Mortgage, Utility, and Rent Relief: Your Questions Answered
The Mortgage, Utility, and Rent Relief Program: What Is It?
If your business closed between April and July 2020 due to COVID-19, you could possibly qualify for monetary assistance through a program administered by the North Carolina Department of Commerce. The Mortgage, Utility, and Rent Relief (MURR) Program is part of the State’s Coronavirus Relief Fund and is targeted to businesses that experienced extraordinary business disruption due to the COVID-19 coronavirus pandemic.
Applications for assistance under the Mortgage, Utility, and Rent Relief (MURR) Program will be available soon. No date or timetable has been established at this time. We will update our clients as soon as we learn more. Assistance under the program will be based on four months of actual cash payments made for rent or mortgage interest, and utilities (electricity, natural gas, water, sewer, telephone, and internet services). The maximum assistance available is $20,000 per business location (maximum of 2 locations). Applications will be accepted on a first-come, first-serve basis.
Am I Eligible for Mortgage, Utility, and Rent Relief?
There are specific requirements that should be reviewed to determine if your business meets the criteria for participation in the program. Eligibility requirements include, but are not limited to the following:
Must be a for-profit business. Nonprofit organizations do not qualify.
Your type of business, or industry, must fall within certain categories. These include amusement arcades, amusement parks, banquet halls with catering staff, bingo parlors, bowling centers, dance halls, drinking places, indoor fitness & recreational sports centers, motion picture theaters (excluding drive-ins), and museums. Eligibility will be determined by the NAICS code reported on your income tax return.
Each business location must have between 1-49 employees.
You must have been closed due to COVID-19.
You must verify that you plan to remain in operation.
You must have qualified expenses during the period of April through August 2020 that have not been reimbursed or covered by a federal program, including the Paycheck Protection Program (PPP). Qualified expenses not applied towards PPP forgiveness may be used towards eligibility under the MURR Program.
Can have no overdue tax debts.
How Do I Prepare for the MURR Application?
There is information that you will need to accumulate now in order to be prepared to complete the application when it becomes available:
Most recent federal tax return
Lease or mortgage agreement for each qualifying business location
Proof of payment of rent or mortgage interest and utilities for the period of April through August 2020
Primary and secondary contact information for the business
Employer Identification Number (EIN)
North Carolina Secretary of State ID Number
The number of employees at each location. We recommend having payroll reports available to support this.
The Bottom Line
Does your business qualify as an eligible business type? Were you closed during the prescribed time period due to COVID-19? Did you continue to pay your rent or mortgage, and utilities? Do you plan to continue operations? Do you have less than 50 employees? Do you have eligible expenses not covered by other COVID-19 relief programs?
If you are answering YES to these questions, you should review the guidelines of the Mortgage, Utility, and Rent Relief (MURR) Program now, and consider whether applying for assistance under this program is right for you.
Learn More About the Mortgage, Utility, and Rent Relief Program
For additional details, current updates, and monitoring the application period, visit the North Carolina Department of Commerce website at https://www.nccommerce.com/grants-incentives/disaster-recovery/mortgage-utility-and-rent-relief-murr-program#before-you-apply
Holden Moss CPAs is dedicated to aiding businesses in this difficult time. We will provide you with all the tools and information necessary to succeed. If you have any questions regarding the Mortgage, Utility, and Rent Relief Program or the Paycheck Protection Program, please give us a call at (919) 556-6216. Contact us via email at admin@holdenmoss.com. We look forward to bettering your business.