North Carolina Business Recovery Grant Phase 2 Now Open

May 12, 2022

Article, Business, Tax Alert

Authored By Jason Pritchard, GreerWalker

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.


GreerWalker is a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries. Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise, and technical resources. For more information on how GreerWalker can assist you, please call (704) 377-0239.

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.

The information contained herein is general in nature and based on authoritative guidance that is subject to change. Neither GreerWalker LLP nor GreerWalker Corporate Finance LLC (collectively, “GreerWalker”) guarantee the accuracy or completeness of any information and are not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. GreerWalker assumes no obligation to inform the reader of any changes in tax laws, regulations, accounting standards, or other factors that could affect information contained herein. This publication does not, and is not intended to provide legal, tax or accounting advice, and readers should consult their advisors concerning the application of tax laws or accounting guidance to their particular situation. Any tax analysis in this publication is not advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.

Get In Touch With Us

Should be Empty:
Get in Touch With GreerWalker