SOUTH BEND, Ind. (Network Indiana): U.S. Senator Todd Young is back in Indiana talking with business owners about a bill that he says would be an improvement on the Paycheck Protection Program.
Young calls his bill the RESTART Act and he says it would allow for more lenient loan forgiveness requirements than the PPP.
“Our new RESTART program provides loans that cover up to six months of payroll and fixed expenses,” Young says.
He acknowledges many small businesses that need assistance are simply unable to hire back at least 75-percent of their furloughed or laid-off workers in order to have their loans forgiven. His bill would loosen those requirements for businesses with 500 workers or less.