HUDSON, N.Y. (NEWS10)—Monday at the Public Square-7th Street Park in the City of Hudson, Senator Kirsten Gillibrand, and U.S. Representative Antonio Delgado called for legislation to help small and mid-sized businesses who did not have access to the Paycheck Protection Program (PPP). Businesses, like theaters, restaurants, and live event planners would receive help through this proposal.
The bill, Reviving the Economy Sustainably Towards a Recovery in Twenty-Twenty (RESTART) Act, would create a new loan program to fund six months of operating costs for businesses that lost a large part of their revenue.
“You need both,” said Senator Gillibrand responding to questions Monday. “Because the PPP program does not help businesses that can’t hire back all employees.”
“The PPP program expired in early August,” said Representative Delgado. ”And here we are in October, more than seven months into this public crisis. We must extend the life of these programs and provided additional specialized funding for small and mid-sized businesses.”
The RESTART Act builds on the PPP, creating a new forgivable SBA loan that provides up to $12 million for businesses hit hardest by the pandemic. The funds would not be tied to payroll but could be used for rent and utility payments or purchases.
Senator Gillibrand hopes to have a vote soon on the floor of the U.S. Senate.