WASHINGTON D.C., (WLFI)- U.S. Senator Todd Young is proposing a program that would support small and mid-sized businesses hit the hardest by the Coronavirus. Senator Young says the RESTART Act would go beyond the Paycheck Protection Program by providing long term loans to businesses and non-profits that are facing economic hardships.
The RESTART act would also make changes to the Paycheck Protection Program. The proposal would double the amount of time businesses have to deploy the funds they have received. The RESTART Act would also create a separate loan program for businesses in need.
"We've created a separate loan program that would allow businesses to cover six months’ worth of payroll and fixed costs like utilities and rent and then pay back that loan over an extended period over a 7-years," said Indiana U.S. Senator Todd Young.
For businesses to qualify for this loan program they must self-certify a revenue loss of 25 percent. A portion of the loan could be forgiven depending on how much revenue the business has lost. Young says there is no timeline as to when this proposal will be heard but he is working actively to get the RESTART Act passed. For a full break down of the proposal click here.