Gov. Chris Sununu on Friday announced that businesses have one week to apply for assistance from a state fund meant to help cushion the losses from the COVID-19 pandemic.
The $400 million Main Street Relief Fund was created with federal CARES Act money distributed to the state. To qualify, businesses must have less than $20 million in annual revenue and anticipate a loss in income this year.
They must also have submitted a pre-qualification application. Businesses that did so are being sent emails with instructions for submitting a final application, which must be done by 11:59 p.m. Friday, June 12, Sununu said at a news conference.
The grant amounts are based on a formula that involves how much a business’ revenue is expected to drop between 2019 and 2020; any federal assistance it’s received; and the total anticipated losses of businesses seeking grants. Each applicant will get the same percentage of its qualified loss, up to $350,000.
(The Sentinel is among the businesses that have filed pre-qualification applications.)
Sununu said he expects payments to go out in mid-June.
Nonprofit organizations, health care providers and other entities for which the state has set aside separate pots of funding are not eligible.