RESTART Act
Latest action · Dec 10, 2020 Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 116-519.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 21, 2020
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Reviving the Economy Sustainably Towards A Recovery in Twenty-twenty Act or the RESTART Act
This bill extends the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), for certain businesses, and it establishes a loan program whereby the Small Business Administration (SBA) shall guarantee loan amounts to certain businesses affected by COVID-19.
Specifically, the bill provides a paycheck protection loan recipient with 16 weeks to use such funds if the recipient has (1) less than 500 full-time employees, and (2) suffered a decline in revenues of at least 25%.
The bill also establishes a loan program whereby the SBA shall guarantee 100% of program loan amounts made to certain small businesses that have not more than 5,000 full-time employees. The terms for such loans shall include (1) a maximum duration of not more than seven years; (2) an amount that is not greater than 45% of 2019 gross receipts, up to $12 million; and (3) no payment on principal for the first two years of the loan.
A lender that is otherwise approved to make paycheck protection loans may make and approve loans established by the bill, and a recipient may use loan funds for specified allowable expenses including payroll costs, rent, utilities, and personal protective equipment.
Such loans may be forgiven up to the amount of total losses incurred by the recipient in the taxable year 2020.
Cosponsors 59
Members who signed on, in the order they did. Signatures ran from May 21, 2020 to Dec 11, 2020; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-IN | Todd Young | Original | May 21, 2020 |
| I-ME | Angus S. King Jr. | Jun 30, 2020 | |
| R-ND | Kevin Cramer | Jun 30, 2020 | |
| R-CO | Cory Gardner | Jul 1, 2020 | |
| D-RI | Jack Reed | Jul 1, 2020 | |
| D-OR | Jeff Merkley | Jul 1, 2020 | |
| D-MT | Jon Tester | Jul 1, 2020 | |
| R-IA | Joni Ernst | Jul 1, 2020 | |
| R-MO | Roy Blunt | Jul 1, 2020 | |
| R-NC | Thom Tillis | Jul 1, 2020 | |
| D-VA | Tim Kaine | Jul 1, 2020 | |
| D-CA | Dianne Feinstein | Jul 21, 2020 | |
| D-MI | Gary C. Peters | Jul 21, 2020 | |
| R-TN | Marsha Blackburn | Jul 21, 2020 | |
| R-WV | Shelley Moore Capito | Jul 21, 2020 | |
| R-MT | Steve Daines | Jul 21, 2020 | |
| D-IL | Tammy Duckworth | Jul 21, 2020 | |
| D-MN | Amy Klobuchar | Jul 22, 2020 | |
| D-MI | Debbie Stabenow | Jul 22, 2020 | |
| D-NV | Jacky Rosen | Jul 22, 2020 | |
| R-TN | Lamar Alexander | Jul 22, 2020 | |
| R-SC | Lindsey Graham | Jul 22, 2020 | |
| R-UT | Mitt Romney | Jul 22, 2020 | |
| R-KS | Pat Roberts | Jul 22, 2020 | |
| R-NC | Richard Burr | Jul 22, 2020 | |
| D-WI | Tammy Baldwin | Jul 22, 2020 | |
| D-HI | Brian Schatz | Jul 23, 2020 | |
| D-NV | Catherine Cortez Masto | Jul 23, 2020 | |
| R-MS | Cindy Hyde-Smith | Jul 23, 2020 | |
| D-NJ | Cory A. Booker | Jul 23, 2020 | |
| R-TX | John Cornyn | Jul 23, 2020 | |
| D-NY | Kirsten E. Gillibrand | Jul 23, 2020 | |
| R-AK | Lisa Murkowski | Jul 23, 2020 | |
| D-NM | Martin Heinrich | Jul 23, 2020 | |
| D-RI | Sheldon Whitehouse | Jul 23, 2020 | |
| R-AR | Tom Cotton | Jul 23, 2020 | |
| R-AK | Dan Sullivan | Jul 27, 2020 | |
| D-CT | Richard Blumenthal | Jul 27, 2020 | |
| R-MS | Roger F. Wicker | Jul 27, 2020 | |
| D-MN | Tina Smith | Jul 27, 2020 | |
| I-AZ | Kyrsten Sinema | Jul 28, 2020 | |
| D-IL | Richard J. Durbin | Jul 28, 2020 | |
| D-PA | Robert P. Casey Jr. | Jul 29, 2020 | |
| R-OK | James M. Inhofe | Jul 30, 2020 | |
| R-AR | John Boozman | Aug 3, 2020 | |
| D-WA | Patty Murray | Aug 3, 2020 | |
| D-MA | Edward J. Markey | Aug 4, 2020 | |
| D-CT | Christopher Murphy | Aug 5, 2020 | |
| D-MD | Chris Van Hollen | Aug 6, 2020 | |
| D-CA | Kamala D. Harris | Aug 6, 2020 | |
| R-AL | Richard C. Shelby | Aug 6, 2020 | |
| D-NJ | Robert Menendez | Aug 12, 2020 | |
| D-VT | Patrick J. Leahy | Aug 13, 2020 | |
| D-WV | Joe Manchin III | Sep 8, 2020 | |
| R-OH | Rob Portman | Sep 10, 2020 | |
| D-NH | Margaret Wood Hassan | Sep 17, 2020 | |
| R-GA | David Perdue | Nov 30, 2020 | |
| D-MA | Elizabeth Warren | Dec 3, 2020 | |
| R-KS | Jerry Moran | Dec 11, 2020 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred May 21, 2020 |
| Senate | Small Business and Entrepreneurship Committee | Hearings Jun 3, 2020Hearings Dec 10, 2020 |
Actions 4
Everything that happened, newest first.
- Dec 10, 2020Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 116-519.
- Jun 3, 2020Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 116-604.
- May 21, 2020Introduced in Senate
- May 21, 2020Read twice and referred to the Committee on Finance.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S4570 | Todd Young R-IN | Jul 29, 2020 |
| Senate | Debate and remarks S2678 | Todd Young R-IN | Jun 3, 2020 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 116-633 | EXAMINING THE IMPACT OF COVID-19 ON THE LIVE EVENT ENTERTAINMENT INDUSTRY72 pages | Commerce, Science, and Transportation Committee | Dec 15, 2020 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 7481 | RESTART Act | Related bill | Jul 2, 2020 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to establish a loan program for businesses affected by COVID-19 and to extend the loan forgiveness period for paycheck protection program loans made to the hardest hit businesses, and for other purposes.
- Short Title(s) as Introduced
- RESTART Act
- Reviving the Economy Sustainably Towards A Recovery in Twenty-twenty Act
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Bankruptcy
- Business expenses
- Cardiovascular and respiratory health
- Commerce
- Credit and credit markets
- Emergency medical services and trauma care
- Government information and archives
- Government lending and loan guarantees
- Health technology, devices, supplies
- Infectious and parasitic diseases
- Interest, dividends, interest rates
- Minority and disadvantaged businesses
- Public utilities and utility rates
- Rural conditions and development
- Small business
- Social work, volunteer service, charitable organizations
- Tax-exempt organizations
- Veterans' education, employment, rehabilitation
- Veterans' loans, housing, homeless programs
- Wages and earnings
- Women in business
- Worker safety and health
Text 1
Each version as it was printed, newest first.
- May 21, 2020Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
