Revises the NC Small Business Innovation Research (SBIR)/Small Business Technology Transfer Research (STTR) Incentive Program to provide grants to eligible businesses to offset costs for applying for federal SBIR and STTR grants awarded pursuant to GS 143B-437.80 (previously, provided for application to the US Small Business Administration), in order to foster job creation and economic development throughout the State (rather than in the State). Now provides for grants for a percentage of the costs of preparing and submitting a SBIR/STTR Phase I proposal up to $12,000 (previously, for up to 50% of the costs with a $3,000 max). Sets the maximum percentage of reimbursement at 100% for an eligible business located in a development tier one or two area, and 50% for other eligible businesses. Eliminates the restriction to one grant under the statute with respect to each federal proposal submission. Adds educational programs to costs that can be reimbursed. Adds new authority for the NC Board of Science, Technology, and Innovation to use up to 10% of funds appropriated for grants to provide education and outreach to aid in awareness and successful completion of SBIR/STTR Phase I proposals.

Amends the SBIR/STTR matching requirements set forth in GS 143B-437.81 to provide for matching funds received by a business through a SBIR/STTR Phase I proposal up to $200,000 (was $100,000). Eliminates the restriction limiting a business to receipt of only one grant under the statute per year. Limits a business to one grant under the statute for each federal proposal award (rather than submission). Increases the total award cap for a business over its lifetime under the statute from five to ten.

Appropriates $2 million in recurring funds from the General Fund to the One NC Small Business Account (One Account) for 2021-22 and 2022-23 for the NC SBIR/STTR Incentive Program and Matching Program. Appropriates $7 million from the General Fund to the One Account for 2021-22 as a supplement in response to the COVID-19 pandemic to be used for the NC SBIR/STTR Incentive Program and Matching Program. Effective July 1, 2021.