RESTART Act

Summary

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.

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

Timeline

1. 21 May 2020

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 21 May 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 3 June 2020

   Committee

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

   Source: Committee

4. 10 December 2020

   Committee

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

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 21 May 2020 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 May 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 May 2020

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 21 May 2020

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

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Sponsors

• Sen. Bennet, Michael F. [D-CO] · D · Sponsor
• Sen. Young, Todd [R-IN] · R · Sponsor
• Sen. King, Angus S., Jr. [I-ME] · I · Cosponsor
• Sen. Cramer, Kevin [R-ND] · R · Cosponsor
• Sen. Gardner, Cory [R-CO] · R · Cosponsor
• Sen. Tester, Jon [D-MT] · D · Cosponsor
• Sen. Reed, Jack [D-RI] · D · Cosponsor
• Sen. Ernst, Joni [R-IA] · R · Cosponsor
• Sen. Tillis, Thomas [R-NC] · R · Cosponsor
• Sen. Merkley, Jeff [D-OR] · D · Cosponsor
• Sen. Blunt, Roy [R-MO] · R · Cosponsor
• Sen. Kaine, Tim [D-VA] · D · Cosponsor
• Sen. Feinstein, Dianne [D-CA] · D · Cosponsor
• Sen. Peters, Gary C. [D-MI] · D · Cosponsor
• Sen. Blackburn, Marsha [R-TN] · R · Cosponsor
• Sen. Capito, Shelley Moore [R-WV] · R · Cosponsor
• Sen. Daines, Steve [R-MT] · R · Cosponsor
• Sen. Duckworth, Tammy [D-IL] · D · Cosponsor
• Sen. Burr, Richard [R-NC] · R · Cosponsor
• Sen. Graham, Lindsey [R-SC] · R · Cosponsor
• Sen. Stabenow, Debbie [D-MI] · D · Cosponsor
• Sen. Klobuchar, Amy [D-MN] · D · Cosponsor
• Sen. Baldwin, Tammy [D-WI] · D · Cosponsor
• Sen. Rosen, Jacky [D-NV] · D · Cosponsor
• Sen. Roberts, Pat [R-KS] · R · Cosponsor
• Sen. Alexander, Lamar [R-TN] · R · Cosponsor
• Sen. Romney, Mitt [R-UT] · R · Cosponsor
• Sen. Hyde-Smith, Cindy [R-MS] · R · Cosponsor
• Sen. Cornyn, John [R-TX] · R · Cosponsor
• Sen. Cortez Masto, Catherine [D-NV] · D · Cosponsor
• Sen. Schatz, Brian [D-HI] · D · Cosponsor
• Sen. Whitehouse, Sheldon [D-RI] · D · Cosponsor
• Sen. Cotton, Tom [R-AR] · R · Cosponsor
• Sen. Heinrich, Martin [D-NM] · D · Cosponsor
• Sen. Gillibrand, Kirsten E. [D-NY] · D · Cosponsor
• Sen. Murkowski, Lisa [R-AK] · R · Cosponsor
• Sen. Booker, Cory A. [D-NJ] · D · Cosponsor
• Sen. Smith, Tina [D-MN] · D · Cosponsor
• Sen. Wicker, Roger F. [R-MS] · R · Cosponsor
• Sen. Blumenthal, Richard [D-CT] · D · Cosponsor
• Sen. Sullivan, Dan [R-AK] · R · Cosponsor
• Sen. Durbin, Richard J. [D-IL] · D · Cosponsor
• Sen. Sinema, Kyrsten [I-AZ] · D · Cosponsor
• Sen. Casey, Robert P., Jr. [D-PA] · D · Cosponsor
• Sen. Inhofe, James M. [R-OK] · R · Cosponsor
• Sen. Boozman, John [R-AR] · R · Cosponsor
• Sen. Murray, Patty [D-WA] · D · Cosponsor
• Sen. Markey, Edward J. [D-MA] · D · Cosponsor

Showing 48 of 62 sponsors and actors.

Related records

• related to ← RESTART Act