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.
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 program also created a seperate loan program for businesses in need.
"we've created a sepearte loan program that would allows 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 year time period."
For businesses to qualify for this loan program they must self certify a revenue loss of 25 percent.
A portion or all 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.
You can find a break down of the proposal on our website
Senator Todd Young stopped by Arni's Pizza in Lafayette this afternoon to promote his RESTART America tour.
