Help and Resources for
We know many of you are facing a very stressful situation during the Covid-19 pandemic and are trying to figure out the best way to get your company through these challenging times. We want to help you gather the information that will help you decide what course you should take over the coming weeks and months.
If you are a REDC loan client and experiencing economic disruption, such as lost revenue, please contact us directly at 603-772-2655 or Laurel@redc.com so we can discuss your options.
REDC is collecting information from small businesses in New Hampshire experiencing the effects of the pandemic, so we can relay that information to our state and federal partners and give you the best service possible.
Main Street Relief Fund
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.
Paycheck Protection Program
While REDC is not eligible to offer the Paycheck Protection Program, participating lenders—not the Small Business Administration itself—will make Paycheck Protection Program loans of up to 2.5 × your average monthly payroll costs at an interest rate of 1%. Applications for the program will be accepted beginning on Friday, April 3.
Reach out to your organization’s bank to find out if they are a participating lender. If they’re not, the NH District Office of the Small Business Administration has a list of lenders available on their website.
The SBA offers a direct federal loan program to aid you in recovery. All of New Hampshire is disaster loan eligible.
Unemployment Benefits Program
NH is making immediate and broad expansions to its unemployment benefits program. This should enable more people to access resources quickly and is information you can pass along to your staff as well as consider for yourself.
The legal firm of McLane Middleton will be updating their site regularly with legal analysis, and state and federal information as it pertains to businesses navigating in these uncertain and unprecedented times.
We at REDC only have minimal information on the program at this time, but we are assured SBA and our partners will be sending us training material as soon as possible so that we can help you with this process.
This information is evolving, so we are bringing you what we know now and encourage you to keep checking websites for an update.
Please note, they are providing this information as a broad resource for businesses and it should not be considered legal advice. For guidance specific to your situation, please contact a legal professional.
The Small Business Owner’s Guide to the CARES Act
The Philadelphia Region of the Economic Development Administration (EDA) received $259 million from the CARES Act funding. A portion of this money is available to all municipalities in the form of grant dollars.
For a project to qualify for the EDA CARES Act funding, an applicant shall explain clearly how the proposed project would “prevent, prepare for, and respond to coronavirus” or respond to “economic injury as a result of coronavirus.”
EDA expects to fund at least 80% and up to 100% of eligible project costs. Baseline request is 80% match share.
REDC will work with municipalities to screen projects and to determine if a project is EDA and/or CARES Act eligible through dialogue with our EDA representative. If a project is eligible, REDC can assist in the application process and with grant administration and reporting; fees are project specific.