Lawmakers Consider Additional Loan Relief For Restaurants, Hotels

The North Carolina hospitality industry may be getting more financial help from the state.  

House members introduced a bipartisan bill on Tuesday that would offer up to $125 million in loans to restaurants, hotels, and motels. The funding would come from North Carolina's portion of the federal CARES act.

The Winston-Salem Journal reports the bill serves as a supplement to the $125 million small business loan program included in a relief fund package approved in May.

House Bill 1224 would provide up to $50,000 to restaurant and lodging owners.

It parallels the small-business loan program with a requirement that the money covers employee compensation, mortgage, rent, utilities, and other operating costs.

Priority would first be given to independent restaurants with fewer than five locations. And lodging establishments with no more than $10 million in gross receipts per taxable year would also be given precedence.

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