Recognizing the restaurant industry has been among the hardest-hit sectors during the COVID-19 pandemic, the American Rescue Plan established $28.6 billion for a Restaurant Revitalization Fund (RRF), spearheaded by the Small Business Administration. The RRF will provide non-repayable funds to eligible food service businesses, such as: restaurants, food stands, food trucks, food carts, caterers, bars, saloons, lounges, taverns, snack and nonalcoholic beverage bars - provided at least 1/3 of total sales are onsite sales to the public. Eligible applicants also include bakeries, brewpubs, breweries/microbreweries, wineries, distilleries, and inns. Throughout the week of April 26, the SBA, the NC Small Business & Technology Development Center, and the four Women's Business Centers will provide multiple free virtual events on the RRF. These opportunities will provide attendees with an overview of the application process, eligibility requirements, and more. Virtual events are scheduled for:

HB104/SB112/HB334: Align PPP Tax Treatment to Federal Treatment

These bills would align North Carolina with federal treatment on the issue of Paycheck Protection Program (PPP) loan deductibility, allowing North Carolina businesses to deduct expenses paid for with the proceeds of forgiven PPP loans for state income tax purposes. Senate Bill 104 would enact these measures beginning with the 2020 taxable year, while Senate Bill 112 and House Bill 334 would make these measures effective for the 2020 taxable year only. Latest Action: On Thursday, April 22nd, HB334 passed the House and will now head to the Senate.