Overview of the RESTART Act

In May, U.S. Senators Bennet (D-CO) and Young (R-IN) introduced the RESTART Act (S. 3814) to provide increased flexibility to the Paycheck Protection Program (PPP). It also would establish a new lending program for small and medium-sized businesses to cover up to six months of operating expenses for those hit hardest by the economic fallout due to COVID-19 and lockdowns by state and local governments. This bill is bipartisan with 56 cosponsors in the Senate and 163 cosponsors in the House (H.R. 7481) as of Sept. 27.
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TPPF proposes adding an amendment to include rehire grants to cover 120% of up to six months of the costs of rehiring employees terminated since the beginning of the COVID-19 crisis. While the economic damage continues from governments not ending lockdowns, congressional discussions are progressing towards moving the RESTART Act to the floor for a vote. In lieu of other congressional action, TPPF supports the passage of the RESTART Act and recommends adding the rehire grant amendment while reallocating CARES Act unspent dollars to fund it.