Rep. Steve Ross, who sponsored the Small Business Recovery Program, is happy with the most recent results. | Facebook
Rep. Steve Ross, who sponsored the Small Business Recovery Program, is happy with the most recent results. | Facebook
Legislation creating the Small Business Recovery Program has so far been helping small businesses weather the financial storm that is a side effect of COVID-19.
Rep. Steve Ross (R-Alamance), who sponsored the legislation, praised its effectiveness in a Facebook post on Aug. 13.
Results from the legislation show that 98% of residents have gone to businesses that employ fewer than 50 employees, according to a graphic Ross posted to his Facebook page. The small business loan program has also helped save 6,362 jobs across the state. Minority-owned businesses, specifically female-owned businesses, have also seen 64% of state residents go to them since the legislation passed.
"I am proud to have been a sponsor of this vital piece of legislation because small businesses are the backbone of our economy," Ross said in a Facebook post. "The $125 million allocated for the NC COVID-19 Rapid Recovery Loan Program has proven to be extremely effective, efficient, and impactful — having saved 6,300 jobs up to this point."
Alerts Sign-up