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Senators Introduce Legislation to Support Hardest-Hit Small and Mid-Sized Businesses

Thursday, May 21, 2020  
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Senators Introduce Legislation to Support Hardest-Hit Small and Mid-Sized Businesses

 

Senators Todd Young (IN) and Michael Bennet (CO) introduced the Reviving the Economy Sustainably Towards a Recovery in Twenty-twenty (RESTART) Act today to support the small- and mid-sized businesses most affected by the Coronavirus Disease 2019 (COVID-19) crisis. The legislation would provide additional financial assistance to companies with up to 5000 employees.

 

For companies who qualified for PPP, the “RESTART Act” proposes to extend the 8-week covered period to a 16-week period to allow the hardest-hit businesses that have seen revenues decline by at least 25% additional time to deploy PPP funds and meet the requirements for loan forgiveness.

 

The “RESTART Act” also establishes a new loan program called the RESTART Program to help small to mid-sized companies unable to access PPP and Main Street Lending Program.  The loan would cover the next 6 months of payroll, benefits, and fixed operating expenses for business that can self-certify losses of 25% or more over an 8 week period from February 15, 2020-July 31, 2020, compared to an earlier 8 week period in 2020 or in 2019. The value of the loans would be capped at 45% of 2019 gross receipts up to $12M, and 100% federal guarantee for the life of the loan.

 

MDMA continues to work with Members of Congress to improve the PPP and Main Street Lending program, as well as other liquidity policies to help medical technology innovators during these challenging times.