NC Business Recovery Grant Program
Last month North Carolina adopted a FY2021-22 budget that includes $500M in Business COVID relief funds. $200M for businesses in the hospitality, restaurant, entertainment industry and $300M for non-hospitality classified businesses. All applicants must demonstrate a twenty percent (20%) loss over an eighteen-month period. The Business Recovery Grant Program will issue a one-time payment to an eligible North Carolina business that experienced a significant economic loss due to COVID-19. The application period closes January 31, 2022.
Two types of grants will be available to an eligible business that suffered an economic loss of at least 20 percent during the pandemic:
· A hospitality grant will be available to an eligible arts, entertainment, and recreation business, as well as eligible accommodation and food service business such as a hotel, restaurant, and bar (NAICS codes 71 and 72).
· A reimbursement grant will be available to an eligible business not classified in NAICS Code 71 and 72 that did not receive funding from other relief programs including Paycheck Protection Program, COVID-19 Job Retention Grant, and EIDL Advance.
For more information, visit the NCDOR link here.