Main Street Relief Fund - May 29, 2020
Prequalification Due Date: May 29, 2020
The Governor has authorized the allocation and expenditure of an initial $400 million in emergency funding from the CARES Act Coronavirus Relief Fund (“flex funds”) to provide emergency financial relief to New Hampshire small for-profit businesses due to the economic disruption caused by COVID-19. However, in order to provide the most effective relief as quickly as possible, New Hampshire small businesses desiring to obtain relief will first be required to provide information concerning their possible COVID-19-related lost revenues and receipt of Paycheck Protection Program (PPP) loans or any other federal relief. This information will be used to determine appropriate relief criteria and amounts to meet the needs of eligible small businesses, including whether the initial $400 million is appropriate or needs to be changed. In order to be eligible, a business must have its principal place of business in New Hampshire and must have generated less than $20 million in revenue during the 2019 tax year. In addition, healthcare, childcare, and agriculture businesses will not be eligible for the program, as those businesses are or will be addressed through other programs.
Important Dates & Timeline
- Mandatory Prequalification Period
May 15, 2020 – May 29, 2020
- Deadline to Submit Completed Prequalification Form
May 29, 2020
- Announcement of Program Specifics
- Details for the next phase of the Main Street Relief Fund will be announced soon on the Department of Revenue Administration website: www.revenue.nh.gov and on the GOFERR website: www.goferr.nh.gov.
- Businesses that submitted a Prequalification Application will have one week to complete the final phase when it becomes available. Those businesses will be notified by email when the final submission phase begins.
This prequalifying request for information will begin on May 15, 2020 and end two weeks later on May 29, 2020. The short time period will ensure relief is quickly provided to mitigate any further damage to New Hampshire small businesses, keeping doors open and preserving jobs. Every eligible New Hampshire small business desiring to obtain relief must submit the prequalification form with all required information by May 29, 2020, this is a mandatory. If a business does not submit a completed prequalification form in a timely manner, it will not be eligible to receive relief under this program. The prequalification form must be submitted online through the website of the Governor’s Office for Emergency Relief and Recovery (GOFERR). In the event that a business does not have access to a computer, with prior notice, they can utilize the public computer in the lobby of the New Hampshire Department of Revenue Administration (“DRA”). To seek relief, your business must submit a completed prequalification form by May 29, 2020. However, submitting the required information does not guarantee that your business will receive relief. The final eligibility criteria will not be determined until all prequalifying information is received, after May 29, 2020.
Following the mandatory prequalification period, GOFERR will review all information received and quickly determine relief criteria and amounts that effectively meet the needs of as many New Hampshire small businesses as possible. The application must be submitted through an online portal administered by DRA. More information about filing the application will be made available at a later date. The DRA will begin processing relief payments shortly after the filing period closes.