Small Business Recovery Program Has More Than 100 Participants
Date: August 23, 2011
Raleigh, N.C.— More than 100 businesses have signed up for a program launched last month by the NC Department of Revenue and the N.C. Small Business Commissioners Office aimed at helping those who are struggling with certain tax issues as a result of the weakened economy.
The Small Business Taxpayer Recovery Program offers penalty and fee waivers, as well as longer-term payment plans to companies that have fallen behind on sales, withholding and other trust taxes.
"We know that the recession has caused financial difficulties for many small businesses in North Carolina," said Secretary of Revenue David Hoyle. "One of this administration's goals is to help those businesses get back on their feet, keep their employees working, and help them move forward as the economy recovers."
One-hundred twenty-two businesses have already signed up for the program and will save a total of almost $1.2 million in fees and penalties. Some of the participating business types include restaurants, automotive centers, healthcare services, landscaping, graphic designs and building companies.
Businesses with 200 or fewer employees qualify for the program and must agree to use the counseling services of the Small Business and Technology Development Center (SBTDC) or the NC Small Business Center Network (SBCN). Both organizations are available to assist with financial planning and other business needs. All services are confidential and protected from public information requests. For more information on the SBTDC, visit www.sbtdc.org. To learn more about the SBCN, go to http://sbcn.nc.gov.
"Small and local businesses are critical to the continued success of North Carolina," Hoyle said. "This program allows us to help them while still collecting taxes due to the state."
The program is scheduled to run through June 2013.
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