Some business owners will have to repay portion of 'Main Street' COVID-19 relief funds, official says

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Some business owners will have to repay portion of ‘Main Street’ COVID-19 relief funds, official says
Change in federal guidance last fall means full amount of PPP loans must be included in grant calculations
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Updated: 6:44 PM EST Mar 3, 2021
Some business owners will have to repay portion of ‘Main Street’ COVID-19 relief funds, official says
Change in federal guidance last fall means full amount of PPP loans must be included in grant calculations
Share
Updated: 6:44 PM EST Mar 3, 2021
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IN COVID RELIEF. AND SOME SAY HAVING TO PAY PART OF IT BACK, IS A POSITIVE SIGN FOR THE ECONOMY. ABOUT 5000 NEW HAMPSHIRE BUSINESSES QUALIFIED FOR $300 MILLION IN MAIN STREET FUNDS WHEN THE GOVERNOR’S OFFICE FOR EMERGENCY RELIEF AND RECOVER ROLLED IT OUT IN THE SPRING. MANY OF THE 1100 THAT BRUCE BERKE REPRESENTS AMONG THEM. BRUCE BERKE: THEY WERE A LIFELINE, YOU KNOW, DURING THE MONTHS WHERE WE JUST DID NOT KNOW WHAT THE ECONOMY WAS GOING TO DO. JENNIFER: GRANTS PARTLY BASED APPLICANTS’ ESTIMATES OF 2020 INCOME AND LOSSES, COMPARED TO 2019. AND THEY HAD TO CLAIM 50% OF OTHER LOANS THEY GOT, LIKE PPP. IN THE FALL, A SECOND MA STREET PROGRAM, ANOTHER $1000 MILLION, TO 2000 BUSINESSES, SOME REPEAT CUSTOMER THOSE NOW HAD TO CLAIM 100% OF OTHER ASSISTANCE THEY RECEIVED TAYLOR CASWELL: I THINK THE FE DIDN’T WANT EVERYBODY, EFFECTIVELY, DOUBLE DIPPING. JENNIFER: THAT SHIFT OF PERCENTAGES HAS ADDED SOME CONFUSION TO THE MATH AS BUSINESSES REPORT ACTUAL 2020 REVENUES. THE DEPARTMENT OF REVENUE ADMINISTRATION HAVING EXPLAINED THAT, IF 2020 REVENUES, PLUS ANY COVID RELIEF FUNDS THEY RECEIVED, EXCEEDED THEIR 2019 REVENUES, THE STATE WOULD RECOUP THE DIFFERENCE TAYLOR CASWELL: I DO THINK THAT THIS IS GOING TO BE A SMAL NUMBER OF BUSINESSES, AND THAT THE VAST MAJORITY OF BUSINESSES THAT BENEFITED FROM THIS PROGRAM ARE GOING TO BE TOTALLY FINE BRUCE BERKE: IT MEANS THAT, YOU KNOW, THEIR BUSINESSES DID WEL , CONSIDERING THE CIRCUMSTANCES OF THE PANDEMIC AND OF THIS PAST YEAR. JENNIFER: NOW, ANY MONEY RECOUPED WOULD STAY IN THE STATE. COMMISSIONER CASWELL SAYS THE NUMBERS WILL BE DISCUSSED AT A MEETING OF THE G

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