Latest Updates on Resources and Funding Opportunities for Small Businesses |
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Regional Economic Development Center (REDC) Grant Opportunity
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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.
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Wentworth Economic Development Corporation (WEDCO) Technical Assistance Grant Program
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Who: Businesses in WEDCO’s service area (Southern Carroll County and Northern Strafford County) including Brookfield, Farmington, Milton, Middleton, New Durham, Wakefield, Wolfeboro, etc. with 10 or fewer employees.
What: Grants of up to $2,500 for enhanced business technical assistance needs.
*Note: All Technical Assistance Grants require a 15% cash match. For more information or to apply, visit here.
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Community Development Block Grant – CARES (CDBG-CV) Direct Grant Program |
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Who: Low to moderate-income microenterprises and start-ups with 5 or fewer employees where one or more of whom owns the business.
What: Grants of up to $2,500 to offset costs associated with preparing for, responding to, or recovering from COVID-19 (i.e., equipment costs, operational expenses, and working capital).
For more information or to apply, visit here.
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American Rescue Plan (ARP) Updates |
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On March 11, 2021, the American Rescue Plan Act was signed into law, which provides additional relief for the nation’s small businesses and hard-hit industries. Highlights for businesses include:
- $7.25 billion added.
- Expanded eligibility to additional nonprofits and digital news services.
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NEW! The deadline to apply was extended until May 31.
- Additional funds allocated (now $16.25 billion available).
- Applications will begin to be accepted on April 8.
- Businesses who applied for PPP after Dec. 27 are now eligible to apply for this grant as well.
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To prepare in advance, potential applicants should get registered in the federal government’s System for Award Management (SAM.gov), as this is required for an entity to receive an SVOG.
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Find the preliminary application checklist here.
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The Small Business Administration (SBA) will host an informational webinar to highlight the application process for potential eligible entities from 2:30 to 4:00 pm on Tuesday, March 30, 2021. Register here.
- $15 billion added for Targeted EIDL loans and loan advances.
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EIDL loan limits will be increased to $500,000 beginning April 6. More information can be found here.
- Extended deferment on payments (interest still accrues).
- SBA will reach out to those who are eligible for the Targeted Advance (Consideration for this is still currently limited to those who applied prior to Dec. 27, 2020).
Employee Retention Tax Credit (ERTC)
- Extended through Dec. 31.
- Will benefit a larger group of employers, including new businesses.
Restaurant Revitalization Fund
- $28 billion for grant relief program for restaurants.
- Includes $5 billion set aside for small establishments, with revenues of less than $500,000 in 2019 revenue.
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Applications are not yet being accepted.
- More information to come, however, this is the guidance we have available as of now:
Eligible Grant Recipients:
- Restaurants
- Food stands, trucks, or carts
- Caterers
- Bars or lounges
- Saloons, inns, or taverns
- Brewpubs, tasting rooms, taprooms, or other licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products; and
- Similar businesses where patrons assemble for the primary purpose of being served food or drink.
- This includes entities located in airport terminals and Tribally-owned concerns.
Use of Funds:
- Payroll costs
- Payment of principal or interest on any mortgage obligation (not including prepayment of principal).
- Rent, including rent under a lease agreement (but not including prepayment of rent)
- Utilities
- Maintenance expenses, including construction to accommodate outdoor seating and walls, floors, deck surfaces, furniture, fixtures, and equipment.
- Supplies, including protective equipment and cleaning materials.
- Food and beverage expenses within the scope of normal business practice.
- Covered supplier costs
- Operational expenses
- Paid sick leave; and
- Any other expenses the SBA determines to be essential to maintaining the eligible entity.
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Updates Made to The NH Safer at Home Guidelines
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Some notable changes described in these guidelines include the following:
- Retail businesses in New Hampshire can return to 100% capacity, and salons and barbershops can allow walk-ins and waiting rooms.
- Bars and restaurants can now allow darts, pool, karaoke, and bands of three members or less, provided they can stay 10 feet from the audience.
- Quarantine requirement for domestic travel to New Hampshire is now a recommendation, not a requirement.
- Safety measures and distancing requirements are still required.
Please see below for the links to the updated documents from the Governor’s Office:
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Resources for Non-Profits |
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GoodWork Seacoast offers customized support and resources to non-profits at no cost to them. Their mission is to “support, develop, and strengthen greater seacoast nonprofits by maximizing their capacity to deliver services through customized strategic support and affordable live and workspace”. Learn more or reach out for support here.
Other Resources Include:
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Goldman Sachs 10,000 Small Businesses Program |
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This is a free 12-week program focused on helping businesses and entrepreneurs with business growth, access to capital, networking, and more. Applications for the Fall program are now being accepted!
Eligibility:
- Businesses must have at least 2 employees.
- Must have been in operation for more than 2 years.
- Must bring in more than $75,000 in annual revenue in normal economic conditions.
Learn more and apply here.
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As always, please don't hesitate to reach out if you need assistance or have questions about any of these programs.
Sincerely,
Natalie
Natalie Moles
Economic Recovery Coordinator
Strafford Regional Planning Commission
150 Wakefield Street, Suite 12
Rochester, NH 03867
603-994-3500 ext. 113
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