[NH Covid19] State, Local, Federal Governments to the Rescue

To say the Coronavirus has businesses and people shaken up is an understatement.

With all the news and info flying around, it’s tough to figure out what to pay attention to; below is information you can trust.

While Covid19 shuts down businesses, schools, and government offices, three of the top questions I am asked is when will disaster relief be made available for businesses, what money is available, and how to avert layoffs with declining sales?

Mr. Jimmy Hinson, the Business Resource Specialist with the Division of Economic Development, Department of Business and Economic Affairs for New Hampshire sent me information today on these very topics (click here to get a full download with more information including additional sources of money, public health, and the Governor’s emergency orders):

SBA page for disaster relief, all 50 states being declared disaster zones which will open up the flow of money into states. The NH Department of Business and Economic Affairs is moving quickly to set this up. Once declared a disaster state, the SBA will be able to make low interest loans to impacted businesses and non-profits.:

https://disasterloan.sba.gov/ela/Information/EIDLLoans and

https://www.sba.gov/disaster-assistance/coronavirus-covid-19

NH Business Finance Authority (BFA)-CAP Program: The Capital Access Program (CAP) is a simple and flexible credit enhancement for small businesses utilized by New Hampshire banks. The CAP program provides support on term loans and lines of credit up to $200,000.00. The program can be used for temporary loans, working capital, equipment purchases and many long

term uses. More information: https://nhbfa.com/loans/cap/

New Hampshire Employment Security-Workshare Program: Employers can temporarily reduce their workforce in a particular unit, shift or company 10%-50% and avert a layoff. They can then recall the employees when business increases. More information can be

found here: https://www.nhes.nh.gov/nhworking/stay/index.htm

The NH Business Guild and I are creating a series of 5-minute podcasts to help businesses through this. We will be focusing on how to protect your business, efficiently work with remote teams, and supporting your employees. You can get reminders for the FREE podcasts here.  Starting next week we will launch several podcasts each week to help you get through this.

When I did my dissertation, the result was unexpected. I thought I’d get a magic recipe to apply for business growth. I did, but not quite the recipe I expected.

What is needed to survive and thrive: collaboration, cooperation, and communication

Together, we can do this.

Keywords and concepts: Covid19, New Hampshire, collaboration, cooperation, communication, Coronavirus, loans, credit, layoffs

Cynthia Kalina-Kaminsky is the president of Process & Strategy Solutions  She helps owners, CEOs, and decision makers plot paths to business survival, transformation, and growth. Watch Free Keep Your Business Healthy videos