SB 848 – COVID-19 Economic Recovery Grants

SB 848 – COVID-19 Economic Recovery Grants

Primary Sponsors: Sen. Paul Newton (R-Cabarrus), Sen. Ralph Hise (R-Madison), Sen. Jerry Tillman (R-Randolph)

Summary

This bill provides $200,000,000 in funding and economic support to businesses for job retention, recruitment and repatriation during and after the COVID-19 pandemic.

The maximum grant amount would be up to two months of the business’s average monthly payroll costs from the last year plus 25% of that amount. This amount could not exceed $500,000.

The bill also appropriates $50,000,000 to be used for the COVID-19 Job Retention Program.

History

  • Filed 5/26/20
  • Senate Finance – Passed 6/11/2020
  • Senate Appropriations – Passed 6/17/2020
  • Senate Rules Committee – Passed – 6/19/2020
 
 

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