COVID-19 Business Support

Thursday, April 16, 2020

IMPORTANT Paycheck Protection Program (PPP) Update

Earlier today, the Small Business Administration (SBA) notified us that they have met the $349 billion threshold for the Paycheck Protection Program (PPP) as established by Congress, as part of the CARES Act. In light of this development, we are no longer able to accept any new loan applications for the Paycheck Protection Program (PPP).

As part of the SBA program, over the last 14 day period, Bank of New Hampshire was able to successfully assist almost 600 customers secure over $110MM in funding, providing direct economic assistance to our local communities. Our employees worked tirelessly, 7 days a week, to make sure that we were able to meet the demands of as many customers as possible. Bank of New Hampshire processed the equivalent of 16 months-worth of application requests during this short two week timeframe. As New Hampshire’s largest community bank, we are privileged to have led the effort to assist so many granite state businesses during this challenging time.


Support & Expertise

We understand the challenges that COVID-19 has placed on our business community. The impact of the novel coronavirus is far reaching, and we are here to help you navigate the resources available. Bank of New Hampshire is well positioned to handle this pandemic due to healthy capital and liquidity levels, as well as prudent planning and strong risk management practices. To keep you apprised of any changes, we will be updating this page regularly, as new details and programs become available.

For additional information and support on any of these programs, please contact your Commercial Loan Officer, or our Customer Service Center, available 24/7 at 800.832.0912.


Loan Deferment Program

A commercial loan deferment program has been established to provide temporary relief for current qualified borrowers affected by COVID-19. To learn more about this program and the options you may have to defer payments, please contact your Commercial Loan Officer for more information.


SBA Loan Modifications

SBA has approved loan modifications for borrowers currently in an existing SBA program. To learn more about this option, please contact your Commercial Loan Officer for more details.


CARES Act Programs

There are two major government funded relief loan programs being offered through the SBA; Economic Injury Disaster Loan Program (EIDL) and Paycheck Protection Program (PPP).

Economic Injury Disaster Loans (EIDL): To apply or learn more about this program please go to

Working capital loans to help small businesses and most private, non-profit organizations meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.

  • Loan amounts are available up to $2 million, with the actual amount of each loan being limited to the eligible economic injury determined by the SBA.
  • The interest rate for this program is 3.75% for small businesses and 2.75% for non-profits.
  • Loan terms are available up to 30 years. The SBA will determine installment terms on a case-by case basis, based upon borrower’s ability to repay.
  • Opportunity for immediate advance of $10,000 to be made available within 3 days of request.

Paycheck Protection Program (PPP): This program provides cash flow assistance through a federally guaranteed loan to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans may be fully or partially forgiven, which would help workers remain employed.


IMPORTANT NOTICE: While we hope to assist all businesses interested in this program, we are currently only accepting applications for existing customers of Bank of New Hampshire.


Where to begin

Contact your banking representative to inquire if these programs are right for you. They will be able to provide more information, as well as assist you through the application process and necessary documentation; SBA application form, payroll data, employee documentation, operation verification, etc.

Funding Availability

Since we are expecting high volume of requests, we will be working hard to assist all applicants as quickly as we can and we appreciate your patience as we work through this process. The loan will be closed and funding provided once the completed application has been submitted and approved by the SBA. Approved loans will have funds directly deposited to your business operating account.

Program details:

  • Loans may be fully or partially forgiven
    • For approved loans, additional documents will be required to qualify for forgiveness.
    • Employers required to maintain/quickly rehire employees. Must maintain salary levels.
    • Forgiveness will be reduced if full-time staffing declines, or salaries/wages decrease.
  • Loans will be made available through current SBA 7a lenders, like Bank of New Hampshire.
  • Organizations with less than 500 employees are eligible (unless applicable industry has a higher size standard under the SBA rules).
  • Interest Rate: 1%
  • Loan Term: 2 years


Commercial Cash Management Tools

As more businesses are faced with the challenge of functioning in a remote capacity, we want to remind you of the Cash Management services available to make this transition safe and easy. Some of the products that may be of use to you at this time are:

  • Remote Deposit Capture – Check images are scanned and transmitted as an electronic file for processing and deposit.
  • BeMobile Deposit – Ability to image checks from a mobile device for electronic deposit.
  • Automated Clearing House (ACH) – Transactions, both credit and debit, are processed electronically through the Automated Clearing House (ACH).

For a full listing of Commercial Cash Management products and services available, please visit


Fraud Awareness

In times of crisis such as this, there is often an increase in fraudulent activity, leveraging on the public fear. We encourage you to be cautious and to not disclose personal information or pay any fees toward any organization claiming to be Bank of New Hampshire, SBA, FDIC or any other government agency. As a reminder, these organizations would never makes calls, send emails or texts, soliciting personal information from you. Should you have any questions or feel that a fraud attempt was made on your business, please let us know by calling 800.832.0912.