Special to Iredell Free News
RALEIGH — The N.C. Department of Revenue (NCDOR) is now accepting applications for Business Recovery Grants. The Business Recovery Grant Program (BRG) will issue a one-time payment to eligible North Carolina businesses that experienced significant economic loss due to COVID-19. The application period closes January 31, 2022. The NCDOR will administer the program.
“Our economy is roaring back, but we know that some small businesses are still struggling from the impacts of the pandemic,” said Gov. Roy Cooper. “These funds will help these businesses continue their recovery, create good paying jobs and help our economy.”
“Many businesses suffered financial setbacks during the pandemic,” added NCDOR Secretary Ronald Penny. “Our goal is to help them. We will work to get the grant funds distributed in an expeditious manner, which is the legislative intent.”
Two types of grants will be available to eligible businesses that suffered an economic loss of at least 20 percent during the pandemic:
♦ A hospitality grant will be available to an eligible arts, entertainment, or recreation business, as well as an eligible accommodation or food service business such as a hotel, restaurant, or bar (NAICS code 71 and 72).
♦ A reimbursement grant will be available to an eligible business not classified in NAICS Code 71 and 72 and that did not receive funding from other relief programs including Paycheck Protection Program, COVID-19 Job Retention Grant, and EIDL Advance.
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 grants requested exceed the maximum amount of funds authorized for BRG by the state of North Carolina.
An eligible business owner may apply online at www.ncdor.gov. More detailed information and answers to Frequently Asked Questions are also available on the agency website.