More Reimbursement Available to NC Businesses Impacted by COVID-19

by Think Currituck, on 12/22/21 1:37 PM

NC grant covid relief

The last 21 months have been tough for small businesses.

The good news is that there's a new wave of relief for those who took a significant economic hit as a result of the pandemic. Eligible businesses can receive up to $500,000.

Here's what the North Carolina Department of Revenue (NCDOR) has to say:

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.

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.

There are two big things to remember here...

First, those seeking a reimbursement grant need to understand that they are NOT ELIGIBLE if they've received funds from other COVID relief programs.

Second: The application period closes January 31, 2022.

You can learn more about the program on the North Carolina Department of Revenue (NCDOR) website.

To Receive a Hospitality Grant

  • A business must be classified in NAICS code 71 or 72
  • A business must have suffered an economic loss of at least 20% (Calculated using gross receipts reported on North Carolina Sales and Use Tax Return and IRS Form 1065)
  • A business must be subject to North Carolina income tax

To Receive a Reimbursement Grant

  • A business is not classified in NAICS code 71 or 72
  • A business did not receive relief from other relief programs including Paycheck Protection Program, COVID-19 Job Retention Grant, and EIDL Advance
  • A business must have suffered an economic loss of at least 20% (Calculated using gross receipts reported on North Carolina Sales and Use Tax Return and IRS Form 1065)
  • A business must be subject to North Carolina income tax

FREE WEBINARS 

The Department is also offering free Business Recovery Grant Program webinars in January 2022.

The webinars will provide an overview of the Program which includes information on the types of grant awards under the program, eligibility requirements to receive the grant payment, how businesses apply for the payment as well as the resources available on the NCDOR website.

Click on either date option below to register...

Business Recovery Grant Informational Webinar
Thursday Jan 6 2022 | 2:00 - 3:00pm
Register Here

Business Recovery Grant Informational Webinar
Tuesday Jan 18 2022 | 10:00 - 11:00am
Register Here

Currituck County NC Commercial Property CTA

Topics:North CarolinaSmall BusinessEconomic Development

Currituck County News 

Keep up with business news and events happening in Currituck County, North Carolina and the Hampton Roads region.