Guidance from SBDC Advisors
We are keeping you up to date on relief programs and other funding sources that become available! We are here to help. If you have questions about any information here, do not hesitate to contact a business advisor by visiting the NH SBDC website.
Here are a few updates we want to flag for you…
EIDL increases & additional purposes of funds
New! The deadline to apply for an EIDL loan was 12/31/2021 and the loan process is now closed.
If you are still waiting for a loan decision, please check your portal and contact your SBDC advisor.
There is no prepayment penalty for these 30-year terms, 3.75% interest rate (2.75% for non-profits) loans.
Loans now have a 30-month repayment deferment.
Local Restaurant Infrastructure Investment Program
New: The Local Restaurant Infrastructure Investment Program provides awards to local restaurants seeking reimbursement for eligible equipment, infrastructure, and technology purchases up to an award cap of $15,000.
Such purchases must be a result of or in response to the COVID-19 pandemic in order to be eligible under the American Rescue Plan Act (ARPA) State and Local Fiscal Recovery Fund.
This program is intended to help address workforce issues, consumer expectations, and overall restaurant safety challenges experienced by small, local restaurants across New Hampshire due to COVID-19.
Awards will be issued to applicants for reimbursement of eligible equipment, infrastructure, and technology purchased between November 1, 2021, and July 13, 2022, to help them adapt to service and technology changes due to COVID-19 in the market that can be costly and disruptive.
To receive an award, eligible restaurants must apply by July 13, 2022, but applications will be reviewed and funds awarded on a rolling basis, with monthly funding rounds.
Applications should be completed and submitted promptly, as they may require follow up and additional documentation or information.
If an award is made, approval by Governor and Council may be required.
For more information and how to apply, click here.
Employee Retention Credit
Businesses can claim the Employee Retention Credit (ERC) for 2020 and the first three quarters of 2021, and can apply through 2024.
The ERC is worth up to $5,000 per qualifying employee in 2020.
For tax year 2021, only the first three quarters are eligible for the ERTC. The refundable credit is 70% of qualified wages paid per employee, up to a maximum of $7,000 per employee per quarter, so up to $21,000/employee for 2021.
It is a good idea to contact your accountant about the ERTC possibilities for your company.
Restaurant Revitalization Fund Grant (RRFG)
This fund was closed on July 2nd. In New Hampshire, there were 1,009 applicants requesting $242 million. Of that, there were 418 businesses approved for a total of $91 million. Congress allocated $28.6 billion in funds for grants to restaurants. However, nationally more than 3,000 operators whose grants were approved were later told that their funds were rescinded due to court rulings in lawsuits filed by those who claimed that the process was discriminatory. A proposal in Congress to add more funding to the program did not pass.
New: RRFG funds are not taxable by the IRS, but they are taxable by the State of NH, so please plan accordingly!
PPP Forgiveness Portal
Your small business could be eligible to submit your PPP forgiveness application directly into the SBA’s portal to be reviewed by your lending institution.
Learn more about the process and steps you need to take to start the PPP loan forgiveness approval process. It could save you the back and forth between you and your loan officer, it allows you to find out instantly what additional information is needed, AND you get to see where your application is in the process.
Federal R& D Credit
Does your company do research and development? Manufacturers, agricultural businesses and tech companies are the usual recipients of Federal R&D tax credits.
The R&D Tax Credit is a federal benefit that provides companies tax "credit for increasing research activities" - business activities related to the development, design, or improvement of products, processes, formulas, or software. The credit was enacted in 1981 to stimulate innovation and encourage investment in development in the U.S.
Make sure to check with your accountant if your business has activities that could be eligible.
Shuttered Venue Operators Grant (SVOG)
The Shuttered Venue Operators Grant (SVOG) is not accepting new applications. However, if you have received an SVOG - or are still in the queue awaiting a decision - SBA is sending invitations for supplemental grants at 50% of the original award amount, capped at a total of $10 million (initial and supplemental combined).
More Funding Sources for Small Businesses
Additional funding options from entities in NH are available for businesses of varying ages, sizes, industries, locations, and ownership.
- Regional Economic Development Center (REDC)
- NH New Americans Loan Fund - $5,000 - $50,000. Loans for start ups or existing businesses owned by first generation immigrants. Learn more.
- Kiva - $1,000 - $15,000. Kiva is an international nonprofit that connects online lenders to entrepreneurs through an online lending platform; for underserved communities and those experiencing underlying barriers to capital access. Learn more.
- City of Manchester
- Offering (up to) $10,000 grant for small businesses that have been harmed economically by the pandemic. Learn more.