NC H921

Appropriates $60 million to the Department of Commerce for loans to historically underutilized businesses and nonprofits in Tier One counties that did not receive CARES Act, Economic Injury Disaster Loans, or Paycheck Protection Program funds.

Allocates $10 million to the Carolina Small Business Development Fund and $50 million to Golden LEAF to provide loans up to $1 million per business at 1% below market rate with terms not exceeding 120 months.

Permits loans for employee compensation, operating costs, facility renovation, program expansion, scholarships, health clinics, food assistance, vocational education, and COVID-19 relief initiatives.

Appropriates $40 million to the Department of Public Instruction for grants to nonprofit corporations partnering with local schools in Tier One counties to provide evidence-based support programs for at-risk students negatively affected by COVID-19, with grants capped at $1 million per county.

Requires Golden LEAF and Carolina Small Business Development Fund to submit six-month progress reports on loan distribution and repayment; act becomes effective July 1, 2021.