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Priority Bills Update

Jillian Lynch / posted on Thursday, April 9, 2020

Greetings from the NHCDA Legislative Committee. At last weeks' membership meeting, NHCamp's lobbyist Deb Vanderbeek identified and described several bills that the NHCamps Legislative Committee has been monitoring in 2020 (up until the NH House of Representatives and Senate were suspended on March 17). While the legislature is on hold, we are still monitoring these bills. To hear Deb's overview of them, please go HERE (link to video). You can follow along by...

NHCDA COVID-19 Funding Information

Jillian Lynch / posted on Monday, April 6, 2020

Below you will find a document that NHCDA has put together to provide information and resources about funding.

COVID‐19 Funding Information

Economic Injury Disaster Loan (EIDL) Emergency Advance

Part of the CARES Act through SBA
$10,000 paid within 3 days
$10,000 advance is treated as a grant (complete loan forgiveness if you do not apply for Paycheck Protection Program)
Paid directly from SBA
Apply: https://covid19relief.sba.gov/#/

Paycheck Protection Program (PPP)

Part of the CARES Act through SBA
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full‐time headcount declines, or if salaries and wages decrease.
The Paycheck Protection Program will be available through June 30, 2020.
Lenders may begin processing loan applications as soon as April 3, 2020
Pays 250% of your monthly payroll
Must get a loan from local lender
Fact Sheets

Current application: https://home.treasury.gov/system/files/136/Paycheck‐Protection‐Program‐ Application‐3‐30‐2020‐v3.pdf

We do know that certain documents will be required to apply, including:

Payroll tax filings reported to the IRS
State income, payroll, and unemployment insurance filings
Documentation verifying average monthly payroll amounts from prior periods
Documentation verifying payroll costs, mortgage interest, rent and utility payments you expect to incur over the 2 month period after you receive funding

Economic Injury Disaster Loan (EIDL)