Bennet, Young Build Momentum for RESTART Act

Press Release

U.S. Senators Michael Bennet (D-Colo.) and Todd Young (R-Ind.) continue to build momentum for their bipartisan Reviving the Economy Sustainably Towards a Recovery in Twenty-twenty (RESTART) Act to support the small- and mid-sized businesses most affected by the novel Coronavirus Disease 2019 (COVID-19) crisis. Over 25 national and international trade associations, from music venues to manufacturing companies, have endorsed the proposal, and 10 senators -- 5 Republicans and 5 Democrats -- have joined Bennet and Young in co-sponsoring the bill.

The proposal, which the senators introduced in May, responds to the urgent needs of hard-hit restaurants, gyms, hotels, retailers, concert venues, and other businesses and nonprofits by creating a loan program to help keep them afloat through the remainder of 2020 and provide loan forgiveness as a backstop against continuing economic challenges. Today, Congressmen Jared Golden (D-Maine) and Mike Kelly (R-Pa.) introduced a companion bill for the RESTART Act in the House.

"If we're going to get our economy back on its feet -- which I'm confident that we will -- we have to make sure the tens of millions of Americans who are unemployed have jobs to return to. For that to happen, we need to make sure the hardest-hit businesses across Colorado and the country stay in business -- and survive -- as we face our new normal," said Bennet. "Businesses across a wide cross-section of industries -- from concert venues to restaurants to hotels and manufacturing companies -- endorse the RESTART Act because they know it's tailored for their needs and allows them to take out the loan with flexible options for forgiveness and ample time to repay it. Unless Congress acts, we're going to see a lot of businesses close their doors and never reopen -- turning temporary job losses into permanent ones. We cannot let that happen, and it's why we need to pass the RESTART Act."

"Since introducing the RESTART Act in May, we've received widespread support from organizations across the country. I recently visited eight small businesses in eight Indiana cities to learn more about how the RESTART Act would benefit them. The overwhelming consensus was that Hoosiers want this legislation to pass and help restart the economy," said Young. "When the Senate reconvenes later this month, we will begin debating the next round of coronavirus relief. I will be pushing very hard for the RESTART Act to be included in any relief package, and I'm hopeful that we can come together to pass this bill quickly. Our businesses need this relief or many will not be able to survive."

In addition to Bennet, the bill is also cosponsored by U.S. Senators Todd Young (R-Ind.), Roy Blunt (R-Mo.), Kevin Cramer (R-N.D.), Joni Ernst (R-Iowa), Cory Gardner (R-Colo.), Tim Kaine (D-Va.), Angus King (I-Maine), Jeff Merkley (D-Ore.), Jack Reed (D-R.I.), Jon Tester (D-Mont.), and Thom Tillis (R-N.C.).

RESTART Trade Association Endorsements: American Gaming Association (AGA); American Hotel & Lodging Association (AHLA); American Society of Travel Advisors (ASTA); American Sportfishing Association (ASA); Broadway League; Coalition for Preserving American Furniture & Fabric Manufacturing; Economic Innovation Group (EIG); Equipment Leasing and Finance Association (ELFA); Hotel Association of New York City (HANYC); Home Furnishings Association (HFA); International Association of Amusement Parks and Attractions (IAAPA); International Franchise Association (IFA); International Foodservice Distributors Association (IFDA); International Health, Racquet & Sportsclub Association (IHRSA); Live Events Coalition; Marine Retailers Association of the Americas (MRAA); National Association of Manufacturers (NAM); National Association of Real Estate Investment Trusts (Nareit); National Association of Theatre Owners (NATO); National Independent Talent Organization (NITO); National Independent Venue Association (NIVA); National Marine Manufacturers Association (NMMA); National Restaurant Association; Outdoor Amusement Business Association (OABA); Outdoor Industry Association (OIA); PLAY Sports Coalition; Snowsports Industries America (SIA); Sports Events and Tourism Association (Sports ETA); Vail Valley Partnership

Source