Governor Sununu has authorized the allocation and expenditure of $100 Million in CARES Act Coronavirus Relief Funding (“flex funds”) to provide economic support to NH small businesses suffering from business interruptions due to COVID-19. This allocation and expenditure will be the second round of Main Street Relief (MSRF 2.0).
MSRF 2.0 supports both businesses that did not receive grants from the initial round of MSRF or the General Assistance and Preservation (GAP) Fund, and businesses that received grants of less than $350,000 from the initial round of MSRF or the GAP Fund.
For a business (or group of affiliated businesses) to qualify for MSRF 2.0, they must meet all of the following conditions:
- Be a for-profit business
- Have their principal business office in New Hampshire
- Have employed at least one non-owner W-2 employee before COVID-19
- Have been in operation since at least May 29, 2019
- Anticipate a loss of gross receipts from 2019 to 2020 due to COVID-19
- Have total 2019 gross receipts of less than $20 million
- Have received a total of less than $350,000 from the initial round of MSRF or the GAP Fund, if a prior recipient
- Not be currently in bankruptcy
- Not have permanently closed
- Not have received a Self Employed Livelihood Fund (SELF) grant
In addition, the following types of businesses are not eligible for MSRF 2.0:
- Nonprofit organizations
- Agriculture businesses
- Childcare providers
- Elementary or secondary schools
- Institutions of higher education
- Hospitals or other healthcare providers
For the purposes of MSRF 2.0, a business is considered affiliated with any other business that:
- Shares the same Taxpayer Identification Number (including Social Security Number)
- Has the same corporate parent or grandparent
- Is majority-owned (more than 50%) by the same owner or group of owners
The $100 million MSRF 2.0 will be shared among new recipients and prior recipients of MSRF and GAP Fund grants using a formula based on gross receipt losses adjusted for other COVID-19-related funding received (this encompasses all sources, including grants received from the Governor’s Office for Emergency Relief and Recovery (GOFERR) flex funds programs).
MSRF 2.0 grants will be offset by GOFERR program grants previously received on a dollar-for-dollar basis, including from the initial round of MSRF and the GAP Fund. The maximum amount received from MSRF 2.0 cannot exceed $350,000, including grants received from the initial round of MSRF and the GAP Fund.
Important Dates & Timeline:
- Application Period: October 19, 2020 – October 30, 2020
- Deadline to Submit Completed Application: 4:00 PM on October 30, 2020
MSRF 2.0 grant amounts will be calculated similarly to the initial round of MSRF and the GAP Fund. The State of New Hampshire is not directing businesses on how to spend the money. Businesses must demonstrate they have experienced or anticipate they will experience a financial loss due to COVID-19 in order to qualify for MSRF 2.0. It is expected that businesses will use the funds to assist in covering their operational costs and legal obligations.
For more information, visit the New Hampshire Main Street Relief Fund 2.0 Frequently Asked Questions.
We know that now, more than ever, our local businesses are the heart of our communities, and we continue to be committed to your success and well-being. Thank you for the opportunity to serve you.
The Merrimack Commercial Lending Team