Source: Khalid Elizaba / Urban One Stock
About the Program
The Business Recovery Grant Program will issue a payment to an eligible North Carolina business that experienced a significant economic loss due to COVID-19. The project is being supported, in whole or in part, by federal award number SLRFP0129 awarded to the State of North Carolina by the U.S. Department of Treasury. MORE DETAILS AND APPLICATION HERE
On March 11, 2022, the law was changed to authorize a second phase of applications (“Phase 2”).
Phase 2 authorizes two types of grants:
- A hospitality grant is available to an eligible arts, entertainment, or recreation business, as well as an eligible accommodation or food service business such as a hotel, restaurant, or bar (NAICS code 71 and 72).
- A reimbursement grant is available to an eligible business not classified in NAICS Code 71 and 72.
This comparison shows the difference between the two phases.
Phase 1
The application period for Phase 1 closed on January 31, 2022.
Phase 2
NCDOR will launch Phase 2 of the Business Recovery Grant Program on Monday, May 2, with the application period closing on Wednesday, June 1.
Legislation signed by Governor Cooper in March 2022 expanded the eligibility requirements of the Business Recovery Grant Program, making grants available to more North Carolina businesses in Phase 2.
Gross receipts reported on an expanded list of tax forms can be used to calculate an economic loss, making the Business Recovery Grant Program available to eligible sole proprietors, and corporations that do not report gross receipts on Form E-500 or Federal Form 1065. This change may also allow eligible businesses to apply for a larger grant award during Phase 2.
In addition, an eligible business that received other COVID-19 relief is eligible for a grant in Phase 2. In Phase 1, an applicant that received certain COVID-19 relief was not eligible for a reimbursement grant. The law change eliminates this limitation. MORE DETAILS AND APPLICATION HERE
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Source: R1 / other
