News Summary
In response to extensive construction delays on Hardscrabble Road, South Carolina is proposing a new bill to provide financial relief to local businesses. The legislation, introduced by Representative Hamilton Grant, will enable affected businesses to apply for loans through the South Carolina Department of Commerce, contingent on specific criteria related to revenue loss and operations. Conditions for loan forgiveness are also outlined to ensure financial support for those impacted while maintaining workforce levels. The bill is currently under review and could progress in the upcoming sessions.
South Carolina is taking steps to assist businesses impacted by extensive construction delays on Hardscrabble Road in Richland County. A new bill recently filed in the South Carolina House of Representatives aims to provide financial relief to those enterprises suffering from the ongoing road widening project, which has been in progress since 2017.
For the last six years, Hardscrabble Road has been a source of frustration for drivers, evidenced by the presence of traffic cones and frequent backups. Many business owners in the vicinity have reported significant declines in customer traffic as a direct result of the roadwork. One such owner, Chris Etheridge of Southern Crave, noted that during some weeks, business has dipped by as much as 60%. The decline has raised serious concerns regarding the ability to cover essential operational costs, including payroll, insurance, and rent.
The legislation, introduced by Representative Hamilton Grant, a Democrat representing Richland, proposes that affected businesses could apply for loans through the South Carolina Department of Commerce. To be eligible, businesses must meet specific criteria: they must be located on roads undergoing construction delays for a minimum of three years, must have commenced operations before 2025, and must prove a revenue loss of at least 25% attributed to the construction efforts.
In addition to providing necessary funds, the proposed bill includes conditions under which these loans could be forgiven after one year. Businesses must remain compliant with tax obligations and must allocate at least 60% of the received loan for crucial expenses such as payroll, utilities, or rent. Furthermore, to prevent significant layoffs, businesses must also retain at least 75% of their workforce that was employed prior to the initiation of construction.
As the bill currently stands, funding levels and the specific loan amounts available to each business will be determined as part of the state budget. This means that once the bill progresses, stakeholders will have a better idea of the financial landscape for companies seeking relief.
The proposal is presently in committee and may not reach the floor for a vote before the current legislative session concludes. Nonetheless, if the bill is not passed this session, it is set to carry over into the next legislative session beginning in January, allowing continued discussion and potential amendments aimed at addressing the challenges facing local businesses.
Construction delays like those seen on Hardscrabble Road are not unique to the area; many regions across South Carolina have experienced similar disruptions, leading to a widespread call for legislative action to support businesses in distress. As local economies grapple with the ramifications of prolonged construction periods, the proposed bill represents a significant step toward providing much-needed support and financial relief to local businesses striving to remain viable.
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