Initially proposed by Senators Bennet (D-CO) and Young (R-IN) in May 2020, the RESTART Act seeks to provide increased flexibility to the Paycheck Protection Program (PPP) recipients. It also provides a longer-term loan funding program (i.e., the RESTART program) than the original PPP to cover up to 6 months of payroll, benefits, and fixed operating expenses for the businesses hardest hit by the economic fallout due to COVID-19 and associated lockdowns by state and local governments. The goal of the RESTART Act is for businesses to use the 6 months of additional funding to restart or accelerate their operations. In addition, the Texas Public Policy Foundation examined the proposed REHIRE Act in the summer of 2020. Its hallmark provision was the inclusion of a grant for firms rehiring employees equal to 120% of the rehiring costs. If implemented, the RESTART Act, with an amendment that would include the REHIRE grants, represents an assistance package that is timely and targeted at those businesses most in need and at creating jobs, and temporary in that it has a 6-month cost cap on its loan program. Both the RESTART and REHIRE acts are rooted in private property rights in that the goal of each is to provide compensation for the cash inflow that government indirectly took from businesses during the economic lockdowns.
America Shines On
All of America was on display this weekend. Peace deals were announced via social media by the president, Team USA dominated Paraguay in soccer, and the UFC hosted a blood-soaked battle on the White House lawn. Something is happening. Policy and politics aside, the aesthetics of what has, and continues to, make America great is...