NC S848

Appropriates $200,000,000 in Coronavirus Relief Fund money to support businesses and local governments for job retention, recruitment, and repatriation during COVID-19 pandemic recovery.

Creates COVID-19 Job Retention Program providing one-time grants up to $500,000 to businesses and nonprofits that retained at least 90% of pre-pandemic workforce and experienced at least 10% sales decline, with $50,000,000 total funding and September 1, 2020 application deadline.

Establishes COVID-19 Increased Investment Program offering grants to corporations that increase tangible property investments in North Carolina, with maximum grant equal to 5 times the increased investment amount multiplied by 0.15%, payable over five years, with $50,000,000 allocated.

Creates COVID-19 Local Government New Infrastructure Program with $100,000,000 for local governments to support economic development projects and prosperity zones, administered under the One North Carolina Fund without requiring local match funds.

Department of Commerce may use up to 5% of each program's funds for administration and must report to legislature by January 1, 2021 on grants awarded and participation by historically underutilized businesses.