US Sen. Thom Tillis, R-NC, has introduced two pieces of legislation that would provide relief to small businesses as they recover from Hurricane Helene’s devastation.
“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,” said Tillis in a press release. “These commonsense bills give business owners the tools they need, including greater access to capital and critical disaster aid, which will help them recover and grow. I’m proud to introduce these critical bills to cut red tape and deliver real relief to those who need it most.”
The Helene Small Business Recovery Act, S 1451, aims to eliminate the duplication-of-benefits restriction, which stops small businesses that have received SBA disaster loans from accessing Community Development Block Disaster Recovery (CDBG-DR) funds. By removing this barrier, the legislation would enable enterprises affected by Hurricane Helene to fully utilize available federal assistance for rebuilding and recovery efforts.
The Loans in Our Neighborhoods Act of 2025 (LIONS Act), S 901, amends S 1451 by increasing the maximum gross loan amount available under the Section 7(a) loan program from $5 million to $10 million, offering expanded financial support to small businesses. In addition, the bill establishes a 75% loan guarantee on amounts up to $10 million, backed by the SBA, which is intended to enhance lender participation by reducing their risk exposure.
Tillis also recently introduced legislation to extend the tax deadline for taxpayers recently impacted by natural disasters. The bill proposes key changes to ensure that taxpayers affected by disasters receive the same treatment as all other taxpayers when claiming their refunds. It would extend the standard three-year period for obtaining a refund or credit when the IRS has provided a filing deadline extension due to a natural disaster. This change would ensure that such deadline extensions do not inadvertently shorten the timeframe disaster-impacted taxpayers have to claim refunds.
Additionally, the act would align the automatic IRS payment deadline with any disaster-related filing deadline extensions. The legislation has received support from the American Institute of CPAs and the National Association of Realtors.
Similarly, the Internal Revenue Service (IRS) recently extended the filing deadline for Hurricane Helene victims from May 1 to Sept. 25, in response to significant pressure from the North Carolina congressional delegation, an initiative led by US Rep. Tim Moore, R-NC14.
The tax relief measure extends any filing and payment deadlines that occurred from Sept. 25, 2024, and Sept. 25, 2025. This means that individuals and businesses affected by this relief now have until Sept. 25 to submit their returns and make any required payments initially due within this time frame.
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