NC S524

Appropriates $250,000,000 from the General Fund to the Department of Commerce for the COVID-19 Small Business Recovery Program to provide one-time grants to eligible businesses.

Defines qualifying businesses as entities subject to income tax with 2019 annual receipts of $8,000,000 or less that experienced at least a 25% reduction in sales tax collections in 2020 compared to 2019.

Limits individual grants to the lesser of $250,000 or the actual reduction in sales tax collections, with total program grants capped at $250,000,000.

Requires grant recipients to maintain business operations for a minimum of six months following receipt of the grant, with the Department of Commerce recovering a proportionate amount if this condition is not met.

Makes grant amounts excludable from taxable income for tax years beginning January 1, 2021 through December 31, 2021.