Saving 765,000 Jobs in North Carolina

Friends,

Finally. I never thought I would say that about reauthorizing new spending. But this week, Congress was finally able to replenish the Paycheck Protection Program and that's good news for millions of workers like you.

The $350 billion program was signed into law on March 27th with the intention of providing a bridge to workers and small businesses to get to other side of this crisis. The popular program has saved more than 30 million jobs while 74% of loans went to small businesses with monthly payrolls of $60,000 or less. In North Carolina, the program provided nearly 40,000 loans and $8 billion in relief. Unfortunately, it proved so popular that on April 16, a little less than three weeks after it was created, it ran out of money. There were still millions of applications pending for the program and millions of businesses that needed assistance.

For over a week, I called on my colleagues to put politics aside and support this critical program, as a number of small businesses in our district are running tight budgets and already stretching to keep the lights on and the bills paid.

Last week, Congress was able to agree on a package and infuse money into the program so small businesses can once again get approved and start making payroll. The package includes $310 billion for the Paycheck Protection Program, $60 billion of which is set aside for smaller lenders to ensure they are able to help their communities directly. This funding will save an additional 28.7 million jobs, including 765,000 in North Carolina.

Also included in the bill is $60 billion for Emergency Disaster Loans and grant programs for small businesses, $75 billion for hospitals and providers, and $25 billion for test kits.

These are unprecedented efforts to support our entire economy while we are shut down due to social distancing requirements and stay-at-home orders. I understand they have not replaced business as it was before the pandemic, but these are extraordinary tools Congress has given the Administration to keep companies afloat.

However, these tools have not come without a cost. So far, Congress has borrowed and spent $2.8 trillion for economic assistance. To put that in perspective, if you were to count to just one trillion at a rate of one number per second, it would take you 507,000 years. I'm proud our country has come together during this unprecedented crisis and stepped in to help folks who are struggling through no fault of their own, but now we need to focus on the programs we've already passed before we start talking about spending more of our grandkids' money.

Given the extraordinary assistance Congress and the Trump Administration have put out so far, my focus is on two fronts now. First, I want to ensure the successful implementation of these programs and second, I want to look at ways we can begin to open our economy back up.

I know you and your family are anxious to get back to work and some form of normalcy. We must do this, while also protecting public health. President Trump has laid out a good framework to reopen our country and know that I will work with him and the governor to support families, workers and small businesses in our state and get North Carolina back open.

We're all tired of being stuck at home and are ready to get back to normal. That is what I will keep working toward. If I can be of help, please don't hesitate to reach out to my office. We are here for you.

Until next week,

Richard Hudson
Member of Congress