The application process for the North Carolina Job Retention Grant program is expected to open soon to provide relief for businesses and nonprofits that have yet to receive aid. | Stock Photo
The application process for the North Carolina Job Retention Grant program is expected to open soon to provide relief for businesses and nonprofits that have yet to receive aid. | Stock Photo
The North Carolina Economic Incentive Committee indicated plans to open up the application process for the state’s Job Retention Grant program to aid businesses and nonprofits that failed so far to secure aid in the wake of the economic crisis created by COVID-19-related restrictions.
The program, which was created through legislation and Gov. Ray Cooper signed on July 1, would be the latest in the series of programs funded by the federal CARES Act, WRAL TechWire reported on July 28.
For businesses and nonprofits to qualify for the program, during March they must have retained at least 90% of the full-time workforce they employed during the pay period ending Feb. 28, TechWire reported. They must also demonstrate an economic loss related to the COVID-19 pandemic.
To demonstrate economic loss for the program, a business must show sales for March through May of this year are at least 10% less than the same period in 2019, TechWire reported. A nonprofit must show a 10% loss in gross receipts for the same period.
Grant awards to accepted businesses cannot exceed $250,000, TechWire reported.
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