Home » Business Recovery Grant expands program to aid COVID-affected businesses – WECT

Business Recovery Grant expands program to aid COVID-affected businesses – WECT

by Arifa Rana

WILMINGTON, N.C. (WECT) – The N.C. Department of Revenue plans to apply the second phase to its Business Recovery Grant program.
Phase 2′s changes to the program’s eligibility criteria will begin on Monday, May 2, allowing multiple other business to qualify for financial losses accrued during the pandemic.
Around $203.5 million remained of the $500 million for the Phase 1 program that ended January 31, and NCDOR worked with the N.C. General Assembly to allow businesses who did not qualify for the first phase to receive aid.
“Our hope is that the expanded Business Recovery Grant program requirements will encourage more eligible North Carolina businesses to apply,” said NCDOR in a new state release. “These funds are available for eligible businesses that suffered a financial loss because of the pandemic and we want to make sure those businesses receive them.”
Per the N.C Department of Revenue’s press release, the following business can apply as of Phase 2:
Two types of grants will be available in Phase 2: hospitality grants for businesses that fall under the NAICS code 71 and 72 or reimbursement grants for eligible businesses not classified in NAICS Code 71 and 72.
Eligible North Carolina businesses that suffered an economic loss of at least 20 percent during the pandemic can apply until June 1, 2022 and receive the lesser amount of either $500,000 or the percentage of economic loss afflicted during the pandemic.
More information about the eligibility businesses must meet for the grant can visit the NCDOR website here.
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