A sign posted on the door of Consuelo’s Taqueria notifies customers April 27, 2020, that they are closed during the COVID-19 virus outbreak in Manchester, N.H.
(The Center Square) – New Hampshire businesses have one last chance to apply with a CARES Act-funded state program to recover lost revenue.
The $30 million New Hampshire General Assistance & Preservation is accepting applications until Aug. 4. Dubbed a “backup system to the backup system” by Gov. Chris Sununu, the GAP program supports the state-run $400 million Main Street Relief Fund, which itself is a backup to Small Business Administration-run programs like the Paycheck Protection Program and the Economic Injury Disaster Loan program.
Twenty-five thousand N.H. businesses benefited from the state’s $2.55 billion allotment. The fund had $131 billion remaining as of July 17, and the figure has reportedly not changed since then, NH Business Review reported.
The active EIDL loan program approved $573 million to more than 9,000 N.H. businesses. These loans have to be paid back over three decades at 3.75 percent interest.
GAP allows sole proprietors and nonprofits overlooked by another assistance programs to apply, but it requires applicants to furnish such documentation as a personal finance statement and a breakdown of its assets.
NBC Boston reported that upward of 100 small businesses lost out on COVID-19 financial aid because of a mistake on their applications. Andy Tierney and Mickey McDermot, who own the popular eatery Ryan’s Place in Epping, told the station that a misplaced comma led to the rejection of their request.