WASHINGTON, D.C. – Today, Senator Thom Tillis (R-NC) provided an update on the impact of the Paycheck Protection Program (PPP) for North Carolina’s small businesses, announcing that according to the Small Business Administration (SBA) there have been 23,786 approved loans in North Carolina totaling $5.72 billion as of April 13.

“North Carolina’s small businesses are the engine of our economy, but they’ve been struggling to get through this crisis and keep their employees on payroll. That’s why I supported the creation of the Paycheck Protection Program and why I believe we need to make sure this money gets to small businesses as soon as possible, make improvements to the program, and reach bipartisan consensus to provide more funding for our small businesses,” said Senator Tillis. “From the many conversations that my staff and I have had with small business owners over the last several weeks, I understand this program is far from perfect with issues that need to be worked out, with many North Carolinians facing difficulty signing up or experiencing frustrating hurdles put in place by their banks. This feedback is incredibly important, and Congress should work in a bipartisan manner with the Trump administration to improve the program and support more small businesses.”

BACKGROUND

The PPP was created under the CARES Act legislation supported by Senator Tillis, and was designed to help small businesses and keep their employees on payroll during the coronavirus pandemic. Congress has provided about $349 billion to support federally guaranteed SBA loans under this program. Businesses can get a loan of up to 250% of their average monthly payroll expenses – excluding compensation above a salary rate of $100,000 for any individual – up to $10 million total. The federal government will forgive loan amounts that employers spend on payroll, rent, leases, mortgage interest, and utilities.

The PPP is on track to run out of funding in the coming days, which is why Senator Tillis has been pushing to get the Senate to unanimously approve an additional $250 billion in funding.

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