Paycheck Protection Program Helped Save One Million North Carolina Jobs

July 7th, 2020

Provided Loans To 122,000 North Carolina Businesses

CHARLOTTE, N.C. – The Raleigh News & Observer reported yesterday that the bipartisan Paycheck Protection Program that Senator Tillis championed has helped save over one million North Carolina jobs. Senator Tillis has voted to extend the Paycheck Protection Program multiple times and worked across the aisle to reform it so that more North Carolina businesses could have access to its funding.

Here are some other highlights from the News & Observer’s analysis on the recently released Paycheck Protection Program data: 

• “The data from the SBA show that in North Carolina, nearly 122,000 loans were completed in the state as of June 30. Altogether, the loans were worth more than $12.4 billion.” 
• “More than 16,300 companies in the state received loans of more than $150,000, according to the SBA, and 105,590 companies in North Carolina received loans less than $150,000.”
• “According to the data, loans for under $150,000 retained 497,003 jobs and loans for over $150,000 retained 696,313 jobs.”
• “Some $3.5 billion went to businesses in economically distressed areas.”

It’s clear that the Paycheck Protection Program that Cal Cunningham has criticized is working for North Carolina. While Senator Tillis will continue fighting for pro-growth policies that will put North Carolinians back to work and revive the economy, Cal Cunningham raised taxes and killed jobs during the 2001 recession, and he’d cripple North Carolina’s economy this time around as well. 

Read the full News & Observer article HERE.