Over $200 million in grants is available to a broad range of entrepreneurs, including Black-owned businesses in North Carolina, thanks to an expanded business recovery program.
The North Carolina Department of Revenue (NCDOR) plans to initiate the application for the second phase of its Business Recovery Grant (BRG) program on May 2, 2022, based on a news release. Changes to the program’s eligibility criteria revealed would enable many more businesses to qualify for the grants.
BRG “will issue a payment to an eligible North Carolina business that suffered an economic loss of at least 20% during the pandemic.”
It indicated the grant amount is “a percentage of the economic loss demonstrated by the eligible business or $500,000, whichever is less.” The application deadline is June 1, 2022.
Many ventures shut out of the program’s first phase can apply now. Along with “COVID-impacted businesses” like restaurants and hotels, BRG is open to other businesses struck by the pandemic. They include farmers/agribusinesses, lawyers, landscapers, tailors/dry cleaners, hardware stores, and mechanics.
“Barbers, cosmetologists, gyms, and other service providers were hit hard by the pandemic, and it’s important to expand these grants to help them too,” Gov. Roy Cooper stated.
“Our small businesses are the backbone of our economy, and strong support for them is critical.”
Plus, enterprises that gained a grant from specific federal programs are still eligible to apply for a grant in the second phase, per the news release.
The first application period ended in late January 2022. There is roughly $203.5 million left of the $500 million in funds initially approved for the program. The NCDOR says it worked with the North Carolina General Assembly to expand eligibility to certain businesses hit by COVID, but did not qualify for initial funds.
NCDOR Secretary Ronald Penny stated, “Our hope is that the expanded Business Recovery Grant program requirements will encourage more eligible North Carolina businesses to apply.”
His office, too, wants to ensure eligible businesses that incurred a “financial loss” due to the pandemic receive the funding.
Businesses can apply on May 2 and learn more details here.