North Carolina's share of the $1.9 trillion dollar American Rescue Plan will amount to $9 billion with one-third of the funding going to direct relief funding for NC's counties and cities.
Although the NC General Assembly will decide how $5.5 billion of the funding is spent, another $2 billion will be divided among NC's 100 counties and $1.3 billion among our state's 551 towns and cities. This direct relief for all 100 counties is in stark contrast to the CARES Act which provided direct relief to only NC's three most populous counties. The state has until 2024 to spend the funding.
When does the money arrive?
The money will arrive in two segments.
First Half: Within 60 days of March 11th
Second Half: Next year
Is there any new funding?
Restaurant Revitalization Grant Program: $28.6 billion
Who Qualifies: Foodservice & drinking establishments that lost revenue between 2019 and 2020. $5 billion is set aside for restaurants with $500,000 or less in gross receipts. Excludes publicly traded companies and restaurant groups with more than 20 locations.
How Much to Expect: Smaller businesses may receive grants up to the difference in revenue between 2019 and 2020.
Grant Limits: $5 million per restaurant location and $10 million per restaurant group.
When & How to Apply: A launch date is expected within the next few weeks. Details will be listed on the SBA Covid-19 Relief Options page.
More Details: SBA Will Likely Open Restaurant Revitalization Fund Within Weeks & Restaurant Revitalization Fund Grants Guide
Is there more funding for existing programs?
EIDL Grants: $15 billion
PPP Loans: $7.25 billion
Shuttered Venue Operators Grant Program: $1.25 billion