September 25, 2020

Volume X, Number 269

September 25, 2020

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September 24, 2020

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September 23, 2020

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NC Launches New Grant Program for Businesses Impacted by COVID-19 – Applications Due September 1st

The NC Department of Commerce announced the Job Retention Grant (JRG) program, which awards grants of up to $250,000 per NC business or non-profit affected by COVID-19, where certain criteria are met.  Applications are due no later than September 1st.  

Among other things, an applicant must demonstrate the following to be eligible:

  • It employs at least ninety percent (90%) of the number of full-time employees during the COVID-19 period (March 1, 2020 – May 31, 2020) in North Carolina as it employed in North Carolina for the pay period ending on or about February 28, 2020.

  • It experienced an economic loss in connection with the COVID-19 pandemic as follows:

    • For a business, its sales for the COVID-19 period (March 1, 2020 – May 31, 2020) are at least ten percent (10%) below its sales for the same period in the preceding calendar year.

    • For a nonprofit, its gross receipts for the COVID-19 period (March 1, 2020 – May 31, 2020) are at least ten percent (10%) below its gross receipts for the same period in the preceding calendar year. 

  • It did not participate in the federal Paycheck Protection Program, the federal Main Street Lending Program, or the North Carolina Rapid Recovery Loan Program.

The value of the grants, which will be awarded on a discretionary basis, may be up to two months of the eligible entity’s average monthly payroll costs from 2019, plus an additional 25% of that amount.  The grant amount may not exceed $250,000.

The JRG program is funded through the North Carolina share of the federal Coronavirus Relief Fund, enacted as part of the CARES Act legislation approved by the U.S. Congress.  The North Carolina General Assembly approved state legislation authorizing the use of $15 million for this new program.

Grant applications received after September 1, 2020 will not be considered.

Copyright © 2020 Womble Bond Dickinson (US) LLP All Rights Reserved.National Law Review, Volume X, Number 224

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About this Author

David Efird Economic Development Attorney Womble Bond Dickinson Raleigh, NC
Of Counsel

David Efird brings senior-level experience to companies seeking to relocate to or expand operations in the Southeast, including site selection and negotiating with the state and local officials on economic development incentives. He is the former General Counsel of the North Carolina Department of Commerce where he served as a lead negotiator on major economic development projects for the state. During his time there, Dave worked closely with corporations, local governments and state agencies to develop and close incentive deals that brought thousands of jobs and billions of dollars in...

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John Nathan Hunter Corporate Finance and Commercial investment Attorney Womble Bond Dickinson law Firm Charlotte
Partner

John Hunter is a pure economic development attorney, as his practice is entirely focused on proactively assisting and counseling corporate clients during all phases of the site-selection process when those clients are looking to expand, consolidate, or relocate some form of company operation. Whether the client project at hand entails a headquarters or back-office need, an R&D facility, a distribution center and/or new manufacturing facility, or even a data-center co-lo or server farm locational need, John has over a 20-year track record of successfully advising clients and negotiating incentive packages of varying needs and sizes in each of these facility categories throughout the Southeast United States and, more particularly, throughout the Carolinas.

Having previously served as the director of economic development for the two-state, 16-county Charlotte Regional Partnership, John is able to bring a unique perspective and understanding as well as a long-established and loyal network of public and private support to his clients project’s needs while deftly assisting those clients navigate the site-selection process. John has negotiated and obtained some of the largest, most successful state and local incentive packages ever awarded in the Carolinas on behalf of both domestic and international clients such as Google, First Quality Tissue, Samsung, SPX, Rooms-To-Go, CompuCom, Mitsubishi Nuclear, and CTL Packaging. He and his team also regularly counsel and assist clients on issues involving real estate, environmental site assessment, regulatory and permitting, public finance, as well as state and local tax and general corporate matters.

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