Local Grants for Charlotte Businesses Announced

Through the small business recovery program, the Foundation for the Carolinas will distribute $30 million in federal CARES Act funding to small businesses headquartered within the city limits of Charlotte via its grants program.

The grants program was created through federal funds and provided to the City of Charlotte through the CARES Act, which Congress passed in March 2020. Grant awards will be made in the weeks of July 6, 2020 and August 3, 2020. Applications are available in English, Spanish, Chinese, French, Nepali and Vietnamese. Awards will be grants, not loans. There will be no repayment requirement. Businesses selected to receive a grant will be issued a Form 1099-MISC by the City and should consult their accountant or other tax advisor to determine whether the grant is taxable.

With the goal to get money in the hands of struggling businesses as quickly and equitably as possible, applications will be randomly selected each day for review – rather than on a first-come, first-served basis.

The program is a part of the City's Open for Business Initiative and will distribute grants of either $10,000 or $25,000, depending on number of employees.

To qualify, a small business must:
• Be headquartered within the Charlotte city limits
• Employ 25 or fewer employees (including part-time, if reported on company's W-3)
• Have been established before Jan. 1, 2020
• Have been affected by the COVID-19 pandemic
• Have gross sales for 2019 of at least $30,000 and less than $2 million
• Not be currently engaged in bankruptcy proceedings

For full details and application, visit www.fftc.org/CLTcitygrant