S788 - Save Our Restaurants Act

• Transfers $125,000,000 from the Coronavirus Relief Reserve to the Coronavirus Relief Fund for allocation to restaurant and hotel stabilization programs during the COVID-19 pandemic.

• Allocates $50,000,000 through community development financial institutions (CDFIs) for restaurant loans up to $50,000 per business at 3.5% interest, with loan forgiveness for purchases from North Carolina small farms and property/income taxes owed during the State of Emergency.

• Allocates $75,000,000 through CDFIs for hotel and motel loans up to $50,000 per business at 3.5% interest, with loan forgiveness for occupancy taxes collected and property/income taxes owed during the State of Emergency.

• Programs operate in two phases: Phase one (eight weeks) limited to small businesses with less than $10,000,000 in gross receipts; Phase two opens to all qualifying businesses showing greater than 50% revenue losses.

• Appropriates $7,000,000 to reimburse ABC permit holders for fees paid during March-June 2020, and requires local ABC boards to reimburse mixed beverage permittees for unopened spirituous liquor inventory purchased after January 1, 2020.