Murkowski Joins Bennet, Young in Effort to Support Hard-Hit Businesses
Legislation Provides Greater Financial Relief For PPP Loan Recipients
The Paycheck Protection Program (PPP) has worked well for many Alaskan businesses, but is often less effective for the businesses that should be receiving the most assistance – the smallest businesses or those who have seen revenues decline the most. Its limited duration will also leave many of the most-affected businesses without support in the difficult months ahead. U.S. Senator Lisa Murkowski (R-AK) recently joined Senators Todd Young (R-IN) and Michael Bennet (D-CO) in cosponsoring the Reviving the Economy Sustainably Towards a Recovery in Twenty-twenty (RESTART) Act. The RESTART Act would 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.
“Small business owners in Alaska are working hard to overcome the economic impacts of COVID-19. The PPP program has been helpful keeping the doors open and the wheels on the bus, but unfortunately financial insecurity remains a top concern,” said Senator Murkowski. “This legislation has strong, bipartisan support in the Senate and has received a number of endorsements from organizations across the nation. I will continue to work alongside my colleagues to provide Alaskans with the support they need to survive this unprecedented time.”
Additional Details of the RESTART Program:
The RESTART Program provides funding for loans to cover the next 6 months of payroll, benefits, and fixed operating expenses for businesses that have taken a substantial revenue hit during the COVID-19 pandemic. A share of that loan will be forgiven based on the revenue losses suffered by the business in 2020. The remainder of the loan can be repaid over 7 years, with no interest payments due in the first year and no principal due for the first two years. This program is designed to provide small- and medium-sized businesses with loans to get their businesses going again, and ensure that they receive loan forgiveness to help fill in a loss in revenues.
