The North Carolina Department of Revenue (NCDOR) 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.
Donor Name: North Carolina Department of Revenue
State: North Carolina
County: All Counties
Type of Grant: Grant
Type of Entity: Businesses
Deadline (mm/dd/yyyy): 01/31/2022
Size of the Grant: $500,000
Details:
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.
Funding Information
The grant amount is a percentage of the economic loss demonstrated by the eligible business or $500,000, whichever is less. NCDOR will reduce grant amounts if the total amount of grants requested exceeds the maximum amount of funds authorized for the for Business Recovery Grant by the state of North Carolina.
Eligibility Criteria
- 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
The grant amount is a percentage of the economic loss demonstrated by the eligible business or $500,000, whichever is less. Your economic loss is determined based on the amount your gross receipts in North Carolina were reduced from the period March 1, 2019 through February 29, 2020 (“Pre-COVID Period”) to the period March 1, 2020 through February 28, 2021 (“COVID Period”).
For more information, visit NCDOR.
