With Second Round of Paycheck Protection Program Underway, New Hampshire’s Banking Industry Continues to Step Up in a Big Way
Banks in NH Assist in Saving 93,959 Jobs and Issue 74% of all PPP loans in State
After the second round of federal Paycheck Protection Program (PPP) funding was released on April 27th, New Hampshire’s Banking Industry has continued helping thousands of businesses with a combined total of $1.9 billion in PPP loans.
As of May 8, with 33 of the NH Bankers Association 37 member banks reporting the following total PPP information to date:
- Total # PPP loans approved for NH businesses: 14,919
Total Value of PPP loans approved for NH businesses: $1,933,875,794
Total Jobs saved in New Hampshire: 93,959
A few notes to bear in mind:
- The data shared should be considered a floor for bank activity in New Hampshire.
Some multi-state banks were unable to break out NH specific PPP lending data. These numbers reflect conservative reporting.
Jobs saved data is based upon borrower supplied information. Not all participating banks were able to break out jobs saved data which is based upon borrower supplied information from loan application forms.
This only represents information from NH Bankers member banks. Fintechs and other lenders may also issue PPP loans in state.
Kristy Merrill, President of the New Hampshire Bankers Association said, “While the second wave of PPP funding had a slow start, banks in New Hampshire have remained steadfast in their commitment to support small Granite State businesses in need with tremendous results. Demand for PPP funds may have slowed locally and nationally, but it is important for business owners to know that PPP funds are still available. We encourage small businesses in need of financial assistance to reach out to their bank to inquire about whether or not the PPP is right for you.”
Merrill continued, “We understand there is some nervousness about pursuing a loan given the questions around the federal rules on forgiveness. Banks share those concerns and we continue to advocate in support of greater clarity on that issue and other key questions. For some, PPP may not be the right program. Nonetheless, we encourage small businesses to reach out to your bank who may be able to help in a number of other ways, including modifying your loan, deferring your loan payment, waiving certain fees, extending lines of credit, and forbearance and hardship programs. New Hampshire’s banks are here to serve our state in every moment, as they have been since the beginning of this crisis.”
View SBA PPP data from 4.27 – 5.8.20, including state breakdown information here
View SBA PPP data through 4.16.20, including state breakdown information here