07.02.20

Gardner Joins RESTART Act to Support Hardest-Hit Small and Mid-Sized Businesses

Includes Support for Businesses in Second Half of 2020 and Key Fixes to PPP

Washington, D.C. – U.S. Senator Cory Gardner (R-CO) joined the Reviving the Economy Sustainably Towards a Recovery in Twenty-twenty (RESTART) Act, introduced by U.S. Senators Michael Bennet (D-CO) and Todd Young (R-IN), to support small and mid-sized businesses most affected by the COVID-19 pandemic. Answering the calls of the hardest-hit restaurants, gyms, hotels, retailers, and other businesses, the RESTART Act would give businesses that took out Paycheck Protection Program (PPP) loans the flexibility they need to utilize the PPP effectively. The RESTART Act would also create a loan program to provide funding to support the hardest-hit businesses for the remainder of 2020 and provide loan forgiveness as a backstop against ongoing economic challenges.

“The relief provided by the CARES Act has proven to be an essential lifeline for small businesses in Colorado to survive the COVID-19 pandemic and keep paying workers. But many small businesses in Colorado now face an extended period of hardship and uncertainty as they reopen while we simultaneously work to reduce the public health risk. We must provide those businesses and the families that depend on them more assistance to get our country through COVID-19,” said Senator Gardner. “The bipartisan RESTART Act will provide targeted, more flexible relief to the businesses that have been hit hardest by this pandemic, which will be essential for helping businesses stay afloat and ensure more Coloradans can keep their jobs and paychecks during these challenging times.”

The bill text is available here.

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Cory Gardner is a member of the U.S. Senate serving Colorado. He sits on the Energy & Natural Resources Committee, the Foreign Relations Committee, the Commerce, Science, & Transportation Committee, and is the Chairman of the Subcommittee on East Asia, the Pacific, and International Cybersecurity Policy.