Nashua Focus For SBA, City Rolling out COVID Impact Fund

Many of our Downtown businesses and organizations have been impacted a great deal by COVID-19. Over the course of the past year, we’ve been a part of many meetings and information sessions in support of their resilience and success, and will continue to keep our community informed as various programs roll out. If you would like to be added to our list for informational meetings as federal, state, and local programs continue to roll out – click here and provide your info on our form and we’ll keep you in the Loop!

Targeted EIDL Advance Program Update

Thank you to our friends at the NH SBDC, who have sent along some great tools to help businesses determine if they operate in a census-tract identified as a low-income community, and are therefore for support through the Targeted EIDL Advance program. Many of our Downtown businesses, and businesses in the south end may be eligible. I’ve included an overview of this program, and a map of the eligible areas in the city below, but you can also use this map here to zoom in on your address and determine if you are eligible.

COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020, as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency.

Advance funds of up to $10,000 will be available to applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.

Applicants do not need to take any action at this time.
SBA will reach out to those who qualify.

SBA will first reach out to EIDL applications that already received a partial EIDL Advance (between $1,000 – $9,000). Applicants will be contacted directly by SBA via email in the coming weeks with instructions to determine eligibility and submit documentation.

All communications from SBA will be sent from an official government email with an @sba.gov ending. Please do not send sensitive information via email to any address that does not end in @sba.gov.

For more information on this program from the SBA, click here.

Do You File a Schedule C?

Are you considering applying for the Paycheck Protection Program, and do you file a Schedule C for your business? This information may help you get the most out of the PPP with some pending updates to the program.

The official guidance and updated forms have been released for the change re: Schedule C filers as well as the change to eligibility re: criminal history and delinquent student loan debt.    Please share with your team and let us know if you would like us to participate in any outreach you may be doing to get the word out to the small business and non-profit communities.

SBA PPP IFR Loan Amount Calculation and Eligibility (3-3-21).pdf

SUMMARY: This interim final rule implements changes related to loans made under the Paycheck Protection Program (PPP), which was originally established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 (COVID-19). On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) was enacted, extending the authority to make PPP loans through March 31, 2021, revising certain PPP requirements, and permitting second draw PPP loans. This interim final rule allows individuals who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income, removes the eligibility restriction that prevents businesses with owners who have non-financial fraud felony convictions in the last year from obtaining PPP loans, and removes the eligibility restriction that prevents businesses with owners who are delinquent or in default on their Federal student loans from obtaining PPP loans.

First Draw Forms:

Borrower Application 2483 revised.pdf (sba.gov)

Borrower Application 2483-C.pdf (sba.gov)

Second draw forms:

Borrower Application 2483-SD revised.pdf (sba.gov)

Borrower Application 2483-SD-C.pdf (sba.gov)

FAQ for Lenders and Borrowers (sba.gov)

City of Nashua To Roll Out COVID Impact Fund

 

The City of Nashua has launched their second round of the City’s Impact fund!

This is a grant and/or low interest loan program for small businesses and nonprofit organizations. The program is intended to distribute grants and/or low interest loans that will assist disrupted entities in covering the cost of wages, occupancy, loss of inventory, and other fixed costs. Applicants will indicate which program (grant or loan) they are seeking; but eligibility will be confirmed by the City.

CDBG Grant Criteria (grants are only for small businesses):

  • Business with 5 or fewer employees (including the owner) where the owner’s household is low – moderate income; or jobs are retained for low – moderate income workers
  • Other business types that are creating /retaining jobs for low – moderate income workers (the worker meets HUD income limits or lives in a predominately low-income Census tract)
  • Business that serve a low-moderate income area (i.e. a local corner market)

Eligible Business Applicant for Grant and low interest Loan:

  • Business has a physical establishment within the City of Nashua
  • Business employs no more than 25 employees (no more than 5 employees for grant)
  • Have less than $3,000,000 in gross annual receipts
  • Have no outstanding tax liens or legal judgement

Business Preference Criteria for Grants and low interest Loan):

  • Top priority: Businesses must qualify as a disadvantaged enterprise (meaning: 51% owned and managed by African American, Hispanic, Native American, Asian Pacific and subcontinent Asian American, and /or women)
  • Brick-and-motor, local for-profit and nonprofit (for loan only), restaurants, personal services (e.g. hair salon) business that is normally open and available to the public
  • Private childcare centers
  • Loss of employees
  • Business is located in an Opportunity Zone (Census Tracts 107 & 108)

Required Submission for Grant and low interest Loan:

  • Completed application form
  • Copies of most recent business and personal tax returns for all owners/principals with 20% or greater ownership interest in the business; if business has not yet filed business taxes because they are new, personal tax returns will be sufficient
  • Demonstrate hardship caused by COVID-19 (documents could include bank statement, profit & loss statement, etc.)
  • Completed City of Nashua Substitute IRS W-9 form
  • If requesting funds for the following, include applicable copies: lease/mortgage/tax bill; 4 weeks of payroll; accounts payable bills (loss inventory, increased purchases, utilities, etc.
  • Disclosure of other grants, loans and other assistance

Learn More and Apply Here!

Do you have questions? Please email City Of Nashua Economic Development Division’s Komba Lamina at Laminak@nashuanh.gov or call 603.589.3070

Sign up to stay informed!

Many of our Downtown businesses and organizations have been impacted a great deal by COVID-19. Over the course of the past year, we’ve been a part of many meetings and information sessions in support of their resilience and success, and will continue to keep our community informed as various programs roll out. If you would like to be added to our list for informational meetings as federal, state, and local programs continue to roll out – click here and provide your info on our form and we’ll keep you in the Loop!

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