BROADENED ELIGIBILITY FOR BUSINESS RECOVERY GRANTS

For the initial round of the Business Recovery Grant program, businesses had to demonstrate a decline in gross receipts using only Form E-500 or Form 1065. This limitation rendered thousands of businesses that do not collect sales tax and are structured as an S Corporation, C Corporation, single-member LLC, or sole proprietorship as ineligible to apply. Prior to the launch of Phase 2 of the program, NCACPA secured passage of a law that expanded the list of tax forms that a business can use to demonstrate a decline in gross receipts to include Form 1120, 1120-S, 1040 Schedule C, or 1040 Schedule F. 

March 2022