(WEHT)- Sen. Todd Young (R-Indiana) and Sen. Michael Bennet (D-Colorado) are introducing legislation that would give some businesses more time to reopen following the COVID-19 pandemic.
The bill would amend the existing Paycheck Protection Program by extending the period where borrowers can deploy loans from eight weeks to 16 weeks.
The plan would also create a new fund, called Restart that would allow businesses experiencing a loss in revenue greater than 25 percent to borrow money over a seven year period, compared to two years under the Paycheck Protection Program.
Sen. Young says the plan will give business owners more time to reopen.
(This story was originally published on May 7, 2020)