TERRE HAUTE, Ind. (WTHI) - Senator Todd Young of Indiana is sponsoring an effort to get the economy going again. He was in Terre Haute on Thursday morning to talk about his RESTART Act proposal.
Senator Young spoke at the Terre Haute Children’s Museum about his plan of Reviving the Economy Sustainably Towards a Recovery in 2020, or the RESTART Act for short.
Young, a Republican, is working with Democratic Senator Michael Bennet of Colorado. Here’s what it entails.
It will build upon the Paycheck Protection Program (PPP). Senator Young says this has been a positive jolt to the Indiana Economy during this tough time—like the Terre Haute Children’s Museum, for example. They were able to keep all 22 of their employees.
The PPP, however, requires funds to be spent in eight weeks. Senator Young believes this is too short of a time frame for businesses. The first part of the RESTART Act is a proposal to extend the time frame from eight weeks to 16 weeks. His plan would allow businesses to use these funds and still be eligible for forgiveness. It would also expand the loan program to all nonprofits as well, many of which previously had no access at all.
“Our new RESTART program provides loans covering up to six months of payroll and fixed operating costs for businesses and nonprofits that have been especially adversely impacted by the COVID-19 pandemic,” Senator Young said, “We in Congress need to continue to do our part to ensure that our employers are made whole, that our employees have places to go back to work. and that vital community assets, like the Children’s Museum of Terre Haute, stay in business.”
Executive Director of the Children’s Museum Susan Turner talked about how they’ve benefitted from the PPP and why she supports the Senator’s proposal.
She says without the PPP, they would not have been able to keep paying their employees or have been able to keep offering services to our community.
They have been able to continue creating social media videos to keep families engaged with science education. They also will be distributing STEM play packs to 1,000 families in our community during the next couple of weeks.
Turner explains why the RESTART Act proposal can continue to help local businesses like the Children’s Museum.
“Our PPP actually runs out on June 19th, and we are hoping to open on June 18th. So I’m going to need people to start coming to see me pretty immediately so we can continue to do the great work that we do,” Turner said, “Having an extension of the PPP would be a huge, huge win for us. Allowing us to use the entirety of that loan would be wonderful.”
Senator Young says that he and Senator Bennet are seeking co-sponsorships right now on the proposal. It’s the first step in getting bipartisan support, but he says it’s clear that this is a very popular proposal among the public.