Rapid Recovery Loan Program Gives Lifeline to NC Businesses

When the Coronavirus pandemic first hit North Carolina, House Republicans wasted no time establishing working groups to determine the best way to provide relief to those affected by the Coronavirus. The legislature passed SB 704 and HB 1043, which provided immediate relief for individuals, families, front line workers, and businesses hurt by the virus and its impact.

In that relief package was $125 million to the Rapid Recovery loan program, which provides emergency funding to businesses on the brink of closing. The Golden LEAF Foundation recently reported some of the program’s latest numbers.

“Support of small businesses is how North Carolina’s economy turned around a decade ago, and policies supporting small businesses is one of the most important goals we should be focusing on now,” Rep. Jason Saine said.

Thanks to the quick response of House Republican leaders, thousands of jobs were retained and hundreds of businesses stayed afloat. You can read the full report here.