All Information (Except Text) for S.3814 - RESTART Act116th Congress (2019-2020)
|Sponsor:||Sen. Bennet, Michael F. [D-CO] (Introduced 05/21/2020)|
|Committees:||Senate - Finance|
|Committee Meetings:||12/10/20 10:00AM 06/03/20 10:00AM|
|Latest Action:||Senate - 12/10/2020 Committee on Small Business and Entrepreneurship. Hearings held. (All Actions)|
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Short Titles - Senate
Short Title(s) as Introduced
Reviving the Economy Sustainably Towards A Recovery in Twenty-twenty Act
Actions Overview (1)
|05/21/2020||Introduced in Senate|
All Actions (3)
|12/10/2020||Committee on Small Business and Entrepreneurship. Hearings held.|
|06/03/2020||Committee on Small Business and Entrepreneurship. Hearings held.|
|05/21/2020||Read twice and referred to the Committee on Finance.|
Action By: Senate
|Committee / Subcommittee||Date||Activity||Related Documents|
|Senate Finance||05/21/2020||Referred to|
|Senate Small Business and Entrepreneurship||06/03/2020||Hearings by|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Business expenses
- Cardiovascular and respiratory health
- Credit and credit markets
- Emergency medical services and trauma care
- Government information and archives
- Government lending and loan guarantees
- Health technology, devices, supplies
- Infectious and parasitic diseases
- Interest, dividends, interest rates
- Minority and disadvantaged businesses
- Public utilities and utility rates
- Rural conditions and development
- Small business
- Social work, volunteer service, charitable organizations
- Tax-exempt organizations
- Veterans' education, employment, rehabilitation
- Veterans' loans, housing, homeless programs
- Wages and earnings
- Women in business
- Worker safety and health
Latest Summary (1)
Introduced in Senate (05/21/2020)
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.