Main Street Relief Fund
Good morning, everyone. I hope you all weathered yesterday’s storms safely.
Yesterday, the Governor announced a Main Street Relief Fund, consisting of $400 million from NH’s CARES Act funds. It is not clear yet what the criteria or conditions of the grants will be, but what is clear is that to qualify your business must have a principal place of business in New Hampshire, must have generated less than $20 million in revenue in the 2019 tax year, and you must fill out a pre-qualification application by the May 29 deadline. What happens after that is not completely clear, but it looks like the prequalification applications will be used to determine the structure of the program. Here’s what it says on the GOFERR web page devoted to the program:
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.
Because things move around on the nh.gov web pages, I am providing a couple of links here. This is the link to the current GOFERR web page:
https://www.goferr.nh.gov There is currently a large Main Street Relief Fund Prequalification link on the center of the page. The actual page devoted to the Main Street Relief Fund is currently found here: https://www.goferr.nh.gov/covid-expenditures/main-street-relief-fund
The prequalification form is relatively simple. Here is what will happen after May 29:
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.
You will need to be ready to move quickly during the June 1-8 formal application period, so be sure to have your financial information ready, and stay tuned.
~Rep. Lucy Weber