provide a lifeline for the hardest-hit small and mid-sized businesses.


In addition to Senators Young and Bennet, the RESTART Act is cosponsored by Senators Lamar Alexander (R-Tenn.), Tammy Baldwin (D-Wisc.), Marsha Blackburn (R-Tenn.), Roy Blunt (R-Mo.), Richard Burr (R-N.C.), Shelley Moore Capito (R-W.Va.), John Cornyn (R-Texas), Catherine Cortez Masto (D-Nev.), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Steve Daines (R-Mont.), Tammy Duckworth (D-Ill.), Joni Ernst (R-Iowa), Dianne Feinstein (D-Calif.), Cory Gardner (R-Colo.), Kirsten Gillibrand (D-N.Y.), Lindsey Graham (R-S.C.), Martin Heinrich (D-N.M.), Cindy Hyde-Smith (R-Miss.), Tim Kaine (D-Va.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Pat Roberts (R-Kan.), Mitt Romney (R-Utah), Jacky Rosen (D-Nev.), Brian Schatz (D-Hawaii), Debbie Stabenow (D-Mich.), Jon Tester (D-Mont.), Thom Tillis (R-N.C.), and Sheldon Whitehouse (D-R.I.).


“The Paycheck Protection Program was very successful, but we’re learning that many PPP-eligible small businesses, and other mid-sized businesses that have slipped through cracks, are still struggling to stay open and pay their employees. The RESTART Act would provide a low-interest, partially forgivable, long-term working capital loan to get them through one of the most disruptive economic periods in our history,” said Senator Young.


“Since March, I have spoken to countless small- and mid-sized business owners across Colorado who are facing enormous revenue hits—upwards of 50%, 70%, and even 90%,” said Senator Bennet. “That’s why we created the RESTART Act, which offers sustained support that includes flexible terms on a long-term loan with forgiveness based on how hard they’ve been hit. Momentum continues to build for our proposal as more of our colleagues hear from people in their states that we need to help the hardest-hit businesses weather the next year, not just the next two months.”


Treasury Secretary Steven Mnuchin was recently asked about the RESTART Act being included in the next phase of coronavirus relief. He said, “I think parts of it should be incorporated.” Additionally, the bipartisan legislation is supported by nearly 40 national organizations and more than 40 Indiana businesses. View a full list of supporters HERE


To view a one-pager on the RESTART Act, click HERE