Despite federal loan funds being depleted, the NH Bankers Association says its member banks are ready to help, even as they lobby for additional funds to restore the federal programs.
Last Thursday lenders were informed by the Small Business Administration (SBA) that once the $349 Billion in funding for the Paycheck Protection Program (PPP) is exhausted, banks will no longer be able to load applications into SBA’s system and may not adjust loan amounts. They were also informed that unlike other SBA loan programs, the SBA is unable to maintain a queue for PPP applications. Banks are united in urging Congress to immediately support additional funding for the PPP program.
Although loan applications received by banks not yet submitted to the SBA will not be able to be completed, your bank may be able to help in other ways. Banks may be able to customize help to fit your financial situation, by:
- Modifying your loan
- Deferring loan payments
- Waiving certain fees
- Extending additional lines of credit
- Forbearance
- Hardship programs
- And more
“Banks in New Hampshire have been assisting their customers aggressively since families and small businesses were first impacted by the coronavirus," said Kristy Merrill, president of the New Hampshire Bankers Association. "Banks have been eager partners in implementing PPP and providing hundreds of millions of dollars in forgivable loans to support the payrolls, rent, and utilities of small businesses here. Banks were a key source of financial assistance for small businesses prior to the program’s existence and banks will continue to be there to support Granite Staters although federal PPP funds have run out.”
Current Issue - April 2024