PPP loans bill meets resistance in NC Senate

Members of the North Carolina Legislature Sergeant-at-Arms gather at the entrance of the Senate chamber prior to the opening session of the General Assembly in Raleigh, N.C., Wednesday, Jan. 13, 2021. (AP Photo/Gerry Broome)

RALEIGH — A bill that would see N.C. conform Paycheck Protection Program (PPP) rules to federal tax law received a cool reception following controversy around the bill’s movement and participation among legislators.

Following a pair of critical stories from the Raleigh News & Observer and television station WRAL, which included profiles of legislators’ businesses, the N.C. House-approved measure has not had a date set in the Senate Rules Committee.

A legislative fiscal note estimates the provision would reduce state revenue by $400 million.

Senate Leader Phil Berger (R-Eden) told reporters last week that his chamber was looking at using coronavirus stimulus funds to make taxpayers whole. The state’s share of the American Rescue Plan’s funds, signed by President Joe Biden, is $5.3 billion.