CHARLESTON, W. Va. (WDVM) — Senator Shelley Moore Capito is working to help restart the West Virginia economy by starting with their most valuable assets: small businesses.
Senator Capito alongside 34 other senators have co-sponsored the RESTART Act which stands for Reviving the Economy Sustainably Towards a Recovery in Twenty-twenty.
The act works to provide more long-term assistance to small and mid-sized businesses by providing a longer window for loan forgiveness and other loans with more affordable interest rates. The act also provides funding to cover six months of payroll, benefits and fixed operating expenses for businesses that have faced substantial revenue loss due to the COVID-19 pandemic.
Capito stated that lots of small businesses were assisted by the Paycheck Protection Program when it launched. However, the program will not be able to help some businesses that cannot re-open due to the pandemic.
The RESTART Act covers a multitude of businesses including most nonprofits as well as veterans’ organisations. The act will also benefit businesses with fewer than 5,000 full time employees.
For all of the specific details of how the RESTART Act can benefit your small business, please visit Senator Capito’s website for the full legislation.