On Tuesday, Senator Thom Tillis (R-NC) provided an update on the impact of the Payment 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.”