Legislators Support Increased Funding for Job Retention Grant Program
Federally funded grant program provides relief to small business owners who retain employees
Government-mandated shutdown requires some government-provided assistance
Avoiding layoffs is top public policy goal
Raleigh, N.C. — Legislators from the House and Senate today voiced their support for increasing funding for the job retention grant program.
The state program, funded with federal CARES Act dollars, offers relief to small business owners who retain employees.
Sen. Paul Newton (R-Cabarrus), who co-chairs the Senate Finance Committee, said, “The government imposed shutdown orders on small businesses, so there’s a role for government to take action to prevent devastating layoffs. Hopefully we’ve already seen the worst of this pandemic, and we need to focus on picking up the economic pieces to get this state moving again.”
Rep. Kevin Corbin said, “Keeping people employed is critical to recovering from this recession, and I’m happy to support increased funding for small businesses to keep folks on the payroll.”
The legislators expect a vote this week on allocating an additional $45.5 million in additional funding to the job retention grant program, bringing the total funding to $60.5 million. Business owners may apply for up to two months of average monthly payroll costs from the last year, plus an additional 25% of that amount. The grant amount may not exceed $250,000.
To apply, business owners should visit the N.C. Department of Commerce website. Applications are due no later than September 25, 2020.