Yancey County Economic Development Commission and the NC Department of Commerce want to let businesses and non-profits know about Job Retention Grants. If your business or non-profit organization experienced interruption due to the COVID-19 coronavirus pandemic, the new Job Retention Grant (JRG) Program may be able to offer assistance.
On July 1, 2020, Governor Roy Cooper signed into law House Bill 1023 to create the grant program. The JRG program utilizes the Coronavirus Relief Fund to provide economic relief to North Carolina businesses and nonprofits negatively impacted by the public health emergency.
Eligibility Requirements
An employer, including both private businesses and certain types of nonprofits, may be eligible for a grant under this program if it meets all of the following conditions:
- 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 demonstrates that 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.
Grant Amount
The maximum grant amount 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 total of all funds granted under the Job Retention Grant Program may not exceed $15,000,000. If the total amount of grants requested by qualified applicants exceeds the maximum amount of funds available, each grant award will be reduced on a proportionate basis.
Additional program guidance and application materials will be available soon. Email any questions or comments to jrg@nccommerce.com.
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