Main Street Relief Fund
Information on the Main Street Relief Fund
Governor Chris Sununu has authorized the allocation and expenditure of CARES Act Coronavirus Relief Fund (“flex funds”) to provide economic support to New Hampshire small businesses suffering from business interruptions as a result of COVID-19.
Main Street Relief Fund 2.0
Governor Chris Sununu has authorized the allocation and expenditure of $100 million from the CARES Act Coronavirus Relief Fund (“flex funds”) for MSRF 2.0 in order to continue providing economic support to New Hampshire small businesses suffering from business interruptions as a result of COVID-19.
MSRF 2.0 supports both (1) businesses that did not receive grants from the initial round of MSRF or the General Assistance & Preservation (GAP) Fund, and (2) businesses that received grants of less than the maximum $350,000 from the initial round of MSRF or the GAP Fund, if eligible according to the criteria described below. Businesses that received a Self Employed Livelihood Fund (SELF) grant are not eligible for MSRF 2.0.
The $100 million MSRF 2.0 will be shared among new recipients and prior recipients of MSRF and GAP Fund grants using a pro-rata formula based on gross receipts losses adjusted for COVID-19 assistance received from all sources, including all grants received from GOFERR flex funds programs. MSRF 2.0 grants will be offset by GOFERR program grants previously received on a dollar-for-dollar basis, including, particularly, 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
- Email Notifications: November 23, 2020
- Appeal Deadline: 4:00 PM on Friday, December 4, 2020
If you believe you made an error in the information you provided in your application that might have impacted your eligibility, you may request an appeal by emailing firstname.lastname@example.org by 4:00 PM on Friday, December 4, 2020. The request should (1) be in reply to the email you received notifying you of the status of your application or include your business name and the application number; (2) include “Appeal” in the subject line; and (3) provide an explanation and supporting documentation to substantiate your claim about why your business is actually eligible for the program.
Please note: In order to maintain program integrity and ensure compliance with federal CARES Act requirements, we cannot consider appeals regarding gross receipts or COVID-19 assistance amounts except in the case of a typographical entry error. For MSRF 2.0 appeal purposes, a “typographical entry error” is defined as “an error in placement of a decimal point, or omission or addition of a single erroneous digit or transposing two digits.”
Appeal requests that are sent by any method other than by email to email@example.com or that are not received by the deadline will not be considered.
The MSRF 2.0 grant amount is calculated according to the following formula:
Step 1. Find Anticipated Loss
= actual calendar year 2019 total gross receipts minus projected calendar year 2020 total gross receipts
Step 2. Subtract Federal/other relief funds to find Eligible Loss
Subtract one-half of any Paycheck Protection Program (PPP) funding received
Subtract Economic Injury Disaster Loan (EIDL) funds and any other COVID-19 assistance from non-GOFERR sources
Step 3. Pro-Rated Calculation
Multiply Eligible Loss from step 2 by the pro-rated award percentage of 25.57% (rounded)*
* Because the demonstrated eligible need of all applicants exceeded the amount of available funds, businesses are receiving a 25.57% pro-rated share of their eligible losses, up to a maximum award of $350,000. All businesses, both first-time and prior recipients, are receiving the same pro-rated share of 25.57% of their eligible losses.
Step 4. Grant Amount
Subtract any COVID-19 assistance from GOFERR funding sources (e.g., initial round of MSRF, General Assistance & Preservation (GAP) Fund, and Live Venue Relief Program) from the Pro-Rated Calculated Amount
If the amount is greater than $350,000, set the award equal to the maximum award amount of $350,000**
** The maximum MSRF 2.0 grant amount is $350,000, but only for first-time recipients that have not previously received COVID-19 assistance from GOFERR funding sources. For prior recipients, the maximum MSRF 2.0 grant amount is $350,000 less all COVID-19 assistance previously received from GOFERR funding sources. In other words, a prior recipient’s maximum MSRF 2.0 grant amount combined with all COVID-19 assistance previously received from GOFERR funding sources cannot exceed $350,000.
Please note: The combined total amount of your MSRF 2.0 grant and all other COVID-19 assistance cannot exceed your anticipated loss of gross receipts from 2019 to 2020, in accordance with federal CARES Act guidance. In the case of a grant amount based on the formula that together with all other COVID-19 assistance would exceed the business’s anticipated loss, it has been set equal to the maximum allowable amount.
For a business (or group of affiliated businesses*) to qualify for MSRF 2.0, it must:
- Be a for-profit business;
- Have its principal business office in New Hampshire;
- Have typically 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; and
- 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; and
- Hospitals or other healthcare providers.
* For purposes of MSRF 2.0, a business is considered affiliated with any other business that:
- Has the same Taxpayer Identification Number (including Social Security Number);
- Has the same corporate parent or grandparent; or
- Is majority-owned (more than 50%) by the same owner or group of owners.
Main Street Relief Fund – Initial Round
Awards made under the initial round of the Main Street Relief Fund were determined by utilizing the following formula:
Step 1. Calculating the business's anticipated gross loss, by subtracting estimated 2020 gross receipts from actual 2019 gross receipts (“anticipated gross loss”).
Step 2. Subtracting 50% of the Paycheck Protection Program (PPP) amount and 100% of all other federal funds from the anticipated gross loss (“qualified loss”).
Step 3. Summing the qualified losses of all businesses (“total qualified loss”).
Step 4. Dividing the total fund balance of $400M by the total qualified loss (“pro rata percentage”).
Step 5. Multiplying the pro rata percentage by a business's qualified loss.
Step 6. If the result of the previous step is above $350K, the business only received $350K; in all other cases, the business received the amount calculated in Step 5.\
New Hampshire Self Employed Livelihood Fund (SELF)
Awards made under the New Hampshire Self Employed Livelihood Fund (SELF) were determined by utilizing the following formula:
Step 1: By calculating a business's “anticipated loss,” by subtracting estimated 2020 actual gross receipts from 2019 actual gross receipts.
Step 2. Subtracting 100% of: 1. The total amount of unemployment compensation benefits received by every owner of the business, regardless of ownership percentage, for the period from March 17, 2020, to July 6, 2020; and 2. The combined amounts of all COVID-19-related grants and/or loans received, or projected to be received, by your business (including any affiliated businesses), since March 1, 2020. This equals the business’s “qualified loss.”
Step 3. Multiply the business’s “qualified loss” by 17.17% (the same pro rata percentage used for the Main Street Relief Fund).
An eligible business will receive the amount calculated in Step 3, up to $50,000.