Since the federal Paycheck Protection Program (PPP) was rolled out on April 3, banks in New Hampshire have been working with customers around the clock and actively lending to small businesses.
The NH Bankers Association released initial data from the first week of PPP to provide insight into the volume of NH loans, their dollar value and the number of jobs saved.
Kristy Merrill, president of NH Bankers Association, said, “This snapshot of PPP data is a conservative, early estimate of the loans being made to support small businesses who have been impacted by COVID-19 in a way that no one could have ever imagined. I am incredibly proud of our bankers who are providing crucial financial assistance to a key sector of New Hampshire’s economy, all while working in a challenging socially distant environment.”
As of April 9th:
- All members of the NH Bankers Association that handle commercial loans – 37 banks – were participating in PPP and actively lending to NH customers;
- At least 1,980 PPP loans were approved;
- The value of those approved PPP loans was $404,855,796;
- Based on borrower provided data, the approved PPP loans will save 10,818 jobs;
Note: The data should be considered a floor for bank activity in NH during this first week of PPP lending. Not all participating banks were able to break out jobs saved data, which is based upon borrower supplied information from loan application forms. In addition, some multi-state banks were unable to break out NH specific PPP lending data. These numbers reflect conservative reporting.
“Each one of these jobs saved represents critical support for a Granite State family in need. We know that keeping them on their payroll will help each one of them continue to buy their groceries, provide for their families and keep New Hampshire’s economy moving," said Merrill. "Banks in New Hampshire are here to help. Since day one of this public health crisis, our banks have been lending and providing borrower assistance, and will continue to do so. As we enter week two of the PPP program, New Hampshire’s banks will remain fully engaged as trusted partners to help keep our businesses open and our fellow Granite Staters employed.”
Sole proprietors and independent contractors are also eligible for PPP loans. Any small business owner affected by the Coronavirus should reach out to their bank for financial assistance. Loans received through the PPP are forgiven if received funds are used towards payroll, rent, and utilities. Visit www.nhbankers.com/coronavirus for a full list of NH banks participating in PPP commercial lending.