New Hampshire launches emergency relief to Small Businesses

The governor's office in New Hampshire has announced that they have allocated $400 million in emergency funding from the CARES Act to provide emergency financial relief to small businesses principally based in New Hampshire who have less than $20 million in revenue during the 2019 tax year.

For any small business to be considered, a prequalification form MUST be submitted by May 29, and the state expects to announce specifics on June 1 with a deadline to apply by June 8.

We are recommending that all of our clients go through and submit the prequalification form by May 29, 2020.

Here is the link to the prequalification form: https://new-hampshire.secure.force.com/support/GOV_GOFERR_Business_Survey

The information requested is very high level, so we expect that most business owners should be able to complete this by themselves:

You'll need to know your Federal ID number and whether you are self-employed. Sole proprietors and partnerships (or LLC's filing as sole proprietors or partnerships) are self-employed. Owners of C corporations and S corporations (or LLC's filing as C corporations or S corporations) are not considered self-employed.

You'll need to estimate what your 2020 gross receipts (sales) will be. In addition, you'll be prompted for 2019 gross receipts and your 2019 NH compensation paid, both of which can be found on your 2019 NH business tax return Form BET. If you paid any out-of-state wages, your 2019 Everywhere compensation will be higher and can be found on your 2019 NH tax return Form BET-80.

If you received money from the Paycheck Protection Program, you'll need to enter the amount in. If you received the SBA EIDL loan you'll need to enter the amount in as "Other".

Please reach out to Paul, Karen or I if we can be of further assistance.

Thanks,

Steve Feinberg