AN ACT TO PROVIDE ECONOMIC SUPPORT TO BUSINESSES FOR JOB RETENTION, RECRUITMENT, AND REPATRIATION DURING AND AFTER THE COVID-19 3
Senate committee substitute to the 2nd edition makes the following changes.
Amends Section 1 to include nonprofits as entities eligible to receive grants under the Job Retention Program. Defines nonprofit as an entity exempt from income tax under GS 105-130.11(a)(3) or GS 105-130.11(a)(6). Restricts eligibility to nonprofits whose gross receipts for the COVID-19 period, as defined, are at least 10% below its gross receipts for the same period in the preceding calendar year. Makes conforming changes to other sections.
Amends Section 1 to change Mainstreet Loan Program to Mainstreet Lending Program. Makes conforming changes to other sections.
Amends Section 2(c) to specify that appropriations in Sections 3(g), 4(h), and 5(c) of the act do not become effective unless funds are allowed to be expended pursuant to the federal CARES Act requirements and federal Treasury guidance.
Adds new Section 2(d) to specify that the requirements and limitations set forth in Part I of SL 2020-4 apply to the funds appropriated.Directs the Office of State Budget and Management to include the funds transferred and appropriated in the report required under Section 1.7 of SL 2020-4.
Amends Section 3(d) related to Job Investment grant program to specify that the total of all funds granted under the program may not exceed $50 million. Directs the Economic Investment Committee to calculate the total amount of grants requested from the applications timely filed and to proportionately reduce each grant award of the total amount requested exceeds this amount (previously, provided for a $50,000 grant award cap, provided on a first-come, first-served basis). Amends Section 3(e) to set an application deadline of September 1, 2020.
Amends Sections 3(g), 4(h), and 5(c) to specify that the appropriations are subject to the contingency set forth in Section 2.(c), requiring compliance with the requirements of the federal CARES Act and federal Treasury guidance.
Amends Section 4(a) to specify that the purpose of the Increased Investment grant program is to invent increased investment in the State in 2020 and 2021.
Amends Section 4(c) to specify that to be eligible for a grant, the Economic Investment Committee must find that the total benefit of a business' investment to the State under the grant appropriate for the investment.
Amends Section 4(h) to change the date by which unexpended funds revert from December 30, 2022 to December 31, 2023.
Adds new Section 5.1 to authorize the Department of Commerce to use up to 5% of the amount of funds appropriated to each program created pursuant to this act for administration of each program, respectively.
Adds two new sections to reenact and incorporate the State Budget Act, GS 143C, by reference, and to provide for the continued validity of 2019 legislative appropriating funds to entities covered by the act, unless expressly repealed or amended.
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