{"id":33483,"date":"2020-06-04T15:01:32","date_gmt":"2020-06-04T15:01:32","guid":{"rendered":"https:\/\/www.vailvalleypartnership.com\/?p=33483"},"modified":"2020-06-04T15:01:32","modified_gmt":"2020-06-04T15:01:32","slug":"bennet-welcomes-senate-passage-of-ppp-extension-points-to-restart-act-as-answer-to-support-businesses-through-2020","status":"publish","type":"post","link":"https:\/\/www.vailvalleypartnership.com\/2020\/06\/bennet-welcomes-senate-passage-of-ppp-extension-points-to-restart-act-as-answer-to-support-businesses-through-2020\/","title":{"rendered":"Bennet Welcomes Senate Passage of PPP Extension, Points to RESTART Act as Answer to Support Businesses Through 2020"},"content":{"rendered":"<p><em>Senator Introduced Bipartisan Proposal to Help Hardest-Hit Businesses Through Public Health and Economic Crisis<\/em><\/p>\n<p><strong>Washington, D.C. \u2013\u00a0<\/strong>Today,<strong>\u00a0<\/strong>Colorado U.S. Senator Michael Bennet released the following statement after Senate passage of a\u00a0bill to extend the Paycheck Protection Program (PPP) and make loan forgiveness more flexible. On May 5, Bennet outlined the changes that would become the RESTART Act with U.S. Senator Todd Young (R-Ind.), the only bipartisan proposal that looks beyond June to help small businesses reopen and stay afloat through the end of the year. The\u00a0RESTART Act includes an extension of the time that PPP recipients would have to deploy their funds and receive loan forgiveness, as well as a new loan program to provide support for the next six months of expenses to the hardest-hit business, and loan forgiveness based on their revenue declines.<\/p>\n<p>\u201cExpanding the amount of time and flexibility businesses have to use PPP funds and receive forgiveness is essential but insufficient to address the crisis they face. If we want to see small businesses reopen and stay open, we need to help them weather the second half of the year,\u201d\u00a0<strong>said Bennet.<\/strong>\u00a0\u201cMy bipartisan RESTART Act would provide a much-needed lifeline to the hardest-hit businesses, like restaurants, hotels and motels, theaters and concert venues, and gyms. We should work quickly to pass the RESTART program into law so our Main Street businesses can survive\u00a0and get\u00a0to the other side of the pandemic.\u201d<\/p>\n<p>The RESTART Act would\u00a0create a new loan program to support small- and mid-sized businesses and nonprofits through 2020, with no interest due in the first year, no principal due in the first two years, and up to seven years to pay back the loan. Most importantly, this legislation would\u00a0forgive a portion of that loan based on how much their revenues declined this year compared to last year.<\/p>\n<p>The\u00a0<a href=\"https:\/\/url.emailprotection.link\/?bUbu-s9dd0Aj3cfpGQ9vJjOp7QbefoG6poPrHOBYs1mnOhOJdPmFWBmsIAaEw9AeXGzTd-tp_v8uzcUztOfcQqJrv0kFNrDLHcnH7atKHJQnIYpOf0yS-LzQ0GmImsr8w-z1jxX5SqNuI_TndyNMvLX4FOre3QSHM4D9sMRRnDo7PhlShPUkNpTzu5HnhLln2e68d_90MfUwPRtYzid2HCg~~\">RESTART Act<\/a>\u00a0is supported by the\u00a0<a href=\"https:\/\/url.emailprotection.link\/?biT2DKD6GZL49bQFXf4rNRuwRMr0R0S4EgnKwwZXoIebjOR2E4qXALPYC0WUhyi0ociUTW03kiPmkQdFc2zMrwA7Vm8IFKQ1uzmiLxAWbyjX9ofxjR81JaVHiQMOm1TRwwO05MKncdxnPa0Js0d5hPgwl8hEV2Lhq4uiWWoCD0xcTOoBrD8BZJBELd3jOhuWbt8ZRMF5I3SDVZ_qnh3VErA~~\">National Association of Theatre Owners (NATO)<\/a>, the\u00a0<a href=\"https:\/\/url.emailprotection.link\/?byv6hMt19u2sE9fcwHeOtoi_TT_OnNMAsHoDt8lTDBl7iubd74IXQ2vYQ6RiGF3NiGvydfbbY-LKJq9UGNk_eUaSfUknJGxiF6PZYQrruGpE9Dk-efX1D6ASwZXRYvDCYvos-bRyWIlQXHJrCdbZ3QKu9PiaZX7fGTkTP-ezVtudM8ChF4G4q23CErhAh71UJq8ruV-_my2OFk9Kqmx_uPA~~\">American Society of Travel Advisors (ASTA)<\/a>, the\u00a0<a href=\"https:\/\/url.emailprotection.link\/?bofFpZcqTWcV8Clh6F0NocuyRkjXsShoPXlc_Zr41L3ppfgzaau-rX8h4GsIJpVpUZOB7_ZrTY6LZVXf0wkeZcq_7vJO02lSb-1VmPyWk1xsXHgMwxOo6NHwxj73yPhSrTZzBEhGu4oFYAxQr0V5psXMeZxqObnmx-SjfbDsnhCk~\">Equipment Leasing and Finance Association<\/a>, and the\u00a0<a href=\"https:\/\/url.emailprotection.link\/?bVDqcObibKrPpQTrK2i8_Z5o0GI-Z9eWlFTy5QM4udi_lyCP8MPDwuRcXsus9yfCXJsVCEchwfCegCRC83CLWaYHQyAXxUSIKSkLLeY94Y_IJ_KpAckPTbzEf5adfTJPP1Lj1bklPUNqHFV06Mb8Sg3xiTBaquCfHfMe1OhS8yRNnZdOIlvM9hpcN_zl6pj49JDy0SzBt3aoQLm2gMFnTpQ~~\">National Independent Venue Association<\/a>.<\/p>\n<p>The bill text is available\u00a0<a href=\"https:\/\/url.emailprotection.link\/?bsPUGrRWLT1FI-eqcB1hXznAStspwLrYOIi4kHT9bHDI0sNQ9K_GXCMvu7WL1ku39gEdowuvsT79Rf-69HP4hbGRhJulhkB8dVggNaSQfllDDCj5o96bh83XF1YY6BPfJ0thMoC0t7UhCPUflRSjWqwdmKYA2vPEUwt4Z0eagDNkSBkVc3jTTirtWyAMVRE1wvu7iBNPZY0CktZRVD9gXvA~~\">HERE<\/a>.\u00a0A summary of the RESTART Act is available\u00a0<a href=\"https:\/\/url.emailprotection.link\/?bIWi_K8enVxAwOahq8stYMeQCgH87MdeCjrXU1lEn_wgHBxEVMTcl7rzcIuS-soSJirn4tUrEUG_JBHlcKsQMu5gaX9LydpV1tD4aMfFehwcvm_IROX7CMlW5f3FikJrZ0hyS9Fkc88z_HJde_pf2eqQxFxjaBVNPO0UepWsC57YzAc01Gq3TCtyavfyI2N4zNy7MGiMUTaSoDaKYO2dFdg~~\">HERE<\/a>.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senator Introduced Bipartisan Proposal to Help Hardest-Hit Businesses Through Public Health and Economic Crisis Washington, D.C. \u2013\u00a0Today,\u00a0Colorado U.S. Senator Michael&#8230;<br \/><a class=\"read-more\" href=\"https:\/\/www.vailvalleypartnership.com\/2020\/06\/bennet-welcomes-senate-passage-of-ppp-extension-points-to-restart-act-as-answer-to-support-businesses-through-2020\/\">Read More<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[149],"tags":[2345,2435,2447],"class_list":["post-33483","post","type-post","status-publish","format-standard","hentry","category-legislative-update","tag-ppp","tag-restart-act","tag-senator-michael-bennet"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bennet Welcomes Senate Passage of PPP Extension, Points to RESTART Act as Answer to Support Businesses Through 2020 | Vail Valley Partnership<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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