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.
To begin a new application:
For more information and to apply, please visit the SBA website , email disastercustomerservice@sba.gov or call the SBA toll-free line at 1-800-659-2955 if you have any questions. You can also join webinars at 9:00 am and 2:00 pm daily, via Skype, to give an overview of the program and to answer any questions. You can join the Skype meeting here or call in at Toll number: +1 (202) 765-1264, 522409519# (Dial-in Number), using the conference ID: 522409519.
To begin a new application:
- Start the process here: https://covid19relief.sba.gov/#/.
- You will be asked to fill in some basic information about your business and the business owners.
- On the last screen, if you opt in to the $10,000 request for emergency funds, you will need to supply your bank account and routing number.
- You will see a summary of all your information that you can review prior to submitting your application.
- You will not be asked to upload any documentation at submittal; however, you may be asked for supporting information at a later date.
For more information and to apply, please visit the SBA website , email disastercustomerservice@sba.gov or call the SBA toll-free line at 1-800-659-2955 if you have any questions. You can also join webinars at 9:00 am and 2:00 pm daily, via Skype, to give an overview of the program and to answer any questions. You can join the Skype meeting here or call in at Toll number: +1 (202) 765-1264, 522409519# (Dial-in Number), using the conference ID: 522409519.
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. You should consult with your local lender as to whether it is participating in the program.
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. You should consult with your local lender as to whether it is participating in the program.
Department of Revenue
The NH Department of Revenue has offered relief for business, interest, and dividend taxes. Relief allows 98% of taxpayers to file and pay for tax year 2019 by June 15th without penalties or interest. Safe harbors have been created to ease complications associated with federal tax day extension. You can see the full press release from the NH Department of Revenue here.
In regards to the Meals and Rentals Tax, if an M&R Operator elects not to file and pay on May 15th, there are three assessments that will be made immediately:
1. The assessment of the penalty for the failure to file their return (RSA 21-J:31 – 5% of the tax due or $10, whichever is greater and capped at 25% of the tax due).
2. The assessment of the penalty for the failure to pay the tax (RSA 21-J:33 – 10% of the amount of the underpayment).
3. The assessment of interest, calculated daily (RSA 21-J:28, current rate is 7%).
Operators should absolutely still file, even if they can’t pay, in order to avoid the 5% failure to file penalty. Operators must still file even if they have no activity to report due to being shut down. Relative to the failure to pay penalty and interest, both are measured by the underlying amount owed, so if an Operator can pay some amount, they should do so to minimize the amount assessed and should also pay in full as soon as possible to minimize continued accrual.
Operators who cannot pay the Meals & Rentals Tax, can apply for a payment plan directly through Granite Tax Connect.
In regards to the Meals and Rentals Tax, if an M&R Operator elects not to file and pay on May 15th, there are three assessments that will be made immediately:
1. The assessment of the penalty for the failure to file their return (RSA 21-J:31 – 5% of the tax due or $10, whichever is greater and capped at 25% of the tax due).
2. The assessment of the penalty for the failure to pay the tax (RSA 21-J:33 – 10% of the amount of the underpayment).
3. The assessment of interest, calculated daily (RSA 21-J:28, current rate is 7%).
Operators should absolutely still file, even if they can’t pay, in order to avoid the 5% failure to file penalty. Operators must still file even if they have no activity to report due to being shut down. Relative to the failure to pay penalty and interest, both are measured by the underlying amount owed, so if an Operator can pay some amount, they should do so to minimize the amount assessed and should also pay in full as soon as possible to minimize continued accrual.
Operators who cannot pay the Meals & Rentals Tax, can apply for a payment plan directly through Granite Tax Connect.
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/
Employee Relief Funding
he New Hampshire Hospitality Employee Relief Fund (NHHERF) was built by the New Hampshire Lodging & Restaurant Association (NHLRA) and the New Hampshire Lodging & Restaurant Association Education Foundation to support employees of the hospitality industry who have been impacted by COVID-19.
Through the Restaurant Employee Relief Fund, the National Restaurant Association Educational Foundation will provide grants to restaurant industry employees who have been adversely impacted by COVID-19, financially, whether through a decrease in wages or loss of employment. Please visit Apply for Aid for eligibility requirements and to apply. They are not currently accepting new applications at this time, but may reopen applications as funding becomes available.
