September 13, 2021/Media, Press

During National Small Business Week, NCDP Praises Biden-Harris Administration’s Efforts to Support Local Economies

North Carolina Democratic Party (NCDP) Chair Bobbie Richardson released the following statement praising the Biden-Harris administration’s work to support small businesses in North Carolina and boost local economies. President Biden proclaimed September 12 – 18 as National Small Business Week

“Whether it’s stopping by the restaurant around the corner to pick up pizza on a Friday night, getting a haircut at the local barbershop, or seeing the joy across a child’s face after a new toy is purchased at a toy shop, small businesses are the pillars of our communities.

“Thanks to President Biden’s leadership, small businesses from Murphy to Manteo are making a comeback after being hard hit during the pandemic. From the moment he took office, the President’s administration has delivered loans and support to 30 million small businesses and innovative startups through measures such as revamping the Paycheck Protection Program and providing the funding of over three billion in local fiscal relief in North Carolina.

“Because of the work of President Biden’s administration to harness the power of our state’s small business economy and equip our entrepreneurs with the tools and resources they need to innovate, adapt, and grow, our economy will continue to build back better than ever before. North Carolina’s small businesses are up to the task.”

The Biden-Harris administration has supported small business in North Carolina:

  • The American Rescue Plan delivered billions of dollars in economic relief to millions of small businesses — including programs targeted to the hardest-hit industries such as restaurants and performing arts venues.
    • The historic relief bill also established the Community Navigator Pilot program to create a network of trusted organizations, local governments, and community champions to help underserved small businesses navigate resources at all stages of their growth.
  • Under President Biden’s leadership, the Paycheck Protection Program was revamped to reach our country’s smallest businesses, with more than 95 percent of the nearly $300 billion in loans made during the Biden-Harris administration supporting small businesses with less than 20 employees.
  • Through the Restaurant Revitalization Fund, the Biden-Harris administration provided an essential lifeline to more than 100,000 businesses across the country, delivering $28.6 billion in direct support.
  • Last week, the Biden-Harris administration began accepting applications for an improved COVID-19 Economic Injury Disaster Loan program, which will put more than $150 billion in funding to work offering long-term, low-interest loans that small businesses can use to retain workers, make rent, and pay down more expensive debt.
  • More than 64 percent of adult Americans are vaccinated, including 60% of eligible North Carolinians, so that more small businesses can reopen their doors and welcome back their customers.