Yes, you still have a chance to get the important folder back. Even though the Mac Trash has been emptied, the files are not gone forever from the hard drive, it only marks the storage space the deleted folder occupied can be used for new data writing. That is to say, you can recover files or folders from emptied Trash as long as the data haven't been overwritten.
Therefore, stop any data writing steps to the Mac hard drive immediately and recover files ASAP! If you have backed up your Mac with Time Machine before you emptied the Trash, you can easily retrieve the deleted folder with Time Machine. Or if you used iCloud for backing up, you only need to log into your iCloud account and download the deleted folder directly to your Mac.
If unfortunately, you don't have backups for your Mac containing the deleted folder you want to retrieve, then data recovery software for emptied Mac Trash could be your last option to get your important folder back. You should choose professional data recovery software for Mac to recover emptied Mac Trash. iBoysoft Data Recovery for Mac should be an ideal one.
This intuitive macOS program can scan Mac's internal hard drive and search for any lost/deleted files, then you can preview the scanned results and recover the deleted files you want. iBoysoft Data Recovery for Mac app also works on macOS 13/12/11/10.15/10.14/10.13/10.12 and OS X 10.11 and is compatible with M1 and M2 Macs. It's a really powerful app worth trying.