Restaurant Revitalization Fund: Next Steps
The Restaurant Revitalization Fund, which has now closed, was a $28.6 billion appropriation established to provide tax-free federal grants to restaurants, bars, brewpubs, caterers, taverns, and inns that suffered huge losses during the pandemic. The grants may be used to cover eligible expenses already incurred back to February 2020, and other additional expenses until March of 2023. Below are resources to assist you in the next steps now that the portal has closed.
Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. This program has ended.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. This program has ended.
U.S. SBA Disaster Economic Injury Loan
New Hampshire is one of the earliest states approved by the Small Business Administration (SBA) for Economic Impact Disaster Declaration. Businesses affected by the COVID-19 outbreak can now apply for economic impact relief. We are encouraging all affected businesses to submit an application. Start the process here: https://covid19relief.sba.gov/#/.
Federal Reserve Main Street Lending Program
The Federal Reserve Bank has opened the lender registration application period for its Main Street Lending Program (different from the “NH Main Street Relief Program”). The Main Street Lending Program is designed to help credit flow to small and medium-sized businesses that were in sound financial condition prior to the COVID-19 pandemic but now face cash flow interruptions. The program offers five-year loans with floating rates, with principal payments deferred for two years and interest payments deferred for one year. The loans can range in size from $250,000 up to $300 million. Lenders will work directly with businesses to determine eligibility and loan approval. For more information about the Main Street Lending Program, click here.
Additional Financial Assistance
NH Business Finance Authority (BFA)-CAP Program
The Capital Access Program (CAP) is a simple and flexible credit enhancement for small businesses utilized by New Hampshire banks. The CAP program provides support on term loans and lines of credit up to $200,000.00. The program can be used for temporary loans, working capital, equipment purchases, and many long term uses. More information can be found here: https://nhbfa.com/loans/cap/
BFA Temporary Loans
Direct loans from the NH Business Finance Authority for any business purpose with a maximum of $200,000.00 and a maximum loan term of three years. Loans have flexible amortization schedules and are contingent on satisfactory underwriting. Loans require approval by the NH Executive Council. More information can be found here: https://nhbfa.com/contact-us/
The Capital Access Program (CAP) is a simple and flexible credit enhancement for small businesses utilized by New Hampshire banks. The CAP program provides support on term loans and lines of credit up to $200,000.00. The program can be used for temporary loans, working capital, equipment purchases, and many long term uses. More information can be found here: https://nhbfa.com/loans/cap/
BFA Temporary Loans
Direct loans from the NH Business Finance Authority for any business purpose with a maximum of $200,000.00 and a maximum loan term of three years. Loans have flexible amortization schedules and are contingent on satisfactory underwriting. Loans require approval by the NH Executive Council. More information can be found here: https://nhbfa.com/contact-us/
