The first round of loans New Hampshire banks made under the federal Paycheck Protection Program saved at least 38,000 jobs. 

The $349 billion loan program, which used banks and credit unions to process applications from small business owners hit by the economic fallout of the coronavirus pandemic, ran out of money by April 16.

The SBA reported a total of 11,582 approved PPP loans were made by all lenders in NH valued at over $2 billion. However, the initial tranche of loans, nation-wide, appeared to go to more established firms that had the preexisting relationships with lenders and the support staff to rapidly fill out and file applications. 

Of those, members of the NH Bankers Association issued at least 64 percent of PPP loans in New Hampshire for a value of over $1.5 billion, the association said in a statement. The association said its members reported approving 7,408 loans that funded at least 38,361 jobs at firms across the state, although not all participating banks, including multi-state banks, were able to break out jobs saved data.  

“While federal guidance was often slow and confusing, our banks have worked through nights and weekends to help Granite State businesses stay afloat,” Kristy Merrill, president of the New Hampshire Bankers Association, said in a statement. “The demand for this successful program has been overwhelming and there is more work to be done.”