Appropriates $60 million from the General Fund to the Department of Commerce (Department) to be used to provide grants to entities to assist qualifying businesses with business needs during period of economic hardship due to the COVID-10 pandemic. Defines qualifying business to mean a historically underutilized business or nonprofit corporation with a physical presence in a development tier one area that is able to show no State or federal financial assistance from the CARES Act, an Economic Injury Disaster Loan, or a Paycheck Protection Program loan, and suffered economic losses as a result of COVID-19. Requires $10 million of the funds to be allocated to the Carolina Small Business Development Fund to provide loans to qualifying businesses, subject to administrative policies and procedures developed by the Fund. Requires $50 million of the funds to be allocated to the Golden LEAF to provide loans to qualifying businesses, subject to administrative policies and procedures developed by the Golden LEAF. Establishes restrictions and limitations for the program and loans made under the programs, including capping loans at $1 million per qualifying business, setting the loan interest rate at 1% below market rate, and capping the loan term at 120 months. Provides 14 authorized uses of the funds, including renovation and repair of existing facilities, small business incubation, temporary housing for needy individuals, and vocational education or certification. Details required terms for loan agreements. Allows a qualifying business that is a 501(c)(3) exempt organization to apply for a grant of up to $50,000 under the programs to be used for community development purposes in development tier one areas to aid persons of low and moderate income affected by the COVID-19 pandemic. Requires Golden LEAF and the Carolina Small Business Development Fund to biannually report to the specified NCGA committee and division until all funds are disbursed. Specifies required content of the reports.
Appropriates $40 million from the General Fund to the Department of Public Instruction (DPI) to award funds for new or existing eligible programs for at-risk students operated by nonprofits working in collaboration with local school administrative units in a development tier one area county. Caps total amount of grants allocated within a county to $1 million. Details program requirements and the program's purpose. Requires the programs funded to raise standards for academic outcomes for at-risk students whose learning was negatively affected by COVID-19 impacts by focusing on eight enumerated areas, including deployment of multiple tiered supports in schools to address student barriers to achievement, and minimization of class size when providing instruction or instructional supports and interventions. Requires grant recipients to report to DPI for the year in which the grant funds were expended on the progress of the assistance program, as well as a final report on key performance data of the program, as specified. Directs DPI to report to the specified NCGA committee by February 15, 2023, on the results of the program. Specifies required content of the report.
Effective July 1, 2021.
Bill H 921 (2021)Summary date: May 10 2021 - View summary