Business Recovery Grant expands program to help businesses impacted by COVID
WILMINGTON, NC (WECT) – The North Carolina Department of Revenue plans to apply the second phase of its business resumption grant program.
Phase 2 changes to the program’s eligibility criteria will begin on Monday, May 2, allowing several more businesses to qualify for financial losses accrued during the pandemic.
Approximately $203.5 million remained of the $500 million Phase 1 program that ended Jan. 31, and NCDOR worked with the NC General Assembly to allow companies that weren’t not eligible for the first phase to receive assistance.
“Our hope is that the expanded Business Recovery Grant program requirements will encourage more eligible North Carolina businesses to apply,” NCDOR said in a new state release. “These funds are available to eligible businesses that have suffered financial loss due to the pandemic and we want to make sure those businesses receive them.”
According to the North Carolina Department of Revenue press release, the following companies can apply from Phase 2:
- Farmers and agro-industries
- Gyms and trainers
- Salons and barbers
- massage therapists
- interior designers
- Hardware stores
- Tailors and dry cleaners
Two types of grants will be available in Phase 2: Host Grants for businesses that fall under NAICS codes 71 and 72 or Payback Grants for qualifying businesses not classified under NAICS codes 71 and 72.
Eligible North Carolina businesses that suffered at least 20% economic loss during the pandemic can apply through June 1, 2022, and receive the lesser of $500,000 or the percentage of economic loss suffered during the pandemic. pandemic.
For more information on the eligibility requirements companies must meet to obtain the grant, visit the NCDOR website here.
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