Is an ESOP the right exit strategy for your business?
While ESOP transactions often deliver a fair market price, they can offer substantial tax benefits to the seller and to the company itself
Over 7.300 New Hampshire businesses have taken PPP2 loans so far
Latest SBA report sees a steady but slower interest from firms
New Hampshire businesses are taking out loans in the second round of the federal Paycheck Protection Program at a steady, but slowly declining, clip, according to the latest report from the U.S. Small Business Administration.
During the last reporting period (Feb. 7-15), the SBA approved 1,273 New Hampshire loans totaling $108 million, bringing the total so far in this round to 7,341 business for $704 million. During the deliberately slow rollout (January 11-24), Granite State businesses took out $233 million in loans.
The size of the average loan has gone down as well. The average New Hampshire loan size started at $108,000, but is now at $96,000. That is still above the national average of $75,000, which also is declining.
There is still plenty of money left in the $284 billion program. As of Feb. 15, nearly 1.7 million U.S. businesses have been approved for $125 billion in loans. The program is due to expire at the end of March.
The vast majority of second-round borrowers are going for their second loan, according to another SBA report on the data as of Feb. 11. At that time, less than $10 billion of $115 billion went to first-time borrowers. It’s unclear how much of this were to newly eligible businesses and organizations, like trade associations and chambers of commerce.
Also, as of Feb. 11, more than 5 million businesses nationwide with loans totaling $521 billion have applied for forgiveness under the first round of the PPP and 1.6 million with loans totaling $142.6 billion have been granted it. Businesses were denied forgiveness for $420 million. About 189,000 forgiveness applications for $76 billion are still in progress and about 3.4 million business applications totaling more than $300 billion in PPP loans, have not yet been submitted.
