04 NCAC 01N .0101. SCOPE

(a)  The Department of Commerce shall operate a program of assistance to businesses in order to protect jobs in designated disaster-damaged counties of North Carolina.

(b)  The Department of Commerce shall make interest rebates available to business owners who received a disaster business loan from the U.S. Small Business Administration (SBA) for physical damage or economic injury to their business sustained as a result of the hurricanes of 2004.

(c)  The Department of Commerce shall make direct loans available to businesses for both physical damage and economic injury suffered as a result of the hurricanes of 2004.  

(d)  The applicant business must be located in one of the counties covered by Session Law 2005-1, more commonly known as the Hurricane Recovery Act of 2005.

(e)  The Small Business and Technology Development Center (the SBTDC) shall accept applications for interest rebates and business loans until July 30, 2005. 

(f)  Loan applicants must submit completed applications to the SBTDC at Business Recovery Assistance Centers (BRACs) by the final deadline to be eligible for this program.

(g)  BRACs are located at all of the regional offices of the SBTDC.

 

History Note:        Authority G.S. 143B-430(c); 143B-431(a)(1); S.L. 2005-1;

Emergency Adoption Eff. April 25, 2005;

Temporary Adoption Eff. July 29, 2005;

Eff. January 1, 2006.