South Carolina Governor Henry McMaster recommended to the legislature that $30 million of the Phase II CARES Act funds be used for grants to small businesses that did not receive a federal PPP loan. Below is a statement of Frank Knapp Jr, President and CEO of the South Carolina Small Business Chamber of Commerce.
The South Carolina Small Business Chamber of Commerce commends Governor Henry McMaster for recognizing that thousands of our state’s very small businesses, including sole-proprietors, were not able to receive the Paycheck Protection Program (PPP) loans to help them survive the Covid-19 recession. Over 63,000 PPP loans were made in South Carolina but there are over 400,000 small businesses in the state.
Governor McMaster’s recommendation to the state legislature to use $30 million of the CARES Act funds to provide grants to those small businesses left out of the PPP stimulus funds will help some additional entrepreneurs hang on until the economy recovers.