Senator Thom Tillis has introduced two legislative measures aimed at providing assistance to small businesses affected by Hurricane Helene. The two bills in question are the Helene Recovery Small Business Act and the Loans in Our Neighborhoods (LIONs) Act of 2025.
Senator Tillis emphasized the continued struggles of small businesses in Western North Carolina: “Western North Carolina’s small businesses are still reeling from the devastation of Helene, and we have a responsibility to help them rebuild stronger than before,” Tillis stated. He added that these bills intend to offer business owners necessary tools, such as better access to capital and crucial disaster aid.
The Helene Small Business Recovery Act seeks to waive the current prohibition against duplicating benefits. This means that businesses receiving Small Business Administration (SBA) disaster loans would not be barred from accessing Community Development Block Grant Disaster Recovery (CDBG-DR) funds. The goal is to ensure affected businesses can utilize the full range of federal aid necessary for recovery.
The LIONs Act proposes amendments to the Small Business Act to increase the maximum loan amount available under section 7(a) loans. It suggests increasing the limit from $5,000,000 to $10,000,000 to provide more substantial financial aid to small businesses. Additionally, the Act recommends a 75% guaranteed rate on loans up to the $10 million mark, which aims to make these loans more appealing to lenders by offering a guarantee from the SBA.
The complete texts of the Helene Recovery Small Business Act and the LIONs Act are made available online.
