We wanted to give everyone an update on some new developments with the State of New Hampshire Main Street Relief Program.
New Hampshire Main Street Relief Program
New Hampshire has just come out with Main Street Relief Fund 2.0. The rules are the same as before, and even if you got this ‘free money’ in the first round, as long as you didn’t hit the $350,000 maximum amount of money you can receive, you might be able to get more money.
The key criterion for eligibility is that you anticipate a loss of gross receipts from 2019 to 2020 due to Covid-19. In this second round, new applicants and prior applicants who are doing worse than originally anticipated will be given first priority, then remaining funds will go to all applicants as in the first program.
We are encouraging all our clients to apply for this money if they are eligible, since these are GRANTS and not LOANS. The application period runs from Monday October 19 through 4PM on Friday, October 30, 2020. Please go to New Hampshire Main Street Relief Fund 2.0 FAQ for more information on the second round of the New Hampshire program, and links to apply.
We would like to make sure you are aware of two issues. One is that any money that you receive under this program is taxable income on both your Federal Income Tax Return and your New Hampshire Business Profits Tax Return. We are not aware of any movement that would change this. Second, you will also be required to report your actual 2020 receipts to the New Hampshire Department of Revenue and you will be required to give back some or all of the grant money if your losses were less than anticipated. See Main Street Relief Fund Agreement and Certification for more details on this.
If you previously received money from the state in the first round or get more money in this new round, please provide us a copy of your award letter.
As always, you can reach out to professional business tax service specialists: Paul, Karen, or me if you have any questions.