You should have filed one application as the business owner. For federal tax purposes, the 2019 federal child tax credit is reduced when a taxpayers modified adjusted gross income exceeds $400,000 for individuals who file a joint tax return with their spouse, and $200,000 for all other filing statuses. Internal Revenue Service interactive tool: Is My Child a Qualifying Child for the Child Tax Credit? What should I do? I am an individual operating multiple business locations in North Carolina. For questions about any of the grant programs listed herein, contact the agency that oversees that program. File a complaint online with the OIG Here. Can I provide the information to the Department and be awarded a grant? Yes. Am I eligible for another grant in Phase 2? Learn more The business has gross receipts that were not reported on federal Form 1065. Contact information for the OIG Hotline Here (1-800-MIS-USED; 1-800-647-8733) OIG Hotline Poster. As required by law, the NCDOR re-opened the application period of the Program because the total amount of grants requested by eligible businesses during the initial application period did not exhaust the $500 million in funds authorized for the Program. 7. 10. GREAT Grant (2021-2022) | ncbroadband.gov A business is a HUB if fifty-one percent of the business is owned by, and the day-to-day management and daily business operations are controlled by, one of the following: The application period for Phase 2 of the Business Recovery Grant Program closed on June 1, 2022. COVID-19 relief legislation originally suspended the sequestration payment adjustment of 2% from May 1, 2020 through December 31, 2021. Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as originally enacted March 27, 2020, the Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees. Since you operate your business as an S Corporation and the S Corporation is subject to North Carolina income tax, you may be eligible for a grant if you suffered an economic loss of at least 20%. How will I know if I was not approved for a grant? All grant payments will be issued by check to the address listed on your application or State individual income tax return for 2019 or 2020. Yes. Why isnt there withholding on my Form 1099-G with a Line 3 Grant? Additional guidance is available on our website in the instructions for the North Carolina income tax returns. State Government websites value user privacy. The University of North Carolina at Pembroke. Secure portals have been established to ensure information is transmitted safely and securely. Under legislation signed into law May 24, 2021, individuals who missed the original deadline may be eligible to receive the $335 grant payment. It depends. OT cannot be reimbursable because FEMA assistance has arrived, but regardless of whether FEMA assistance will arrive or not. The child does not file a joint 2019 federal tax return. You did not meet all of the eligibility conditions necessary to receive the grant. If you were awarded a reimbursement grant (business not classified in NAICS code 71 or 72) please click here for more information. I have multiple North Carolina Sales and Use Tax Account IDs and file a separate schedule C for each location. The Program was established in Session Law 2021-180 that was signed by Governor Cooper in November 2021. In order to be eligible for the child grant, an individual who applies for the child grant must be a resident of North Carolina for the entire 2019 calendar year. Your HUB status has no bearing on the Department of Revenues Business Recovery Grant Program. The grant payment is not a refund of State tax.