US HB7481 | 2019-2020 | 116th Congress

Status

Spectrum: Moderate Partisan Bill (Democrat 120-34)
Status: Introduced on July 2 2020 - 25% progression
Action: 2020-07-02 - Referred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Pending: House Small Business Committee
Text: Latest bill text (Introduced) [PDF]

Summary

RESTART Act Reviving the Economy Sustainably Towards A Recovery in Twenty-twenty Act This bill establishes a loan program whereby the Small Business Administration (SBA) shall guarantee loan amounts to certain businesses affected by COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill requires the SBA to guarantee 100% of program loan amounts made to certain small businesses that have not more than than 5,000 full-time employees. The terms for such loans shall include (1) a maximum duration of not more than seven years; (2) an amount that is not greater than 45% of 2019 gross receipts, up to $12 million; and (3) no payment on principal for the first two years of the loan. A lender that is otherwise approved to make paycheck protection loans may make and approve loans established by the bill, and a recipient may use loan funds for specified allowable expenses including payroll costs, rent, utilities, and personal protective equipment. Such loans may be forgiven up to the amount of total losses incurred by the recipient in the taxable year 2020.

Tracking Information

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Title

RESTART Act Reviving the Economy Sustainably Towards A Recovery in Twenty-twenty Act

Sponsors

Rep. Jared Golden [D-ME]Rep. Mike Kelly [R-PA]Rep. Mike Quigley [D-IL]Rep. Brian Fitzpatrick [R-PA]
Rep. Anthony Brown [D-MD]Rep. Ron Wright [R-TX]Rep. Adam Schiff [D-CA]Rep. Kenny Marchant [R-TX]
Rep. Eleanor Norton [D-DC]Rep. Lloyd Smucker [R-PA]Rep. C.A. Ruppersberger [D-MD]Rep. Will Hurd [R-TX]
Rep. Jim Cooper [D-TN]Rep. Darin LaHood [R-IL]Rep. Marc Veasey [D-TX]Rep. Bill Flores [R-TX]
Rep. Julia Brownley [D-CA]Rep. Jackie Walorski [R-IN]Rep. Peter Welch [D-VT]Rep. Kay Granger [R-TX]
Rep. Gil Cisneros [D-CA]Rep. Tom Cole [R-OK]Rep. David Trone [D-MD]Rep. Ron Estes [R-KS]
Rep. Bennie Thompson [D-MS]Rep. Alan Lowenthal [D-CA]Rep. Suzanne Bonamici [D-OR]Rep. Bradley Schneider [D-IL]
Rep. Cindy Axne [D-IA]Rep. Ann Kirkpatrick [D-AZ]Rep. Conor Lamb [D-PA]Rep. Greg Stanton [D-AZ]
Rep. John Sarbanes [D-MD]Rep. Ted Lieu [D-CA]Rep. Max Rose [D-NY]Rep. Chrissy Houlahan [D-PA]
Rep. Veronica Escobar [D-TX]Rep. Marcy Kaptur [D-OH]Rep. Dina Titus [D-NV]Rep. Grace Napolitano [D-CA]
Rep. Chellie Pingree [D-ME]Rep. Henry Cuellar [D-TX]Rep. Gerald Connolly [D-VA]Rep. Don Beyer [D-VA]
Rep. Madeleine Dean [D-PA]Rep. Kendra Horn [D-OK]Rep. James Hagedorn [R-MN]Rep. Dan Crenshaw [R-TX]
Rep. Nicholas Taylor [R-TX]Rep. John Katko [R-NY]Rep. Larry Bucshon [R-IN]Rep. James Baird [R-IN]
Rep. Fred Upton [R-MI]Rep. Donald McEachin [D-VA]Rep. Colin Allred [D-TX]Rep. Vicente Gonzalez [D-TX]
Rep. Anna Eshoo [D-CA]Rep. Lisa Rochester [D-DE]Rep. Derek Kilmer [D-WA]Rep. Harley Rouda [D-CA]
Rep. David Price [D-NC]Rep. Debra Haaland [D-NM]Rep. Raja Krishnamoorthi [D-IL]Rep. Elaine Luria [D-VA]
Rep. Marcia Fudge [D-OH]Rep. Joyce Beatty [D-OH]Rep. Luis Correa [D-CA]Rep. Pete Aguilar [D-CA]
Rep. Earl Blumenauer [D-OR]Rep. Steve Cohen [D-TN]Rep. Ed Perlmutter [D-CO]Rep. Dean Phillips [D-MN]
Rep. Joseph Neguse [D-CO]Rep. James Langevin [D-RI]Rep. Judy Chu [D-CA]Rep. John Yarmuth [D-KY]
Rep. Dwight Evans [D-PA]Rep. Anthony Gonzalez [R-OH]Rep. Jimmy Gomez [D-CA]Rep. David Cicilline [D-RI]
Rep. Brendan Boyle [D-PA]Rep. Sylvia Garcia [D-TX]Rep. Daniel Kildee [D-MI]Rep. Peter DeFazio [D-OR]
Rep. David Loebsack [D-IA]Rep. Danny Davis [D-IL]Rep. Elizabeth Fletcher [D-TX]Rep. Mike Thompson [D-CA]
Rep. Ron Kind [D-WI]Rep. Val Demings [D-FL]Rep. Jeff Van Drew [D-NJ]Rep. Pete Stauber [R-MN]
Rep. Elissa Slotkin [D-MI]Rep. Bill Foster [D-IL]Rep. Sheila Jackson-Lee [D-TX]Rep. Darren Soto [D-FL]
Rep. Cedric Richmond [D-LA]Rep. Ed Case [D-HI]Rep. Nanette Barragan [D-CA]Rep. Scott Peters [D-CA]
Rep. Jimmy Panetta [D-CA]Rep. Janice Schakowsky [D-IL]Rep. David Scott [D-GA]Rep. Sean Casten [D-IL]
Rep. Rebecca Sherrill [D-NJ]Rep. Chip Roy [R-TX]Rep. Susan Brooks [R-IN]Rep. Michael McCaul [R-TX]
Rep. Xochitl Torres Small [D-NM]Rep. Markwayne Mullin [R-OK]Rep. Don Young [R-AK]Rep. Mo Brooks [R-AL]
Rep. Michael Turner [R-OH]Rep. David Kustoff [R-TN]Rep. Don Bacon [R-NE]Rep. Greg Steube [R-FL]
Rep. Jared Huffman [D-CA]Rep. Abigail Spanberger [D-VA]Rep. Adriano Espaillat [D-NY]Rep. Andre Carson [D-IN]
Rep. Robin Kelly [D-IL]Rep. Joseph Morelle [D-NY]Rep. Bobby Rush [D-IL]Rep. Salud Carbajal [D-CA]
Rep. Joe Cunningham [D-SC]Rep. Alcee Hastings [D-FL]Rep. Tim Ryan [D-OH]Rep. Lloyd Doggett [D-TX]
Rep. Denny Heck [D-WA]Rep. Eric Swalwell [D-CA]Rep. Josh Harder [D-CA]Rep. Mark DeSaulnier [D-CA]
Rep. Jim Costa [D-CA]Rep. Jason Crow [D-CO]Rep. John Larson [D-CT]Rep. Ben Lujan [D-NM]
Rep. Barbara Lee [D-CA]Rep. Matthew Cartwright [D-PA]Rep. Jahana Hayes [D-CT]Rep. Suzan DelBene [D-WA]
Rep. Linda Sanchez [D-CA]Rep. Antonio Delgado [D-NY]Rep. Raul Grijalva [D-AZ]Rep. Betty McCollum [D-MN]
Rep. Alma Adams [D-NC]Rep. Jamie Raskin [D-MD]Rep. Paul Tonko [D-NY]Rep. Suzanne Lee [D-NV]
Rep. Cheri Bustos [D-IL]Rep. Jennifer Wexton [D-VA]Rep. James McGovern [D-MA]Rep. Lance Gooden [R-TX]
Rep. Elise Stefanik [R-NY]Rep. Mike Bost [R-IL]

History

DateChamberAction
2020-07-02HouseReferred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2020-07-02HouseReferred to the Committee on Small Business, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2020-07-02HouseIntroduced in House

Same As/Similar To

SB3814 (Related) 2020-06-03 - Committee on Small Business and Entrepreneurship. Hearings held.

Subjects


US Congress State Sources


Bill Comments

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