WASHINGTON, D.C. – U.S. Senator Thom Tillis (R-NC) recently co-sponsored the bipartisan Reviving the Economy Sustainably Towards a Recovery in Twenty-twenty (RESTART) Act, legislation that would support the small and mid-sized businesses most affected by COVID-19. The RESTART Act would give business owners who 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 jump-start the hardest-hit businesses for the remainder of 2020 and provide loan forgiveness as a backstop against ongoing economic challenges. 

“COVID-19 devastated small and mid-sized business across the country,” said Senator Tillis. “I am proud to co-sponsor this legislation to give them the flexibility they need to utilize their PPP loans and create a program to jump start these businesses.”

The RESTART Act is also supported by the National Association of Theatre Owners (NATO), the American Society of Travel Advisors (ASTA), the Equipment Leasing and Finance Association, the National Independent Venue Association, the PLAY Sports Coalition, the Live Events Coalition, the National Restaurant Association, the Outdoor Amusement Business Association, the Sports Events and Tourism Association, the Broadway League, Snowsports Industries America (SIA), the American Sportfishing Association (ASA), the Outdoor Industry Association (OIA), the National Marine Manufacturers Association (NMMA), the Marine Retailers Association of the Americas (MRAA), the International Franchise Association (IFA), the National Independent Talent Organization (NITO), and the National Association of Manufacturers (NAM).

The bill text is available HERE. An updated summary of the RESTART Act is available HERE.  

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