Join us for our upcoming webinar

Steps to Take in Getting Through A Financial Crisis

Hosted by:

New Hampshire District Offices

Owning a small business is an exciting proposition, but it’s also getting through a financial Crisis challenging undertaking. You may be asking yourself:

· Background to financial Crisis like the current Covid-19

· Cash Flow is King

· Cost of Sales, Gross Margin and Operating Expenses

· Breakeven Sales Calculation

· Purchasing/ Excess inventory

· Don’t be Upside Down on Trade Accounts

Advice from SBA staff about the agency’s guaranty loan program and available resource partner organizations such as the Small Business Development Center, Center for Women & Enterprise, SCORE, and Veteran Business Outreach Center and others can help guide you in the right direction. Join us to learn more about the programs and services available to help your small business succeed and how to access them.

Wednesday, April 8th 3pm-4pm Est

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Join by phone

Toll number: +1 (202) 765-1264,888869450# (Dial-in Number) Find a local number

Conference ID: 888869450 

Pre-registration is NOT required. For more information, please contact Miguel Moralez at miguel.moralez@sba.gov or 603-225-1601.

WHAT TREASURY IS DOING

The Treasury Department is supporting American workers and businesses who are impacted by the coronavirus. In February, Secretary Mnuchin was appointed to the President’s Coronavirus Task Force, where he meets daily with the Vice President and our nation’s top health officials. For the latest information from the Task Force, please visit www.whitehouse.gov/news/.

 

 

ASSISTANCE FOR AMERICAN WORKERS AND FAMILIES

In the weeks immediately after the passage of the CARES Act, Americans will see fast and direct relief in the form of Economic Impact Payments. For more information, CLICK HERE.

 

ASSISTANCE FOR SMALL BUSINESSES

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

• For a top-line overview of the program CLICK HERE
• If you’re a lender, more information can be found HERE
• If you’re a borrower, more information can be found HERE
• The application for borrowers can be found HERE

 

PRESERVING JOBS FOR AMERICAN INDUSTRY

The CARES Act assists eligible businesses looking for payroll support to keep Americans working. For more information, CLICK HERE.

The IRS rolled out a refundable tax credit that is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. For answers to frequently asked questions, CLICK HERE.

 

PROCEDURES AND APPLICATIONS FOR TREASURY PROGRAMS

Guidelines and Application Procedures for Payroll Support to Air Carriers and Contractors under Division A, Title IV, Subtitle B of the CARES Act

Procedures and Minimum Requirements for Loans to Air Carriers and Eligible Businesses and National Security Businesses under Division A, Title IV, Subtitle A of the CARES Act

 

COVID-19 SCAMS

If you receive calls, emails, or other communications claiming to be from the Treasury Department and offering COVID-19 related grants or stimulus payments in exchange for personal financial information, or an advance fee, or charge of any kind, including the purchase of gift cards, please do not respond.  These are scams.  Please contact the FBI at www.ic3.gov so that the scammers can be tracked and stopped.

Fraud involving payment of Federal taxes should be reported to the Treasury Inspector General for Tax Administration.

 

RECENT REMARKS, TESTIMONY, AND STATEMENTS

• Statement by Secretary Steven T. Mnuchin on the Passage of the CARES Act

• Statement by Secretary Steven T. Mnuchin on Essential Financial Services Workers

• Statement of G7 Finance Ministers and Central Bank Governors

• Treasury and Federal Reserve Board Expand Measures to Enhance Liquidity and Flow of Credit to American Workers, Households, and Businesses

• Treasury and IRS Delay Federal Tax Day from April 15 to July 15 Due to COVID-19 Outbreak

• Treasury, IRS, and Labor Announce Plan to Implement Coronavirus-Related Paid Leave for Workers and Tax Credits for Small and Midsize Businesses to Swiftly Recover the Cost of Providing Coronavirus-Related Leave

• Statement from Secretary Steven T. Mnuchin on the Establishment of the Money Market Mutual Fund Liquidity Facility

• Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

• Statement from Secretary Steven T. Mnuchin on the Establishment of a Primary Dealer Credit Facility

• Statement from Secretary Steven T. Mnuchin on the Establishment of a Commercial Paper Funding Facility to Support the Flow of Credit to Households and Businesses

• Secretary Mnuchin on the Sunday Shows

• Statement from Secretary Steven T. Mnuchin Regarding House-passed Coronavirus Response Legislation

• Readout from a Treasury Spokesperson on Under Secretary McIntosh’s call with G7 Counterparts

• Meeting of G7 Finance Ministers and Central Bank Governors to be Hosted by Videoconference
• Statement of Secretary Steven T. Mnuchin Before the U.S. House Appropriations Subcommittee on State, Foreign Operations, and Related Programs
• Readout of Call of President’s Working Group on Financial Markets

Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.

The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.

“This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly. Our goal is to position lenders as the single point-of-contact for small businesses – the application, loan processing, and disbursement of funds will all be administered at the community level,” said Administrator Carranza. “Speed is the operative word; applications for the emergency capital can begin as early as this week, with lenders using their own systems and processes to make these loans. We remain committed to supporting our nation’s more than 30 million small businesses and their employees, so that they can continue to be the fuel for our nation’s economic engine.”

“This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. “Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day.  The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.”

The new loan program will help small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months. Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.

The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.

Read the full press release

03/31/2020 Dover, NH- This afternoon, during an emergency meeting of the Cooperative Alliance for Seacoast Transportation (COAST) Executive Committee, the decision was made to suspend all fixed route service, and Route 7 On Demand, effective the end of business today, March 31. The decision was not arrived at easily, but it was felt it was the only one that could be made. The suspension will remain in place until May 4 and may be extended if the pandemic conditions warrant. "Our organization is extremely saddened with the decision that had to be made, but it is the best for the safety and health of our employees and passengers," said Rad Nichols, COAST Executive Director.   For individuals who have purchased monthly passes for the month of April, COAST staff will work with customers individually to reimburse them for their monthly pass purchase.   COAST will continue to operate paratransit services for those individuals who qualify under the various programs of this type that COAST operates (ADA, Portsmouth Senior Transportation, Community Rides, and accessible rides for Ready Rides). New applicants for these services will continue to have their applications reviewed for eligibility as normal.   The service day for paratransit services will be from 5:15am to 6:00pm, Monday - Friday. There will be no service on Saturdays. COAST asks that riders consider limiting their trips for only purposes deemed essential. Costs for paratransit services will use the same fare structure as typical.   Future updates on COAST operations will be communicated through social media, DoubleMap app, on our website, and through the media.       City of Somersworth Brenda Ann Breda, Executive Assistant to the City Manager, Robert M. Belmore

Mills Administration Takes Steps to Support Personal Care Workers, Maine Seniors in Response to COVID-19

March 30, 2020

Actions will accelerate benefits for personal care workers and residents who are home-bound

Governor Mills and Commissioner of the Department of Health and Human Services (DHHS) Jeanne Lambrew announced today that the Administration is accelerating pay increases for personal care workers and expanding access to meals for older Mainers who are home-bound because of the 2019 novel coronavirus (COVID-19).

Maine DHHS will accelerate MaineCare (Medicaid) rate increases that are designated to support pay raises for personal care workers, including personal support specialists, home health aides, private duty nurses, and other professionals who care for Maine’s older residents at home. Starting April 1, 2020, providers will receive rate increases that will allow them to fund pay raises for approximately 20,000 personal care workers, instead of on July 1, 2020 as previously approved by the Legislature.

“As COVID-19 continues to impact our state, we know our older residents and those who need personal care are at particular risk,” said Governor Mills. “To ensure everyone in Maine, especially our most vulnerable residents, have the care they need, we are expediting measures to support them and the dedicated workers who care for them as this pandemic continues.”

“It’s more important now than ever to ensure that older Mainers and those with disabilities can receive the care and nutritious meals they need at home,” said Commissioner Lambrew. “We’ll continue to act to support Maine seniors and personal care workers as Maine responds to COVID-19.”

The Legislature previously ratified this rate increase for the next State fiscal year, but in order to support these workers and their clients in response to COVID-19, DHHS has authorized using existing funds to begin all payment rate increases in the supplemental budget early.

The accelerated payments for personal care workers follow the Mills Administration’s earlier action to financially support Maine’s compassionate, quality long-term care providers, through an extraordinary circumstance allowance for nursing facilities announced last week.

Additionally, Maine has received $800,000 through the Families First Coronavirus Response Act to support meals for older Mainers who are home-bound, and more federal funding is expected through future allotments. This is especially important at a time when the Governor encourages all Maine to people to stay home. DHHS expects to be able to provide its local partners with this support in the coming days. Meal delivery volunteers will knock at the door of each home and then step back to ensure that the meal is received while maintaining physical distancing.

Governor Mills Signs Executive Order to Fast Track Free Online Job Training at Maine’s Community Colleges

March 30, 2020

Order allows for greater flexibility to train workers online for critical jobs needed to address the effects of COVID-19

Governor Janet Mills signed an executive order allowing Maine Quality Centers (MQC) to swiftly address the changing demands in Maine’s job market due to widespread economic disruption caused by the 2019 novel coronavirus (COVID-19). Governor Mills’ order suspends certain restrictions, on an as-needed basis, on job training funds managed by the Maine Community College System’s MQC program. Suspending those restrictions, such as eligibility and employer matching funds, gives the MQC program more flexibility to rapidly provide free online training to people who have been displaced by the recent effects of COVID-19.

“Maine’s Community Colleges have always played a critical role in providing training and skills to strengthen our workforce. With the State battling COVID-19, that work is more important than ever,” said Governor Mills. “This Executive Order provides our Community College System with the flexibility it needs to enhance their workforce development efforts and help fill vital jobs, such as those in the health care field, as quickly as possible.”

“We are grateful the governor acted decisively so that Maine Quality Centers can get to work immediately, training people online to meet the incredible, sudden demands of our changing economic landscape,” Maine Community College System President David Daigler said. “So many people have lost their jobs because of COIVD-19. But overnight there is a huge demand for workers in certain jobs, such as medical assisting and pharmaceutical technicians. We need to give people the training and skills they need to step into those jobs as quickly as possible.”

Maine Quality Centers is working closely with workforce training professionals at all seven of Maine’s community colleges across the state to develop and implement free online training programs. MQC is coordinating its efforts with the Department of Labor and other workforce agencies for the recruitment and screening of participants in the new online programs.

Governor Chris Sununu Announces Extension of Business Tax, Interest and Dividend Payment Deadlines

Concord, NH - Today, Governor Chris Sununu announced that the State will be extending business tax payment deadlines to June 15 for 98% of New Hampshire small businesses. The State will also be extending interest and divident payment deadlines to June 15 for 98% of interest and dividend taxpayers.

Additional information from the New Hampshire Department of Revenue Administration can be found in the DRA press release and in the DRA Technical Information Release.

New Hampshire Boosts Unemployment Benefits, Federal Government To Pay

Concord, NH – Today, following the critical efforts and guidance of the New Hampshire Department of Employment Security, Governor Chris Sununu signed the Relief for Workers Affected by Coronavirus [CARES] Act agreement which provides New Hampshire with 100 percent funding from the U.S. Department of Labor to support benefit payments to people receiving unemployment as a result of the COVID-19 pandemic.

"We are making every effort to provide assistance to families who are out of work during this time so that they can focus on what is most important – caring for their families and protecting their health by staying home," said Governor Sununu. "Over the past few weeks, New Hampshire's Department of Employment Security Commissioner George Copadis and Deputy Commissioner Richard Lavers have been working closely with my office and our federal partners to address some of the most pressing issues as a result of the COVID-19 pandemic. By signing this agreement today on behalf of the state of New Hampshire, the U.S. Department of Labor will fund the growing number of unemployment recipients in our state and help the unemployment trust fund to remain solvent through this crisis."

The Federal CARES Act provides the following enhancements to the benefits available under Governor Sununu's Emergency Order #5:

• Granite Staters affected by COVID-19 currently drawing from the State's Unemployment Insurance fund will in many instances be shifted to the Federally funded Pandemic Unemployment Assistance. We are still awaiting Federal guidance on this and will provide more detail as received. All claimants will not need to take any new, additional actions, and should continue to file as they have been through the standard state mechanism.
• For those eligible under Pandemic Unemployment Assistance, there will be an increase of the minimum weekly benefit amount from $32/week to $168/week, which includes people earning less than $15,500 during their base period.
• An additional $600 per week to be added to an individuals weekly benefits for all weeks claimed starting this week — 100% federally funded.
• Extends the length of time a person can receive benefits by 13 weeks, totaling 39 weeks — 100% federally funded.

The Department of Employment Security has been hard at work in anticipation of these changes in order to be able to pay these additional benefits as soon as possible.

Please review the department's website at WWW.NHES.NH.GOV for updates as to when to expect to start receiving these benefits. Individuals can file for benefits by going to the department's website or by calling the Unemployment Assistance hotline at (603) 271-7700.

March 30, 2020

Dear Community and Chamber leaders,

During this challenging time for all of us, Eversource is providing several measures that will lessen the financial hardship on all our customers, including small businesses—the backbone of our communities.

In addition to postponing customer disconnections for non-payment and assisting customers with financial programs to help pay their bill, Eversource is also providing extended payment arrangements for small business customers. 

In normal operations, small business customers get up to three months for bill payment arrangements. To support small business customers through the COVID-19 crisis, Eversource is offering a $0 down payment and a 12-month payment arrangement, with the first payment not due until June 1.

The reliability of our essential service has never been more important than it is today during these uncertain times. With many people working from home, and students studying remotely, customers are increasingly relying on electronic devices to accomplish their goals.

Throughout the health crisis, be assured that Eversource is taking strict personal and public safety measures to help stop the spread of COVID-19 while also performing essential tasks to ensure all our customers have a safe and reliable energy system.

Essential work is that which maintains or improves the condition of our energy system to ensure safe and reliable service to customers. Examples include replacement of electrical lines, poles, and other equipment; installation of automated switches that speed restoration of customers following an outage; new utility connections; vegetation management along electric lines; and work mandated by law or regulation or as required by regional electric grid operator ISO-New England.

During this time, we are rescheduling all planned outages, as well as routine non-outage, service-related work inside residence or business.

Eversource is proud to be part of the communities we serve, and we are committed to serving all our customers during this difficult and uncertain time.

Best,

 

Penelope McLean-Conner

Sr. Vice President & Chief Customer Officer

 

3/27/2020

Dear Customers,

This is to clarify that "construction," and "home improvement," businesses are exempt from Governor Sununu's Stay At Home Order commencing at midnight tonight through May 4.  As such, we are open and continue to follow all protocols for sanitizing and social distancing, we are receiving our mill-work, and we continue to accept projects in homes that are not under quarantine. 

For those already scheduled, we will see you then.  Otherwise, we will be scheduling work already in Q shortly or, be waiting to hear from you. 

Here is to a safe and healthy journey through these trying times.

Yours most truly,

Tony Wold, President