North Carolina -- Phase 2 of the North Carolina Department of Revenue's Business Recovery Grant Program has begun, including adjustments to the program's eligibility criteria. According to the agency, $200 million is still available, and more businesses will now be eligible for the incentives.
BRG will make a payment to a qualifying North Carolina firm that lost at least 20% of its revenue due to the epidemic. The grant amount is based on a percentage of the eligible business's economic loss or $500,000, whichever is less. The deadline for applications is June 1, 2022.
For Phase 2, gross receipts are calculated using the sum of the following gross receipts:
Gross receipts reported on line 1 of Form E-500, Sales and Use Tax Return (“Form E-500”). If the business did not report gross receipts on line 1 of Form E-500, it may substitute the sum of the receipts listed on lines 4 through 8 of Form E-500 in place of gross receipts listed on line 1 of Form E-500;
Gross receipts that meet all of the following criteria:
The gross receipts were not reported on Form E-500.
The gross receipts are for transactions apportioned to North Carolina.
The gross receipts were reported on one of the following forms:Line 1a of federal Form 1065.
Line 1a of federal Form 1120.
Line 1a of federal Form 1120-S.
Line 1 of federal Form 1040, Schedule C.
Line 9 of federal Form 1040, Schedule F.
For more information go to their website and to apply click here