Small businesses are still struggling despite federal Paycheck Protection Program (PPP) loans. U.S. Sen. Todd Young (R-Ind.) is advocating for a bill he helped create that would provide additional help to small business owners financially hit by the pandemic.
The RESTART Act proposes extending the time businesses have to use the PPP loan from eight to 16 weeks and creates a new lending program to be a bridge while businesses get back up and fully running.
Young says while the PPP loan helped businesses during the shutdown, his bi-partisan bill responds to the pandemic lasting longer than expected.
“Our new RESTART Program provides loans responding to this that cover up to six months of payroll and fixed expenses for businesses that have taken a substantial hit as a result of COVID-19,” says Young.
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South Bend restaurant owner Mark McDonnell says business has been slow at LaSalle Grill during the pandemic.
“Even though we went to carry-out, we did Easter kits you know with food to take home, Mother’s Day and a Father’s Day possibly coming up, it still isn’t enough,” says McDonnell.
McDonnell did receive a PPP loan, but says the RESTART Program would be a big improvement.
Young is visiting small businesses across the state to promote his legislation.
Contact Samantha at shorton@wfyi.org or follow her on Twitter at @SamHorton5.