Main Street Relief Fund - June 5, 2020 – June 12, 2020
Grant Application Filing Period: June 5, 2020 – June 12, 2020
Governor Chris Sununu has authorized the allocation and expenditure of $400 million from the CARES Act Coronavirus Relief Fund (“flex funds”) to provide emergency financial relief to support New Hampshire small, for-profit businesses due to the economic disruption caused by COVID-19.
Main Street Relief Fund Applicants Not Awarded a Grant
If you believe that there was an error in the information you submitted which could have impacted the reason(s) for denial, you may file an appeal by sending an e-mail to [email protected] by July 2, 2020 at 11:59pm.
Your appeal e-mail must contain the following:
- A copy of this e-mail
- Explanation and documentation to substantiate your claim
Appeals that are sent by any method other than by e-mail or that are not received by the deadline will not be considered. We will review the information and documentation you submit to make a final eligibility determination. Please note that we are not able to consider appeals that would require us to recalculate the anticipated gross loss reported on your original Final Grant Submission.
For a small for-profit business to qualify, they must:
- Have submitted a Prequalification Application
- Be a for-profit business
- Have its principal place of business in New Hampshire
- Have been in operation for at least one year prior to May 29, 2020
- Anticipate a loss of revenue for 2020 due to COVID-19
- Have total 2019 gross revenues of less than $20,000,000
- Not currently be in bankruptcy
- Not have permanently ceased operations
In addition, the following types of businesses are not eligible for grants under the Main Street Relief Fund as those businesses are or will be addressed through other programs:
- Childcare providers
- Hospitals or other healthcare providers
- Institutions of higher education
- Elementary or secondary schools
- Farmers, growers, or maple producers
- Franchises or national chains
- A business where the only employees are owners of the business
Important Dates & Timeline
- Announcement of Program Specifics - June 5, 2020
- Formal Application Period - June 5, 2020 – June 12, 2020
- Deadline to File Completed Application - June 12, 2020
The Main Street Relief Fund is only available to businesses that submitted a Prequalification Application. All prequalification applicants have received an email directing them to the Final Grant Submission web form. All businesses that submitted a Prequalification Application may complete a Final Grant Submission; however, only businesses that meet all of the Main Street Relief Fund grant criteria are eligible to receive an award. No action is required at this time if prequalification applicants do not wish to participate in this program.
The Main Street Relief Fund Grant award amounts will be calculated based on the grant formula determined by using the information provided by small businesses in their Prequalification Applications. 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 a Main Street Relief Fund Grant. It is expected that businesses will use the funds to assist in covering their operational costs and legal obligations.
The Final Grant Submission must be completed and submitted by 11:59 PM on Friday, June 12, 2020, using only the DRA web portal. It is recommended that submissions be finalized as early as possible before the deadline. Businesses that require assistance from the DRA may contact the Call Center, which is available at (603) 230-5000, Option 0, from 8:00 AM to 4:30 PM, Monday through Friday.
Additionally, DRA Call Center hours will be extended until 11:59 PM on Friday, June 12, 2020.
Following the completion of the Final Grant Submission period, the following steps will be utilized to determine the grant amount for an eligible business as part of the Main Street Relief Fund program:
Please note: Final values for this formula will not be able to be determined until the close of the final submission period as the formula requires the calculation of the total qualified estimated loss (Ex: $400m will be divided by the total estimated loss). Individuals intending to calculate their grant amount will not be able to accurately determine that value at this time.
Step 1. Calculate the business's anticipated gross loss, by subtracting estimated 2020 gross receipts from actual 2019 gross receipts (“anticipated gross loss”).
Step 2. Subtract 50% of the Paycheck Protection Program (PPP) amount and 100% of all other federal funds from the anticipated gross loss (“qualified loss”).
Step 3. Sum the qualified losses of all businesses (“total qualified loss”).
Step 4. Divide the total fund balance of $400M by the total qualified loss (“pro rata percentage”).
Step 5. Multiply the pro rata percentage by a business's qualified loss.
Step 6. If the result of the previous step is above $350K, the business will only receive $350K; in all other cases, the business receives the amount calculated in Step 5.