‌

Latest Updates on Resources and Funding Opportunities for Small Businesses

Dear Business Owner,   I want to start by mentioning that if you have any questions about any of the programs listed below, need assistance with an application, or require any technical assistance for your business, please reach out so we can help!   I also wanted to let you know that SRPC will soon be launching a new program where we will hire consultants that can provide technical support to businesses in different areas, including: Website development Marketing Advertising Audio Visual support Generic IT Cybersecurity Financial Analysis Access to Capital If you are a business requiring assistance with any of the above, please let me know. On the other hand, if you would like to work with us as an on-call provider of these services, you can reach out as well.   On a separate note, we have found that many sole proprietors are not aware that they are also eligible for PPP. Please contact us if you have any questions on eligibility to make sure you are not missing out on any opportunities.   And lastly, I wanted to mention that any of these resources can be provided in Spanish, and we are also able to offer technical assistance in Spanish if needed.   Until next time! Natalie

Regional Economic Development Center (REDC) Grant Opportunity  Funds Still Available

Who: NH businesses that have been affected by the pandemic with a financial loss and are not located in the following cities: Manchester, Portsmouth, Dover, Rochester, Nashua and who have 5 or fewer full-time employees (or potentially more part-time employees that equate to 5 full-time employees).   What: Grants of up to $2,500.   To determine if your business is eligible for this grant, please contact REDC at 603-772-2655 or email info@redc.com.

EIDL (Economic Injury Disaster Loan)

Applicants can now send a request for reevaluation of a Targeted EIDL Advance application (grants of up to $10,000) that was declined to the following email address: TargetedAdvanceReevaluation@sba.gov. Use the subject line “Reevaluation Request for [insert your 10-digit application number]” In the body of the email, include identifying information for the application such as application number, business name, business address, business owner name(s), and phone number. Important: Include an explanation and any documentation that addresses the reason for the decline, if available. SBA will contact applicants if additional documentation is required to complete the review.   SBA is also accepting EIDL Loan Increase Requests from existing borrowers. Follow these instructions if you wish to request a loan increase:   Send email to CovidEIDLIncreaseRequests@sba.gov Use the subject line "EIDL Increase Request for [insert your 10-digit application number]" Be sure to include in the body of your email identifying information for your current loan including application number, loan number, business name, business address, business owner name(s), and phone number. Important: Do not include any financial documents or tax records with your initial request. You will receive a follow-up email notification if additional documents are needed.   NOTE – Loans are capped at $500,000 and these instructions only pertain to the loan and not to the Targeted Emergency Advance Grant.

SVOG (Shuttered Venue Operators Grant)

The SBA has just announced that the SVOG application portal will reopen on Monday, April 26 at 12:30 pm.  Applicants can prepare by: Registering on the portal here. Using this checklist to make sure you have everything you need to complete your application.

PPP (Paycheck Protection Program)

Applications will continue to be accepted until funds run out or until the May 31st deadline - whichever comes first.  About 85% of funds have been used so far, so time is of the essence if you haven't applied yet.   Reminder: Sole proprietors are eligible for PPP.

Work Opportunity Tax Credit

Currently hiring? Consider a candidate who may qualify you for the Work Opportunity Tax Credit. The WOTC is a Federal tax credit available to employers for hiring individuals from certain targeted groups who have consistently faced significant barriers to employment. More information here.  Targeted groups include:    Summer Youth Employee   Qualified Veteran   Ex-Felon  Designated Community Resident (DCR)   Vocational Rehabilitation Referral   Supplemental Nutrition Assistance Program (SNAP) Recipient   Supplemental Security Income (SSI) Recipient   Long-Term Family Assistance Recipient   Qualified Long-Term Unemployment Recipient   Qualified IV-A Recipient

Temporary 100-Percent Deduction for Business Dining

Beginning January 1, 2021 through December 31, 2022, businesses may claim a 100% tax deduction for food and beverage purchases at restaurants; the limit has been raised from the previous 50% limit. To be eligible for this deduction, the business has to:  Dine at a restaurant, which includes businesses that prepare and sell food or beverages to retail customers for immediate on-premise and/or off-premise consumption.  The business owner or an employee of the business has to be present when food or beverages are provided.  The expense cannot be lavish or extravagant under the circumstances.    See Notice 2021-25 here.

RRF (Restaurant Revitalization Fund)

Program includes $28.6 billion available for grants to hardest-hit restaurants and appropriations will be available until expended. Applications are not yet being accepted, but the program is expected to open in the next few weeks. An important thing about this program is that it is also designed to help new businesses.     The SBA (Small Business Administration) and NHLRA (NH Lodging and Restaurant Association) will be hosting a free live overview of the program on Tuesday, April 27th from 10:00 – 11:00 am. Register here.    Program highlights include:     Establishments must demonstrate that at least 33% of sales are coming from on-site sales of F&B.   For the first 21 days that the program is open, anyone can apply, however, priority will be given to small businesses owned by women, veterans, and socially and economically disadvantaged individuals. After that, all applications will be processed.   Eligible: C-Corporations, S-Corporations, Partnerships, LLCs, Sole Proprietors, Self-Employed Individuals, Independent Contractors, and Tribal Businesses.  Franchises that are independently owned and operated are eligible to apply.    Not Eligible: Businesses that are state or local government-operated, have applied for or received SVOG, are a publicly traded company, are permanently closed*, are a non-profit, or own or operate more than 20 locations as of March 13, 2020.   *Permanently closed - This does not include businesses that temporarily closed due to state or local restrictions or other pandemic causes. If ITIN (Individual Taxpayer Identification Number) is expired you will not be eligible for the program.   Can apply in conjunction with PPP and EIDL (see below).   Any PPP loan needs to be approved prior to applying for this or should be withdrawn.  Maximum funding is $10 million per business and no more than $5 million per physical location. Minimum award amount must be at least $1000.   Can be used towards most business operating expenses, construction expenses (expansion costs are ineligible, construction of outdoor seating is eligible), and business debt. Cannot use to pre-pay future debt but can hold some funds aside to make payments when these become due.   Must be spent on expenses that were/are incurred between Feb. 15, 2020, and March 11, 2023.  If a business closes any time after receive funding, the closure date is the end of the covered period (The same goes if you sell a business, funds cannot be transferred to new owner).   Documents needed to apply - Application, verification of tax information, and gross receipts documentation.   Proceeds from PPP must be deducted from the funding calculation formula, regardless of how many PPP loans you received or when.   Calculating Funding Amount: Calculation 1: Applicants in operation prior to or on Jan 1, 2019. Potential funding amount = 2019 gross receipts minus 2020 gross receipts minus any PPP loan amounts Calculation 2: Applicants that began operations partially through 2019. Businesses in this category can use Calculation 2 or 3.  Potential funding amount = Average 2019 monthly gross receipts x 12 minus 2020 gross receipts minus PPP loan amounts Calculation 3: Applicants that began operations on or between Jan 1, 2020 and March 10, 2021 and those who did not yet open but have incurred eligible expenses as of March 11, 2021. Requires additional documentation; may result in higher funding amount but processing times may also be longer. Potential funding amount = Total amount spent on eligible expenses between Feb. 15, 2020 and March 11, 2021 minus 2020 and 2021 gross receipts minus PPP loan amounts For further details and to review sample application, go here.

We Need Your Help! Is Having Access to Public Transportation Important For Your Business?

SRPC is conducting a study on the benefits of public transportation to economic development. Essentially, is having access to public transportation something that is important for your business? Would you have an easier time finding employees if there were a transit option? Please take a moment to fill out this 3 question survey so we can understand how transit affects your business. Thank you in advance - it is a very quick survey but a great way for us to collect a lot of very important information!

Sincerely, 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

Click here to be added to this email list.