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United States · Bill · HR

H.R. 7481 (116th)

RESTART Act

referredUnited States· United States Congress· EN

Introduced

2 July 2020

Last action

2 July 2020 · Introduced

Status

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.

Sponsors

Rep. Golden, Jared F. [D-ME-2], Rep. Kelly, Mike [R-PA-16], Rep. Quigley, Mike [D-IL-5], Rep. Fitzpatrick, Brian K. [R-PA-1], Rep. Brown, Anthony G. [D-MD-4], Ron Wright, Sen. Schiff, Adam B. [D-CA], Rep. Marchant, Kenny [R-TX-24], Del. Norton, Eleanor Holmes [D-DC-At Large], Rep. Smucker, Lloyd [R-PA-11], Rep. Ruppersberger, C. A. Dutch [D-MD-2], Rep. Hurd, Will [R-TX-23], Rep. Cooper, Jim [D-TN-5], Rep. LaHood, Darin [R-IL-16], Rep. Veasey, Marc A. [D-TX-33], Rep. Flores, Bill [R-TX-17], Rep. Brownley, Julia [D-CA-26], Rep. Walorski, Jackie [R-IN-2], Sen. Welch, Peter [D-VT], Rep. Granger, Kay [R-TX-12], Rep. Cisneros, Gilbert Ray [D-CA-31], Rep. Cole, Tom [R-OK-4], Rep. Trone, David J. [D-MD-6], Rep. Estes, Ron [R-KS-4], Rep. Thompson, Bennie G. [D-MS-2], Rep. Lowenthal, Alan S. [D-CA-47], Rep. Bonamici, Suzanne [D-OR-1], Rep. Schneider, Bradley Scott [D-IL-10], Rep. Axne, Cynthia [D-IA-3], Rep. Kirkpatrick, Ann [D-AZ-2], Rep. Lamb, Conor [D-PA-17], Rep. Stanton, Greg [D-AZ-4], Rep. Sarbanes, John P. [D-MD-3], Rep. Lieu, Ted [D-CA-36], Rep. Rose, Max [D-NY-11], Rep. Houlahan, Chrissy [D-PA-6], Rep. Escobar, Veronica [D-TX-16], Rep. Kaptur, Marcy [D-OH-9], Rep. Titus, Dina [D-NV-1], Rep. Napolitano, Grace F. [D-CA-32], Rep. Pingree, Chellie [D-ME-1], Rep. Cuellar, Henry [D-TX-28], Rep. Connolly, Gerald E. [D-VA-11], Rep. Beyer, Donald S. [D-VA-8], Rep. Dean, Madeleine [D-PA-4], Rep. Horn, Kendra S. [D-OK-5], Jim Hagedorn, Rep. Crenshaw, Dan [R-TX-2]

Subjects

Discovery layer

Source updated

3 January 2025

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Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 2 July 2020

    Introduced

    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.

    Source: IntroReferral

  2. 2 July 2020

    Referred

    Referred to the Subcommittee on Select Revenue Measures.

    Source: Committee

  3. 2 July 2020

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 2 July 2020

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 2 July 2020

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  • Introduced in House (PDF)

    Introduced in House · EN · 2 July 2020

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  • Introduced in House

    summary · EN · 2 July 2020

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Sponsors

Showing 48 of 182 sponsors and actors.

Related records

Sources

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