Current Status of EIDL Program

Dear Business Owner,

I know many of you have been wondering about the status of the Economic Injury and Disaster Loans (EIDL), so I wanted to share a brief overview of the program.

3 Important Components of EIDL

I. EIDL Loan:

SBA is currently processing applications for EIDL loans
Applications will be accepted until the extended period of Dec. 2021
If you already submitted an application, you do NOT need to re-apply

II. EIDL Advance:

Grant of up to $10,000 - NO LONGER AVAILABLE
New applications for the Advance are no longer being accepted
Those who previously applied for but did not receive this award, and were eligible, are already in the queue under the Targeted EIDL Adance, see below.

III. Targeted EIDL Advance:

Funding was made available for this program in the Economic Aid Act that was signed into law on Dec. 27^th, 2020
Funds of up to $10,000 are available for those who previously applied and received a partial EIDL advance, or who applied but did not receive any funds due to lack of funding
There is no additional action that needs to be taken. The SBA will reach out to those who qualify, in the following order:

First SBA will reach out to those who received partial funding (anything between $1,000 and $9,000). Criteria that must be met to qualify:

Can demonstrate more than 30% reduction in revenue during an 8-week period beginning on March 2, 2020, or later.
Business is located in a low-income community

Second SBA will then reach out to those who applied on or before Dec. 27^th, 2020, but did not receive the advance due to lack of funding.

Must meet above criteria; AND
Have less than 300 employees

Lastly (and still TBD): Only after the above two, and if the funding is still available, they will plan to open the Advance back up for new applicants.

Things to consider:

SBA will initiate the process with the borrower, you do not have to reach out if you already applied.
Please do not submit duplicate applications.
There has been some fraud around this program, thus being said, please make sure that when you are replying to any e-mails, the e-mail address ends in @sba.gov
You can find more detailed information on the program, including the loan terms, here.

Resource for Non-Profits - Time Sensitive !!!

The 3S Artspace in Portsmouth is offering a Community Space Use Grant Program for non-profits in Rockingham and Strafford counties. The deadline to apply is January 31. See details here.

One-page information regarding Covid safety protocols for businesses

On a different note, I wanted to share another resource for those of you looking for one-page information regarding safety protocols for your workplaces/businesses, provided by the Seacoast Chamber Alliance:

Seacoast Testing Options

Steps to a Covid Free Office

Do you have a business success story?

Lastly, SRPC's Economic Development team is looking at the various ways in which businesses have been resilient and adapted through the Covid-19 pandemic. In an effort to share these ideas so that people in our communities can learn from each other, our team is putting together a story map that highlights these businesses and the adaptations that have worked for them.

If you have a story you would like to share or know of any success stories in your communities, please let me know!

Natalie Moles

Economic Recovery Coordinator

Strafford Regional Planning Commission

150 Wakefield Street, Suite 12

Rochester, NH 03867

603-994-3500 ext. 113

nmoles@strafford.org

www.strafford.org