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.
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 programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business
owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain nonprofits and other employers.
This guide provides information about the major programs and initiatives that will soon be available from the Small Business
Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.