As part of the City of Concord’s efforts to help businesses during the COVID-19/coronavirus crisis, we’ve compiled a list of resources which include criteria and on-line applications.
*updated April 22, 2020
Crisis Toolkit for Businesses
SBDC Updates:
For details and help on:
Paycheck Assistance
Economic Injury Disaster Loan
SBA Debt Relief
SBA Express bridge Loan
Local Lenders support
Further details on the following links:
Other Notes:
The U.S. Chamber of Commerce Foundation has launched the “Save Small Business Fund.” The fund will offer grants of $5,000 to businesses that employ between 3 and 20 people; are located in economically vulnerable communities; and have been harmed by the COVID -19 pandemic. Funds will be distributed on a first come, first served basis and the application process is open now. Businesses can check for eligibility by entering their ZIP Code on the website at https://savesmallbusiness.com/.
Comprehensive list of immediate actions being taken by USDA Rural Development to help rural residents, businesses and communities affected by the COVID-19 outbreak. https://www.rd.usda.gov/sites/default/files/USDA_RD_SA_COVID19_CUMULATIVEUpdate04152020.pdf
CAP Program: Providing banks the ability to lend up to $200,000 to small businesses and non-profits across the state. CAP loans can be used for working capital, temporary needs, lines of credit, or long-term assets. These loans have rapid approval times and can be deployed in situations when banks normally could not lend. Please contact your lender for more information.
Temporary Loans to Businesses:
A direct loan program from the BFA in an amount up to $2,000,000. These loans are designed to be temporary in nature with a maximum three year term. The amortization rate is flexible, and the BFA can take a subordinate position to the bank.
In addition to the above programs the BFA is developing new resources that will be helpful during these challenging times. www.nhbfa.com
Don't forget that you may be eligible for tax credits and debt relief programs that are now available to small businesses. Contact your lender and your SBDC advisor to discuss your options
IRS and Treasury Tax credits - Employee Retention Credit and the Families First Coronavirus Response Act Sick and Family Paid Leave Credits.
IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19 - https://www.irs.gov/newsroom/irs-employee-retention-credit-available-for-many-businesses-financially-impacted-by-covid-19
Breaking News from in the International Economic Development Council:
The Senate has passed a $484 billion bill to inject additional funding into SBA disaster loan programs — both the Paycheck Protection Program (PPP) and the Emergency Injury Disaster Loan (EIDL) — that will now head to the House where it is expected to pass later this week. The bill comes after weeks of negotiations between Congress and the White House and after the initial funding for the programs was largely exhausted last week. The bill also contains critical funding for testing and hospitals.
The details:
· Paycheck Protection Program
· Additional $310 billion in funding (on top of $349 billion in CARES Act)
· $30 billion carve-out for Insured Depository Institutions and Credit Unions with assets between $10 billion and $50 billion in assets
· $30 billion carve-out for Community Financial Institutions, Small Insured Depository Institutions and Credit Unions with less than $10 billion in assets
· Additional $50 billion for SBA Disaster Loan Program
· Emergency Injury Disaster Loan Program
· Additional $10 billion in funding (on top of $10 billion in CARES Act)
· Expands eligibility to agricultural enterprises with less than 500 employees
· Public Health Funding
· $75 billion for hospitals and health care providers responding to the COVID-19 pandemic (on top of $100 billion in CARES Act)
· $25 billion for testing, including $11 billion for states, localities, territories, tribes and employers
If the CARES Act was the third of the ‘COVID-19’ bills (‘covid 3’), the bill today (the Paycheck Protection Program and Health Care Act) should be considered ‘covid-3.5’. Today’s bill was not, nor was it intended to be, of a similar scale and scope as CARES. That bill — ‘covid 4’ — is yet to come and currently being discussed in Congress.
The timeline for the next bill is hard to pin down, but it appears likely we will not see significant movement until the middle of next month at the earliest. What the next bill will end up containing is also hard to pin down, as there continues to be discussion on everything from infrastructure to direct assistance to states. We expect to see focus on the scope in the next several days.
Contact: Suzi Pegg, Economic Development Director, spegg@concordnh.gov