The North Carolina Department of Revenue launched a $500 million program Thursday to help restaurants and other small businesses recover from pandemic-related losses.

The North Carolina Business Recovery Grant Program allows business owners who have seen at least a 20 percent decline in business to apply for grants of up to $500,000. 

Because the hospitality industry was hit so hard by closures and other restrictions, $300 million of the fund is earmarked for restaurants, hotels, bars and other entertainment businesses.  

The Business Recovery Grant Program will issue a one-time payment to an eligible North Carolina business that experienced a significant economic loss due to COVID-19. The application period closes January 31, 2022.

Two types of grants will be available to an eligible business that suffered an economic loss of at least 20 percent during the pandemic:

A hospitality grant will be available to an eligible arts, entertainment, and recreation business, as well as eligible accommodation and food service business such as a hotel, restaurant, and bar with the North American Industry Classification System codes of 71 and 72.

A reimbursement grant will be available to an eligible business not classified in NAICS codes 71 and 72 that did not receive funding from other relief programs including Paycheck Protection Program, COVID-19 Job Retention Grant and the COVID-19 Economic Injury Disaster Loan. 

Further information is available at this link