VIDEO: Young Discusses RESTART Act and Reopening Indiana’s Economy
“My RESTART Act is a viable approach to help keep our hardest-hit businesses going.”
Click here or the image above to view Senator Young’s remarks.
WASHINGTON – U.S. Senator Todd Young (R-Ind.) today spoke on the Senate Floor about reopening Indiana’s economy in the wake of coronavirus and his efforts to help the hardest-hit Hoosier businesses through his RESTART Act. Senator Young spoke about his week-long RESTART Tour in Indiana last week.
“Over the last several weeks, I’ve spoken to more than 22,000 Hoosiers via Zoom, conference calls, and more. I’m truly inspired by the way Hoosiers have come together to help each other during this pandemic. Everyone has done their part,” said Senator Young in the floor speech.“Hoosiers want to work and business owners are eager to pay them. The RESTART Act can help make sure this happens.”
Click here to view the full remarks.
Full remarks as Prepared for Delivery:
Last week, I traveled around Indiana on my RESTART Tour.
I visited small businesses in eight cities that have been impacted by the coronavirus pandemic. Like many other states, Indiana is in the process of reopening our economy.
Our Governor – Eric Holcomb – has implemented a five-stage plan for safely reopening the economy.
The cities on my tour had businesses in various stages of reopening. Restaurants like Catablu Grille in Fort Wayne, Arni’s in Lafayette, and Woody’s Library in Carmel are open at 50 percent capacity.
The non-profit Terre Haute Children’s Museum remains closed, and is struggling to pay its employees. At Zimmer Biomet Hibbard – a medical device company in Valparaiso – sales dropped 95 percent in March.
Fortunately, they received a Paycheck Protection Program loan that enabled them to keep all 23 of their employees on the payroll.
It’s clear that we need to continue evaluating additional relief measures for small businesses and non-profits.
My RESTART Act is a viable approach to help keep our hardest-hit businesses going.
The RESTART Act is a bipartisan bill I introduced with Senator Michael Bennet to build upon the success of the Paycheck Protection Program.
More than 74,000 Hoosier businesses have benefited from PPP. With loans totaling nearly $9.4 billion. That’s an average loan of about $130,000 for Indiana small businesses.
But, PPP requires funds to be spent in eight weeks – And most restaurants, gyms, boutiques and other businesses were not permitted to be open during part or all of their eight weeks.
So, the first part of the RESTART Act extends that timeframe to 16 weeks for the hardest-hit businesses.
Second, PPP was meant to be a bridge to reopening our economy. But many small businesses have a much longer bridge to cross.
Our new RESTART Program would provide loans covering up to six months of payroll and fixed expenses for businesses that have taken a substantial revenue hit during the coronavirus pandemic.
It would provide needed funds with flexibility for business owners to pay bills, implement social distancing measures, and bring employees back to work.
Over the last several weeks, I’ve spoken to more than 22,000 Hoosiers via Zoom, conference calls, and more.
I’m truly inspired by the way Hoosiers have come together to help each other during this pandemic.
Everyone has done their part.
Hoosiers want to work and business owners are eager to pay them.
The RESTART Act can help make sure this happens.
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