PPP Depleted, but Thousands of Small Businesses Have Benefitted
Despite the exhaustion of $349 Billion in funding for the Paycheck Protection Program (PPP), banks in New Hampshire were able to help thousands of small businesses throughout the state.
On Friday, the SBA reported a total of 11,582 approved Paycheck Protection Program (PPP) loans by all lenders in NH valued at over $2 Billion. Of those, members of the NH Bankers Association issued at least 64% of PPP loans in New Hampshire for a value of over $1.5 Billion.
As of April 16, with 30 of the NH Bankers Association 37 member banks reporting:
- # PPP loans approved 7,408
- Value of PPP loans approved $1,521,120,749
- Jobs saved 38,361
- Jobs saved data is based upon borrower supplied information.
- The data shared should be considered a floor for bank activity in New Hampshire during the duration 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.
- Some multi-state banks were unable to break out NH specific PPP lending data. These numbers reflect conservative reporting.
- Lastly, this only represents information from NH Bankers member banks. Credit unions, fintechs, and other lenders may also issue PPP loans.
For those who were not able to participate in the PPP program, your bank 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
- Hardship programs
Kristy Merrill, President of the New Hampshire Bankers Association said, “While federal guidance was often slow and confusing, our banks have worked through nights and weekends to help Granite State businesses stay afloat. Due to the later application period for sole proprietors and independent contractors, our banks are finding the smallest of the small businesses are impacted by the depletion of PPP funds. The demand for this successful program has been overwhelming and there is more work to be done. We urge swift action by Congress to provide much needed relief.”
Please contact your bank if you are in need of financial assistance.