North Carolina S891 establishes a Small Business Investment Grant to aid businesses impacted by COVID-19.

North Carolina S891 creates the COVID-19 Small Business Recovery Program, administered by the Department of Commerce, to provide grants to small businesses adversely affected by the pandemic. Each qualifying business can receive a one-time grant up to $250,000 or the amount of their sales tax reduction from 2020 compared to 2019, whichever is less. The total grant fund is capped at $250 million. To qualify, businesses must have 2019 annual receipts of $8 million or less and a 25% reduction in sales tax collections due to COVID-19.

North Carolina S891 establishes a Small Business Investment Grant to aid businesses impacted by COVID-19.

North Carolina S891 creates the COVID-19 Small Business Recovery Program, administered by the Department of Commerce, to provide grants to small businesses adversely affected by the pandemic. Each qualifying business can receive a one-time grant up to $250,000 or the amount of their sales tax reduction from 2020 compared to 2019, whichever is less. The total grant fund is capped at $250 million. To qualify, businesses must have 2019 annual receipts of $8 million or less and a 25% reduction in sales tax collections due to COVID-19.