North Carolina S900 establishes a Small Business Recovery Program to provide grants to small businesses impacted by COVID-19.

North Carolina S900 creates the COVID-19 Small Business Recovery Program to provide grants to small businesses adversely affected by the pandemic. The program, administered by the Department of Commerce in consultation with the Department of Revenue, aims to offset economic harm and promote stability. Qualifying businesses must have annual receipts of $8 million or less and a 25% reduction in sales tax collections in 2020 compared to 2019. Grants are capped at $250,000 or the reduction amount, whichever is less, with a total cap of $250 million.

North Carolina S900 establishes a Small Business Recovery Program to provide grants to small businesses impacted by COVID-19.

North Carolina S900 creates the COVID-19 Small Business Recovery Program to provide grants to small businesses adversely affected by the pandemic. The program, administered by the Department of Commerce in consultation with the Department of Revenue, aims to offset economic harm and promote stability. Qualifying businesses must have annual receipts of $8 million or less and a 25% reduction in sales tax collections in 2020 compared to 2019. Grants are capped at $250,000 or the reduction amount, whichever is less, with a total cap of $250 million.