Bill Summaries: H918 (2021)

  • Summary date: May 10 2021 - View summary

    Appropriates $6 million for 2021-22 from the General Fund to the Department of Commerce (Department) to provide funds to help chambers of commerce that experienced business interruption in connection with the COVID-19 pandemic. Allows the Department to use an amount not to exceed 5% of the allocated funds to administer the fund with remaining funds used to provide grants awarded by the Economic Investment Committee for the program and purpose provided for in this act. Creates the COVID-19 Chamber of Commerce Support Program to be administered by the Economic Investment Committee (Committee) established under GS 143B-437.54. Allows the Committee to provide a one-time grant to chambers of commerce that lost revenue from the COVID-19 pandemic and meet the specified conditions. 

    Provides that a chamber of commerce is eligible for a grant if: (1) it is exempt from Part 1 of Article 4 (Corporation Income Tax) of GS Chapter 105 under GS 105-130.11(a)(4) (setting out an exemption from the tax for business leagues, chambers of commerce, merchants' associations, or boards of trade not organized for profit, and no part of the net earnings of which inures to the benefit of any private stockholder or individual); (2) it demonstrates one or both of the following with respect to its gross receipts: a decrease for the first quarter of the 2021 calendar year of at least 10% in comparison to the same quarter of the 2020 calendar year, or a decrease for the 2020 calendar year of at least 10% in comparison to the 2019 calendar year; (3) it is registered with, and has filed Articles of Incorporation with, the Secretary of State; and (4) it has at least one full-time employee. Sets out provisions for calculating the maximum grant amount. Requires grant applications to be filed with the Committee on or before May 31, 2022; prohibits accepting late applications.

    Effective July 1, 2021.