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