One Week After PPP Rollout, New Hampshire’s Banks are Fully Engaged and Lending to Small Businesses
Since the federal Paycheck Protection Program (PPP) was rolled out last Friday banks in New Hampshire have been working with their customers around the clock and actively lending to small businesses.
Today, the NH Bankers Association releases initial data from the first week of PPP to provide insight into the volume of loans processed in New Hampshire, the dollar value of those loans and numbers 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.”
NOTE: The data shared below should be considered a floor for bank activity in New Hampshire 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.
After a week of implementing these loans, data from New Hampshire’s banks shows as of Thursday, April 9th:
- All members of the NH Bankers Association that handle commercial loans – 37 banks – are participating in PPP and actively lending to New Hampshire customers;
- At least 1,980 PPP loans have been approved;
- The value of those approved PPP loans is $404,855,796;
- Based on borrower provided data, the approved PPP loans will save 10,818 jobs;
Merrill continued, “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. 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.”
Beginning today, sole proprietors and independent contractors are 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 New Hampshire banks participating in PPP commercial lending.