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The North Carolina Department of Revenue (NCDOR) has announced that Phase 2 of the Business Recovery Grant program is now open! Many businesses that did not qualify in Phase 1 are now eligible to apply in Phase 2. The Business Recovery Grant program provides funding for NC companies that suffered a financial hardship during the recent pandemic.
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The announcement of Phase 2 of this grant also includes the ability for companies that previously received federal or NC financial hardship incentives to participate. Phase 1 of the program (which closed a few months ago) prevented companies which had received a PPP loan, NC Job Retention Grant, or EIDL advance from qualifying for this Job Retention Grant program. This limitation has been lifted with Phase 2.
The NC Business Recovery Grant program is made up of two types of grants, a hospitality grant which covers businesses such as restaurants, hotels, and bars, and the reimbursement grant which covers other business sectors. To qualify, businesses must also be able to support a greater than 20% decline in gross receipts when comparing March 2019-February 2020 vs. March 2020-Feb 2021. Companies would do this by comparing gross receipts as reported on its NC sales tax returns. If sales tax returns weren’t filed for all those periods, there is now an option to rely on information from the company’s business income tax filings.
Applicants have until June 1st to apply. For more information or to apply, visit the NCDOR website.
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