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Governor Sununu Authorizes $400 Million in Small Business Relief

Written by: Steven R. Mercadante

5/18/2020

On May 15, 2020, Governor Sununu authorized the allocation and expenditure of $400 million in emergency funding for small for-profit businesses received from the federal government under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The fund established by the Governor and known as the “Main Street Relief Fund,” is intended to help these small for-profit businesses avoid bankruptcy due to decreased revenues resulting from the pandemic. Governor Sununu’s authorization also allocates $60 million to help nonprofit organizations. The funds for the nonprofit sector will be administered through the Community Development Finance Authority, the New Hampshire Charitable Foundation, and the New Hampshire Center for Nonprofits.

In order to be eligible, companies must have their principal place of business in New Hampshire and less than $20 million in revenue during the 2019 tax year. Healthcare, childcare, and agriculture businesses are explicitly excluded from participating in the Main Street Relief Fund, as other programs will be developed to help such industries.

As an initial step in the application process, eligible businesses must submit a prequalification application. The prequalification period begins on May 15, 2020 and ends May 29, 2020. Businesses failing to submit a completed prequalification form by May 29, 2020, will be ineligible to receive financial assistance from the relief fund. The prequalification application requires submission of general business information such as the business’ principal address, federal taxpayer identification number, and contact information. Financial information demonstrating 2019 Tax Year gross receipts, estimated 2020 Tax Year gross receipts, compensation and wages paid in the 2019 Tax Year, and the receipt of Payroll Protection Program (PPP) loans (if applicable), is also required. Finally, a director, officer, or other authorized agent of the applicant must certify the accuracy of the information contained in the prequalification application. Prequalification forms can be found here.

More details about the program, final eligibility criteria, and a formal application are expected to be released on June 1, 2020, with the formal application period ending June 8, 2020. The McLane Middleton Business Recovery Center at https://www.mclane.com/Business-Recovery-Center will continue to be updated as more information becomes available.

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