North Carolina Job Retention Grant
Posted Aug 13, 2020
Did you miss out on the Federal Payroll Protection Program? You may have another opportunity to secure funds to help your business during these difficult times. The application deadline is September 1st, so act quickly if you are interested in this grant.
If your business or non-profit organization experienced interruption due to the COVID-19 coronavirus pandemic, North Carolina’s Job Retention Grant (JRG) Program may be able to offer assistance in your time of need. The potential grant is up to two months of the entity’s average payroll, plus 25%. The grant may not exceed $250,000 per entity.
The business must meet certain requirements. These include the following:
- No Other Assistance. Your business/nonprofit did not participate in the Paycheck Protection Program, Main Street Lending Program, or the state Rapid Recovery Loan Program.
- Keep Employees. Your business/nonprofit maintained at least 90 percent of the full-time North Carolina employees that it had on March 1, 2020 as of July 1, 2020.
- Face Hardship from the Economic Downturn. Your business/nonprofit experienced a loss of over 10 percent of sales/receipts when comparing the period of March-May 2019 to March-May 2020.
Only employers with employees may apply (so if you are self-employed and file your return on a Schedule C, you would not qualify for this program unless you also had payroll employees).
You can read more about the program and application process here. https://www.nccommerce.com/grants-incentives/disaster-recovery/job-retention-grant-jrg
In order to apply, you will need to gather several payroll documents from 2019 and 2020. Our office can assist in gathering these documents for new and existing clients. Please call 828-324-1661 for an appointment.