COVID19

The IRS has announced that the third round of economic impact payments will begin reaching Americans this week, with some direct deposit payments arriving as soon as this past weekend. “Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card. The vast majority of these payments will be by direct deposit,” the IRS said. “Some Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of March 17.” The IRS added that it would update its Get […]

The latest COVID-19 relief bill repealed the section of the COVID Aid Relief and Economic Security (CARES) Act which required the Small Business Association (SBA) to reduce a borrower’s Paycheck Protection Program (PPP) loan forgiveness by the amount of any Economic Injury Disaster Loan (EIDL) Advance received. The SBA’s Forgiveness platform has been updated to reflect this enhancement and will no longer deduct the EIDL Advance from forgiveness applications submitted from this date forward. For those of you who already processed a forgiveness application, but did NOT receive full forgiveness because of an EIDL Advance, you will not lose any […]

The US Treasury has begun to deliver the second round of $600 Economic Impact Payments (EIP) to eligible Americans. The Internal Revenue Service announced that their ‘Get My Payments’ portal, available in English and Spanish, is now live for individuals to log on and view the status of their economic impact payment. The IRS began issuing EIPs last week, and payments will continue to be sent throughout the month of January. The IRS will also be issuing payments via prepaid debit cards to certain EIP recipients. ‌With regard to the direct deposit payments, the IRS has acknowledged that some payments […]

On December 21st, the U.S. Congress approved a new COVID-19 Relief Bill that includes re-authorization of the Paycheck Protection Program (PPP). The bill contains several amendments to the PPP and forgiveness process for existing PPP loans. The following is a recap of some of the provisions within the new bill, which still must be signed into law.  Specific rules, guidance, new loan applications and instructions have not yet been released.  We will make the specific program information available on our website once it becomes publicly available and we have had an opportunity to review and understand it.  Please stay tuned […]

Governor Sununu has authorized the allocation and expenditure of $100 Million in CARES Act Coronavirus Relief Funding (“flex funds”) to provide economic support to NH small businesses suffering from business interruptions due to COVID-19. This allocation and expenditure will be the second round of Main Street Relief (MSRF 2.0). MSRF 2.0 supports both businesses that did not receive grants from the initial round of MSRF or the General Assistance and Preservation (GAP) Fund, and businesses that received grants of less than $350,000 from the initial round of MSRF or the GAP Fund. Businesses that received a Self Employed Livelihood Fund […]

We have received notification from local businesses about instances of fraud in the Economic Injury Disaster Loan (EIDL) and Advance Grant Program. EIDL was established as the first federal small-business assistance program activated to combat the economic crisis caused by COVID-19. The purpose of EIDL loans and advances are to aid eligible, small entities and businesses with quick capital, as well as with long-term financing for working capital needs brought on by the pandemic. Examples of how EIDL scams have transpired in recent months include:Fraud rings using social media to recruit applicants to split EIDL advance money with ringleaders. Various […]

Please be advised that the Bank expects to start accepting applications for PPP loan forgiveness beginning the week of August 31, 2020. If you have expended all of your original PPP loan funds, you should be gathering the documentation that will be needed to support your forgiveness application; when that task is complete, you will be ready to submit. Please note that the deadline for submission does not occur until 10 months after the end of your covered spending period. Therefore, you should not feel rushed to move ahead until you have all of the information you need to fully […]

The Cybersecurity and Infrastructure Security Agency (CISA) has let us know that businesses are receiving fraudulent emails that claim to be from the Small Business Administration’s (SBA) COVID-19 webpage. The email includes a malicious link to a page that the criminals use to steal your legitimate SBA login and password information, as well as other vital information about your business. The examples that CISA has seen so far include emails that contain the following:Subject line- SBA Application – Review and Proceed Sender marked as- disastercustomerservice[at]sba[.]gov Text in the email body urging the recipient to click on a hyperlink Now that […]

In early June, we let our PPP borrowers know that we were expecting further guidance about the forgiveness of Paycheck Protection Program (PPP) loans. We had hoped that by this time we would have an electronic forgiveness application available for you. We know that you may be uneasy about the forgiveness process and timing. We can assure you that we will provide sufficient time before the deadline, which was recently extended to 10 months following the end of your covered loan period. There are several factors causing the delay in getting the forgiveness instructions to you. All involve ensuring we […]