WASHINGTON – U.S. Senator Maggie Hassan (D-NH) cosponsored bipartisan legislation to provide additional financial assistance to small and mid-sized employers that have been hardest hit by the COVID-19 pandemic.
The bipartisan RESTART Act, introduced by Senators Michael Bennet (D-CO) and Todd Young (R-IN), would provide partially forgivable loans covering six months of expenses for businesses and nonprofits that experienced a substantial revenue loss during the pandemic.
“It could be many more months before our economy can get back to normal, and in the meantime, businesses across New Hampshire have told me that they need additional, long-term financial assistance to help them stay afloat during this challenging time,” Senator Hassan said. “The bipartisan RESTART Act will provide a lifeline to small businesses and nonprofits that have been hardest hit by this unprecedented economic crisis. I urge my colleagues to join me in supporting this commonsense legislation that will contribute to our economic recovery in New Hampshire and across the country.”
Senator Hassan is working to support small businesses throughout the pandemic, and has held multiple roundtables with businesses in New Hampshire to discuss how the federal government can best support them through this challenging time. Senator Hassan also supported legislation – which is now law – to give small employers more flexibility in using federal funds provided in the bipartisan CARES Act. In April, Senator Hassan supported bipartisan legislation to significantly bolster funding for programs that aid small businesses, including the Paycheck Protection Program. Senator Hassan also joined in introducing bipartisan legislation with Senator Richard Burr (R-NC) to allow eligible small employers to claim the Employee Retention Tax Credit after exhausting Paycheck Protection Program assistance, which currently small employers cannot do.