NC S705

Authorizes the Buncombe County Tourism Development Authority to distribute up to $5,000,000 from its Tourism Product Development Fund to eligible small businesses affected by COVID-19 closures.

Eligible businesses must have been operating in Buncombe County prior to January 1, 2020, in tourism-related activities (restaurants, retail, breweries, entertainment venues, etc.) with 2-200 full-time equivalent employees; lodging providers are ineligible.

Individual grants are capped at $50,000 per business and must be used for employee compensation, inventory, mortgage, rent, utilities, and other operating costs for reopening or resuming operations.

The Tourism Development Authority must prioritize independently owned businesses and demonstrate that resumed operations will significantly increase patronage of lodging facilities in the county.

Grant distribution must cease six months after the state of emergency ends, and the TDA must submit semi-annual reports to the Buncombe County Board of Commissioners detailing grant recipients, jobs retained, and compliance information.