North Carolina lawmakers are considering legislation that would use $200 million in federal relief aid to bolster the economy. | Stock Photo
North Carolina lawmakers are considering legislation that would use $200 million in federal relief aid to bolster the economy. | Stock Photo
Businesses that didn't receive financial assistance from COVID-19 recovery programs are the beneficiaries in a North Carolina Senate proposal that also seeks to increase investments into the state's economies.
The legislation would earmark $200 million from the Coronavirus Relief Fund to help businesses through grant awards and support local investment, The Center Square reported on June 12. It would also eliminate the news business franchise tax.
"We're worried about the spread of coronavirus, but tomorrow is going to come," bill sponsor Sen. Paul Newton (R-Cabarrus) said, The Center Square reported. "Our economy is going to be able to recover."
Another part of Newton's proposal calls for a $50-million fund for job retention program, The Center Square reported. Grants would be awarded to companies that kept at least 90% of its employees but sales dropped 10% since last year.
"We have companies in North Carolina that struggled to retain their employees, and they continue to retain their employees today," Newton said, The Center Square reported. "But they didn't qualify for the federal grants or loans that are forgivable."
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