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Senator Jim Perry The State of North Carolina should fully conform with all taxpayer relief provisions associated with the Federal CARES Act Pandemic Relief Package. This is especially important for the tax treatment of Paycheck Protection Program (PPP) loans. The PPP was a Federal stimulus effort to prevent employers from releasing their workers, which would have added additional strain to the unemployment system. North Carolinians would have experienced even more prolonged waits for unemployment assistance because of the added number of people in the system. Our best estimates indicate the Unemployment Trust Fund could have been drained of an additional $950 million if employers had not participated in the paycheck protection program.

State of north carolinaNorth carolinaUnited statesJim perryDave cravenChuck edwardsKinston jones freeUnemployment trust fundPaycheck protection programJones free pressPandemic reliefUnemployment trustSenator chuck edwardsSenator dave cravenSenate billPaycheck protection