Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
SALT LAKE CITY — Utah is No. 1 in the nation for Paycheck Protection Program loans amounts as a percent of eligible payroll.
According to Bloomberg, the emergency Small Business Administration program has covered 97% of those eligible for the forgivable loans in Utah, the highest percentage in the nation.
“This is an amazing team effort that will bode very well for Utah’s economic recovery,” said Howard Headlee, CEO of the Utah Bankers Association. “Utah bankers have been working around the clock to help customers withstand the economic disruption related to the pandemic.”
According to the Bloomberg report, 45,990 loans accounting for $5.5 billion in Paycheck Protection Program funds have been processed and given to Utah businesses; 71.3% of eligible Utah small businesses have received or have been approved for a loan.
“This is a tremendous result, but there are still small businesses out there that we can help,” added Headlee. “There is plenty of money left in the program, any small business that still needs to apply can find a complete list of participating banks at www.utah.bank.”
