Resources for Small Businesses
Small businesses are the backbone of New Hampshire’s economy. As a small business owner myself, I understand just how challenging operating a small business can be in the best of circumstances. As we face the unprecedented challenges posed by the coronavirus in New Hampshire, I am doing everything in my power to get you the resources you need.
The most recent coronavirus legislation signed into law includes critical measures that I fought for to alleviate the detrimental impact of the coronavirus crisis on Granite State small businesses and workers, including federal disaster loans and the Paycheck Protection Program.
The House Small Business Committee created a ‘Small Business Owner’s Guide to the CARES Act’ which may aid you in understanding what resources are available to you.
SBA Disaster Assistance Loans
If you are a small business owner or non-profit leader seeking support (with fewer than 500 employees or otherwise qualifying as a small business), Please click here to begin your SBA COVID-19 Economic Injury Disaster Loan application
*Please Note: The EIDL application is only open at a limited basis to agricultural business. If you have more questions related to this, you can learn more here.
Applicants who have questions or are seeking additional information may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com.
Emergency Economic Injury Grants
Businesses that apply for an Economic Injury Disaster Loan (EIDL) are eligible to receive up to a $10,000 Emergency Economic Injury Grant within three days of submitting an EIDL application. The advance does not need to be repaid under any circumstance and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent, and mortgage payments.
To access the advance, you must apply for an EIDL and request the advance in the online application. This request is on the fourth page titled “Additional Information.” To request the grant, you must mark the box next to the bolded statement “I would like to be considered for an advance of up to $10,000.” The SBA will follow up within three days about the Emergency Economic Injury Grant.
Note: If you applied for an EIDL prior to Monday March 30, you must resubmit an application using the online application to request a grant.
Paycheck Protection Program
The Paycheck Protection Program (PPP) provides small businesses and other entities with zero-fee loans of up to $10 million.
Click here to find more information and resources about this program from SBA.
Up to 8 weeks of average payroll can be forgiven if the business retains its employees and their salary levels. Principal and interest is deferred for up to a year and all borrower fees are waived. These loans can be used in coordination with other COVID-financing assistance established in the bill or any other existing SBA loan program. New Hampshire small businesses are encouraged to apply as soon as possible by contacting their local individual lender.
PPP Loans may only be used for:
Payroll costs, including benefits;
Interest on mortgage obligations, incurred before February 15, 2020;
Rent, under lease agreements in force before February 15, 2020; and,
Utilities, for which service began before February 15, 2020.