Today, Senator Thom Tillis (R-NC) supported legislation unanimously passed by the Senate to adjust Paycheck Protection Program rules which have prevented some businesses from fully utilizing the funds to address the severe economic impacts of the coronavirus pandemic. The bipartisan legislation was based on the Paycheck Protection Program Flexibility Act, legislation co-introduced by Senator Tillis last month.
Most significantly, the legislation would extend loans over a longer period of time and allow for some flexibility in where the funds can go – as many small businesses face high commercial rent rates for their retail spaces.
“I’ve spoken with countless North Carolina business owners, and the Paycheck Protection Program has been a lifeline for them and their employees to get them through this pandemic,” said Senator Tillis. “I am proud Congress could come together to make necessary fixes to provide flexibility to keep small businesses open and protect the jobs of workers. I’ll continue to work across the aisle on commonsense, bipartisan solutions to provide relief to small businesses and their employees.”
As of May 21st, 106,197 loans have been approved totaling $12.7 billion in North Carolina. 61% of North Carolina small businesses eligible for the program have been approved for the PPP.
Most significantly, the legislation would extend loans over a longer period of time and allow for some flexibility in where the funds can go – as many small businesses face high commercial rent rates for their retail spaces.
“I’ve spoken with countless North Carolina business owners, and the Paycheck Protection Program has been a lifeline for them and their employees to get them through this pandemic,” said Senator Tillis. “I am proud Congress could come together to make necessary fixes to provide flexibility to keep small businesses open and protect the jobs of workers. I’ll continue to work across the aisle on commonsense, bipartisan solutions to provide relief to small businesses and their employees.”
As of May 21st, 106,197 loans have been approved totaling $12.7 billion in North Carolina. 61% of North Carolina small businesses eligible for the program have been approved for the PPP.
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