N.C. Department of Revenue begins distributing Business Recovery Grant payments
By Staff Report, posted Mar 1, 2022 on BizFayetteville.com
The North Carolina Department of Revenue just announced that starting today, it will begin mailing one-time Business Recovery Grant payments to approved North Carolina businesses that applied before Jan. 31, 2022.
Businesses approved for the grant should expect to receive $50,000 or less in the coming days.
The Business Recovery Grant is funded by the federal American Rescue Plan State Fiscal Recovery Fund. Two different grants were available to businesses that applied based on their economic loss during the pandemic.
The Hospitality Grant is for eligible businesses that pertain to arts, entertainment, or recreation, as well as food and accommodation services.
The Reimbursement Grant is for eligible businesses not classified in NAICS Code 71 and 72. Other eligible businesses are those that did not receive any funding from other relief programs.
"A number of small businesses were hit hard by the pandemic, and these funds can help them recover and thrive. I appreciate the work to get checks out as quickly as possible while we work with legislative leaders to expand eligibility to more businesses," said Governor Roy Cooper.
Federal law will require these entities that receive the grant to provide additional information to the Department.
Last week, the North Carolina Department of Revenue temporarily stopped accepting applications for Phase 2 of the Business Recovery Grant as the General Assembly works to try increasing eligibility for other potential businesses. Applicants that were not approved will be notified.
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