Includes whereas clauses.

Appropriates $250 million from the General Fund to the Department of Commerce (DOC) for 2025-26 to be used as provided in the act. Specifies that the funds do not revert, but remain available to DOC for the purposes provided in the act. Specifies the act’s purpose to help NC small businesses that experienced disruption as a result of the COVID-19 pandemic by providing grants awarded by DOC, in consultation with the Department of Revenue (DOR) to offset the harm suffered. Establishes the COVID-19 Small Business Recovery Program (Program) administered by DOC to provide one-time grants to qualifying businesses (defined).  Provides for a grant application. Instructs that a grant amount to a qualifying business cannot exceed the lesser of (1) $250,000 or (2) the amount of reduction in sales tax collections of the qualifying businesses resulting from the COVID-19 pandemic for the 2020 tax year as compared to the 2019 tax year. Caps the total of all grants at $250 million. Provides for verification. Conditions a grant under the Program on a recipient business maintaining operations for a minimum of six months following receipt of the grant. Directs DOC to claw back a proportionate amount of the grant for any portion of the six months the recipient business does not maintain business operations.

Adds Program grants as an authorized other deduction from State taxable income under GS 105-153.5. Effective for taxable years beginning on or after January 1, 2025, and expires for taxable years beginning on or after January 1, 2026.