Mt. Washington Valley Economic Council53 Technology Lane | Conway, NH 03818
STATE OF NEW HAMPSHIRE
MAIN STREET RELIEF FUND
Prequalification Due Date: May 29, 2020
The Governor has authorized the allocation and expenditure of an initial $400 million in emergency funding from the CARES Act Coronavirus Relief Fund (“flex funds”) to provide emergency financial relief to New Hampshire small for-profit businesses due to the economic disruption caused by COVID-19. However, in order to provide the most effective relief as quickly as possible, New Hampshire small businesses desiring to obtain relief will first be required to provide information concerning their possible COVID-19-related lost revenues and receipt of Paycheck Protection Program (PPP) loans or any other federal relief. This information will be used to determine appropriate relief criteria and amounts to meet the needs of eligible small businesses, including whether the initial $400 million is appropriate or needs to be changed. In order to be eligible, a business must have its principal place of business in New Hampshire and must have generated less than $20 million in revenue during the 2019 tax year. In addition, healthcare, childcare, and agriculture businesses will not be eligible for the program, as those businesses are or will be addressed through other programs.
Important Dates & Timeline
- Mandatory Prequalification Period
May 15, 2020 – May 29, 2020
- Deadline to Submit Completed Prequalification Form
May 29, 2020
- Announcement of Program Specifics
June 1, 2020
- Formal Application Period
June 1, 2020 – June 8, 2020
- Deadline to File Completed Application
June 8, 2020
This prequalifying request for information will begin on May 15, 2020 and end two weeks later on May 29, 2020. The short time period will ensure relief is quickly provided to mitigate any further damage to New Hampshire small businesses, keeping doors open and preserving jobs. Every eligible New Hampshire small business desiring to obtain relief must submit the prequalification form with all required information by May 29, 2020, this is a mandatory. If a business does not submit a completed prequalification form in a timely manner, it will not be eligible to receive relief under this program. The prequalification form must be submitted online through the website of the Governor’s Office for Emergency Relief and Recovery (GOFERR). In the event that a business does not have access to a computer, with prior notice, they can utilize the public computer in the lobby of the New Hampshire Department of Revenue Administration (“DRA”). To seek relief, your business must submit a completed prequalification form by May 29, 2020. However, submitting the required information does not guarantee that your business will receive relief. The final eligibility criteria will not be determined until all prequalifying information is received, after May 29, 2020.
Following the mandatory prequalification period, GOFERR will review all information received and quickly determine relief criteria and amounts that effectively meet the needs of as many New Hampshire small businesses as possible. The specifics of this funding opportunity will be announced on June 1, 2020, and any eligible businesses will need to submit a formal application within one week, by June 8, 2020. The application must be submitted through an online portal administered by DRA. More information about filing the application will be made available at a later date. The DRA will begin processing relief payments shortly after the filing period closes.
NH BUSINESS RE-OPENING SCHEDULE
Friday, May 1, Governor Sununu extended the Stay at Home order to May 31, 2020. This includes some reopening guidelines for certain industries and is being called Stay at Home 2.0
For details on this new order please click on the links provided below:
For more details on the Re-openings for May 1 you can click on the links below:
Re-Openings for May 4, 2020
For clarification regarding Health Care, Public Health and Human Services, refer to Appendix A of Emergency Order #17
Re-Openings for May 11, 2020
(NH Residents and Members only – Food and Beverage Restrictions, Club House use is prohibited)
(50% Capacity, use of PPE for employees along with Sanitation guidelines)
Re-Openings for May 18, 2020
Take out and limited (additional spacing) outdoor seating only
If you are having problems completing your SBA application to apply for Disaster Loan Assistance,please note the following guidance on how to complete the on-line forms.
SBA Disaster Assistance in Response to the Coronavirus
• The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
• Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19).
• SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
• Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities as well as updated on our website: SBA.gov/disaster.
• SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
• These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
• SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
• SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
• For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail firstname.lastname@example.org.
• Visit SBA.gov/disaster for more information.
*Businesses in Carroll, Strafford & Rockingham County (NH) can apply for disaster loans due to bordering York County (ME). SBA approves contiguous counties with disaster declarations due to impact overflow, even when it crosses State lines.
I realize that many of you are overwhelmed with email regarding COVID 19 and its impact on your business. I am writing to share a few resources and to let you know that we at MWVEC are standing by to help you in any way we can.
If you are a MWVEC loan client and experiencing economic disruption such as lost revenue, please contact me directly at 603-455-3610 or email@example.com so we can discuss payment relief, should that become necessary.
The Small Business Authority (SBA) will have disaster loans available to both for-profits and not for profits; first, a federal disaster must be declared in NH. The more businesses that report on their disruption, the faster that will happen. Please contact the NH Office of Emergency Management to report any economic disruption your business is facing. They can be reached at 603-223-6169. Once that declaration is made, we can direct you on how to access these low interest direct federal loans.
Lastly, please reach out to anyone on the MWVEC team if you want to discuss short term strategies to help bridge the gap until business gets back to normal.
~ The Tech Village ~
Located just off Route 16 in Conway, NH, The Technology Village Business Resource Center was created to stimulate growth of technology intensive businesses. It offers affordable office space as well as buildable lots with all infrastructure in place.
The Business Incubator is a facility that incubates small high-tech businesses by providing resources and support services such as a receptionist, phone system, office equipment, meeting rooms, notary services and high speed internet connection in a cost-effective environment. There are a variety of office suites sizes available. Please contact us for availability.
If you are looking for commercial office space, consider the Tech Village!
Live and Work Where You Play!
Discover how different life can be when you locate your business at the Tech Village. No long, congested commutes after working, skiing, hiking, or other outdoor recreation! Northern New England living at its best!
The Mt. Washington Valley Economic Council is in the processing of developing an 80-acre land parcel in Conway, New Hampshire as a Technology Village, a multipurpose facility aimed at stimulating business growth of technology-intensive businesses.
We have four lots with all infrastructure in place and ready for building. Whether you’re thinking about starting a new business, expanding or relocating an existing one, the Mt. Washington Valley has what it takes. Click here for a link to our available building sites.