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NC H1034
Bill
Status
Introduced
4/28/2020
Primary Sponsor
Stephen Ross
Click for details
AI Summary
- Appropriates $75 million in nonrecurring funds from the Coronavirus Relief Fund to Golden LEAF to provide emergency loans to small businesses affected by COVID-19.
- Loans capped at $50,000 per business with 4% interest before a triggering event and 5.5% after, with 66-month maximum term and repayment beginning six months after loan closing.
- Prioritizes loans for independently owned establishments with 100 or fewer full-time equivalent employees that can demonstrate COVID-19-related economic losses.
- Requires businesses to use loan funds for employee compensation, mortgage, rent, utilities, and other operating costs; loan funds must be recaptured if any federal assistance duplicates benefits.
- Requires Golden LEAF to provide $15 in matching non-State funds for every $75 in State funds and submit six-month progress reports to the legislature and fiscal research division.
Legislative Description
Small Business Emergency Loans
Last Action
Re-ref Com On Rules, Calendar, and Operations of the House
4/29/2020
Committee Referrals
Rules, Calendar, and Operations of the House4/29/2020
Finance4/28/2020
Full Bill Text
No bill text available