SBA issues guidance on Paycheck Protection Program loan forgiveness

On Friday, May 15th, the Small Business Administration (SBA) with guidance from the Department of the U.S. Treasury unveiled a loan Forgiveness Application along with detailed instructions to assist small businesses with applying for forgiveness on their PPP Loan. The application must be completed in its entirety and include supporting documents for acceptance by the SBA. Please refer to the SBA & Treasury Press Release for additional information.

On May 13, 2020, the SBA issued guidance extending an automatic safe harbor to borrowers who received PPP loans of less than $2 million. These borrowers will be deemed to have made the required certification concerning the necessity of their loan request in good faith. For additional information, please refer to the last page of the updated Paycheck Protection Program FAQs.

The NH Bankers Association announced on May 12th that the second round of the federal Paycheck Protection Program (PPP) funding totaled $1.9 billion based on 14,919 loans. Collectively, NH banks were able to save just under 94,000 jobs based on available data from May 8th. This latest data illustrates the commitment of banks in New Hampshire with supporting small businesses throughout the Granite State. Banks remain steadfast in their efforts to assist our small business community with keeping their doors open and employees in their jobs during these uncertain times.

Where to apply: You can apply for a PPP loan by clicking HERE to be directed to the online application.

Who can apply: All businesses, including nonprofits, veteran organizations, tribal business concerns, sole proprietors, self-employed individuals, and independent contractors – with fewer than 500 employees are eligible to apply.

What you need to apply: You will to include a copy of Form 940 for the 2019 tax year along with Form 941 for 2020 with a PPP loan application.

Who to contact for information:

Heather Capraro – VP, Senior Business Relationship Manager

Email: Heather.Capraro@fsbnh.bank

Barbara Laros – VP, Business Relationship Manager

Email: Barbara.Laros@fsbnh.bank

Additional Information:

SBA Webinars, Mon-Sat:

Join Skype Meeting

Join by phone: 1.202.765.1264

Conference ID: 522409519#

Paycheck Protection Program FAQs Updated 5.13.2020

Paycheck Protection Program Fact Sheet

Small Business Paycheck Protection Program

U.S. Department of Treasury – CARES Act

Main Street Relief Fund – source of emergency funding from the CARES Act to provide financial relief to NH small businesses due to economic disruption caused by the coronavirus pandemic. Note: This program is administered by the Governor’s Office for Emergency Relief & Recovery task force.