Tag Archive for: #ncdepartmentofrevenue

Online Meeting May 19 To Talk About Business Recovery Grants

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The N.C. Department of Revenue has scheduled an online information session next week to help businesses adversely affected by the COVID-19 pandemic apply for Business Recovery Grant money.

The session will be held Thursday, May 19 from 11 a.m. to noon and is open to anyone interested in learning more about the grant’s Phase 2, according to Sheri Jones, VGCC Small Business Center Director. “The state is eager to distribute these funds to eligible businesses so I would encourage anyone who was in business during the pandemic to take a look at the criteria and apply – it is much broader and covers more business types in this phase, Jones said.

The deadline to apply is June 1.
To register for Thursday’s online session, go to:  NC DOR Business Recovery Grant – Program Overview & Common FAQs
The N.C. General Assembly passed the legislation and Gov. Roy Cooper signed it into law in March. The BRG issues awards of up to $500,000 to eligible North Carolina businesses that suffered substantial economic loss during the pandemic.
Two types of grants are available through the program:

  • A hospitality grant is available to an eligible arts, entertainment or recreation business,
    as well as an eligible accommodation or food service business such as a hotel, restaurant or bar (NAICS code 71 and 72).
  • A reimbursement grant is available to an eligible business not classified in NAICS Code
    71 and 72.

For Phase 2, the law was changed to make more businesses eligible for a grant. A business that received other COVID-19 relief may now be eligible for a grant in Phase 2.
Visit https://www.ncdor.gov/business-recovery-grant for more information and to apply.

North Carolina Dept. Of Revenue Program Helps Businesses Affected By COVID-19 Pandemic

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The North Carolina Department of Revenue’s Business Recovery Grant Program is making one-time payments to eligible businesses in the state that have suffered significant economic loss because of the COVID-19 pandemic.

The deadline to submit an application is Jan. 31, 2022. Visit https://www.ncdor.gov/business-recovery-grant to learn more.

According to the NCDOR website, there are two types of grants available for businesses that had at least a 20 percent loss of business during the pandemic:

  • A hospitality grant for eligible arts, entertainment, and recreation business, as well as eligible accommodation and food service businesses such as a hotel, restaurant, and bar (NAICS codes 71 and 72).
  • A reimbursement grant for eligible businesses not classified in NAICS Code 71 and 72, and which did not receive funding from other relief programs including Paycheck Protection Program, COVID-19 Job Retention Grant, and EIDL Advance.

The amount an eligible business would receive is a percentage of the economic loss or $500,000 whichever is less. NCDOR will reduce grant amounts if the total amount of grants requested exceeds the maximum amount of funds authorized for the for Business Recovery Grant by the state of North Carolina.

Grant amounts will be determined at the conclusion of the application period. All payments will be made by check, mailed to the address provided by the respective business once the amounts are determined after the application period closes.

 

 

Free small business tax workshop scheduled at VGCC Franklin Campus

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The Vance-Granville Community College Small Business Center will present a free workshop, called “Sales & Use Tax 101,” on Thursday, Jan. 19, from 2-4 p.m. in room F1208 at the college’s Franklin County Campus, located just outside Louisburg.

In this hands-on workshop, Rhonda High of the N.C. Department of Revenue will help small business owners understand the basics of sales and use taxes, including registering for a sales and use tax account and learning about the most common types of sales and use taxes collected. High will also discuss the proper procedures for filing a sales and use tax return.

At the end of the workshop, there will be a question and answer session with the presenter, as well as opportunities to network with other business owners.

For more information and to reserve a seat, contact the Small Business Center at smallbusiness@vgcc.edu or (252) 738-3240.  Registration can be completed online at www.vgcc.edu/schedules/small-business-center.