Indiana Sen. Todd Young introducing bipartisan Restart Act

Stimulus

Courtesy: Senator Todd Young (R-Ind.)

(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.

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(This story was originally published on May 7, 2020)

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