Senate Bill 3814
116th Congress(2019-2020)
RESTART Act
Introduced
Introduced
Introduced in Senate on May 21, 2020
Overview
Text
Introduced
May 21, 2020
Latest Action
Dec 10, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3814
Congress
116
Policy Area
Commerce
Commerce
Primary focus of measure is business investment, development, regulation; small business; consumer affairs; competition and restrictive trade practices; manufacturing, distribution, retail; marketing; intellectual property. Measures concerning international competitiveness and restrictions on imports and exports may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Colorado
Missouri
Arkansas
Arkansas
California
Colorado
Connecticut
Illinois
Indiana
Massachusetts
Massachusetts
Michigan
Minnesota
Minnesota
Mississippi
Mississippi
Montana
New Hampshire
New Jersey
New Jersey
New Mexico
North Carolina
North Carolina
North Dakota
Oklahoma
Pennsylvania
Rhode Island
Rhode Island
South Carolina
Virginia
Washington
West Virginia
Wisconsin
No Senate votes have been held for this bill.
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.

Text (1)
Actions (4)
12/10/2020
Committee on Small Business and Entrepreneurship. Hearings held.
06/03/2020
Committee on Small Business and Entrepreneurship. Hearings held.
05/21/2020
Read twice and referred to the Committee on Finance.
05/21/2020
Introduced in Senate
Public Record
Created
May 22, 2020 4:27:18 AM
Updated
Dec 12, 2020 6:05:07 AM