Latest Updates on Resources and Funding Opportunities for Small Businesses |
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Is Having Access to Public Transportation Important for Your Business?
We need your help!
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!
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Successful Business Stories
SRPC recently launched the "COVID-19, Successful Business Stories" story map on SRPC’s ArcGIS Online site. This story map highlights regional success stories about businesses that were able to adapt and show resiliency when faced with the challenges of the pandemic. You can view the story map here.
If you are a business owner in the region or know of a business in your community with an adaptation story to share, please reach out to me (nmoles@strafford.org) or GIS Planner Jackson Rand (jrand@strafford.org) so we can document your successes.
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Updates to NH Covid-19 Guidelines for Businesses
Beginning Friday, May 7th, statewide Covid related restrictions such as limitations on capacity and social distancing requirements were lifted for businesses and replaced with recommendations.
There is now a “Universal Best Practices Guidance” for all industries (with the exception of overnight camps). Businesses are encouraged to refer to it for new safety and operation guidance, and it can be found here.
The only industry-specific guidance that is still in place is for overnight camps, which can be found here.
Businesses and organizations will be able to continue requiring masks should they choose to, as well as maintain any other COVID-19-related measures they may already have in place.
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Employee Retention Tax Credit (ERTC)
Employers can receive a tax credit of up to $28,000 per employee for 2021, in addition to $5,000 per employee for 2020
What is it?
The Employee Retention Tax Credit (ERTC) is a refundable tax credit for employers who kept workers on payroll during the pandemic. Program highlights and updates include:
2020
CARES ACT – Enacted March 27, 2020
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The tax credit is 50% of up to $10,000 in qualified wages per employee for wages paid after March 12, 2020 and before January 1, 2021.
- Eligible businesses include those who experienced a decline of at least 50% in gross receipts in any quarter of 2020 compared to the same quarter in 2019.
- If your business is eligible for ERTC for 2020 and you have not claimed the credit, you can file amended payroll tax forms to claim and receive your tax refund.
2021
Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act) – Enacted Dec 27, 2020 - Eligibility was expanded:
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Employers can claim 70% of up to $10,000 in qualified wages (and certain health plan expenses) per employee per quarter for wages paid after December 31, 2020, through June 30, 2021. (Up to $7,000 per employee per quarter, for a total of $14,000 for the first two quarters of 2021.)
- Eligible businesses include those who experienced a decline of at least 20% in gross receipts during a single quarter.
- Businesses that have received PPP can now also access ERTC relief.
American Rescue Plan Act (ARPA) – Enacted March 11, 2021
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The credit of up to $7,000 per employee will also be available to eligible employers for wages paid during the third and fourth quarters of 2021, bringing the maximum yearly benefit for 2021 to $28,000 per employee. The Department of the Treasury and the IRS will provide further guidance on the Employee Retention Credit available under the ARPA.
Who is eligible?
- Businesses with operations that have been partially or fully suspended due to governmental orders related to Covid-19.
- Businesses that have had a decline in gross receipts.
- Employers carrying out a trade or business during the calendar year of 2020.
- Businesses with fewer than 100 employees.
The latest updates of the program can be found here. Please reach out if you have any questions or need additional guidance.
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IRS Small Business Forum
Hear the latest information on Covid-19 resources from the Internal Revenue Service, the US Small Business Administration, and the NH Department of Business & Economic Affairs at the Small Business Forum, where they will be presenting updates on the Employee Retention Tax Credit in addition to other topics and resources for small businesses.
Date: May 11th
Time: 1:00 - 2:30pm
Cost: Free
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Volunteer Income Tax Assistance (VITA)
This program offers FREE tax return preparation to qualified individuals:
- People who generally make $57,000 or less
- Persons with disabilities
- Limited English-speaking taxpayers
Find a location near you or see additional information here.
Friendly reminder: The filing deadline is May 17th
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Portal for Hiring Students
Small businesses and employers can connect with and hire students by setting up an account on Handshake (UNH’s career portal for jobs and internships).
Step 1 – Create a Handshake account here.
Step 2 – To post a job, see here.
Also See - Resources for employers to set up internships, including paid, unpaid, and credit-bearing internships), here.
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Are You a Business Owner Interested in Government Contracting?
Register for the Annual Matchmaker Event, an opportunity for small businesses and federal and state agencies, and large prime contractors to meet and develop relationships. This event is intended to link small businesses to government contracts.
Each day will focus on specific industries:
5/11 Tuesday - Construction and Environmental Services
5/12 Wednesday - Manufacturing and Distributors
5/13 Thursday - Services (Non-construction)
Dates: May 10th – May 14th
Cost: $45
For more information or to register, go here.
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Restaurant Revitalization Fund
The Small Business Administration began accepting grant applications through the portal on May 3rd. The portal will remain open until all funds are expended.
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Register on the portal to apply, here. (Unless you have Square or Toast)
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You can review the full program guide here.
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To see a summary of program highlights, go here.
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For a recording of the SBA webinars providing an overview of the program, go here.
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Paycheck Protection Program (PPP)
Funding Exhausted
The SBA has announced that PPP funds have been exhausted before the May 31st deadline. They will continue funding outstanding applications that have already been approved, but the only new applications that will be funded going forward are those coming through Community Development Financial Institutions (CDFIs), Certified Development Companies (CDCs), SBA Microlenders, and Minority Depository Institutions (MDIs) until May 31st or until remaining funds are exhausted. Please note that not all community financial institutions are participating in PPP.
Since the beginning of the program, roughly 40,000 NH businesses have benefitted from PPP assistance, receiving an average of $3.7B.
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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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