STATEWIDE — Indiana Senator Todd Young hopes his RESTART Act will benefit small businesses that are struggling after the pandemic.
In a press conference Thursday, Young introduced Mike Cartolano, the President of Melrose Pyrotechnics.
Melrose Pyrotechnics is a fireworks entertainment company based in Kingsbury, Indiana. Because their income greatly depends on providing fireworks entertainment, the Fourth of July season is a crucial revenue-building time for them.
The company has been in business for over sixty years, but the pandemic has hit them hard — especially now.
“In 2019, Melrose did 340 fireworks events during the Independence Day season,” Cartolano said during the Thursday press conference. “This year, we have less than 60 at last count.”
That’s where, Young hopes, the RESTART act will help. RESTART, which stands for Reviving the Economy Sustainably Towards a Recovery in Twenty-Twenty, would essentially do two things: it would allow for longer term loans, and provide loans to cover up to six months of payroll and fixed expenses.
“The small businesses that form the backbone of our economy are counting on this assistance,” Young said.
The RESTART Act was introduced in May. According to a press release from Todd Young, the act is the first and only bipartisan proposal that supports the hardest-hit businesses by fixing the Paycheck Protection Program and providing relief through the rest of the year.
“This is exactly the type of assistance we need to survive this unprecedented time in our industry,” Cartolano said. “The RESTART program would allow us to stay in business through 2020 and keep our employees, without having revenue for the rest of this year.”
