BUSINESS + ECONOMY

No more money for PPP loans, Utah employers can only hope for needed funds

Apr 16, 2020, 7:25 PM

(Stock photo, Getty Images)...

(Stock photo, Getty Images)

(Stock photo, Getty Images)

SALT LAKE COUNTY – It was supposed to provide hope and relief to small business owners across the country, but funds for the Paycheck Protection Program (PPP loans) have dried up.  Some Utah business owners say it’s agonizing waiting to see if they’ll get anything out of it.

Elevation Catering in Taylorsville used to provide food for charters schools and for parties.  As you would expect, owner Quin Hong took a massive hit when schools were closed and large events came to a halt.

She says, “We lost almost half of the business because all of my schools and events everywhere closed down.”

She applied for the PPP through Wells Fargo, but all she can do now is wait to see if she was approved or not.  She understands there are a lot of other business owners in line for that money.

“There’s hope, but, there’s no hope because you’re not sure if you’re going to get it or not.  In the meantime, you still have to run your business,” Hong says.

Within ten days, more than 12,000 loans were approved within Utah, totaling over $2.6 billion.  Utah Bankers Association President Howard Headlee says The Beehive State actually got more money than they expected based on population.  However, the demand for money far exceeded the supply.

Headlee says, “It became clear about a week in that we were making a lot of loans.  We were working 24 hours a day because businesses were in a desperate situation.”

Even though many business owners haven’t actually received the money, yet, Headlee says every penny of the $349 billion across the country is “spoken for.”  Roughly a week ago, bankers predicted the funds would run out.  Republicans in Washington D.C. tried to add another $250 billion to the PPP, but… politics.

“Then, there was some political squabbling back in Washington, and that didn’t get done,” Headlee says.

The UBA and groups like the U.S. Chamber say they’re urging Congress to replenish the funds in the CARES act.  Chamber officials issued a statement, saying, “American small businesses, self-employed workers, and independent contractors need and expect the type of bipartisan cooperation that led to the CARES Act to solve this immediate crisis.”

In states like Michigan, thousands went to the capitol to protest the state’s strict stay-at-home order.  Utah Lieutenant Governor Spencer Cox tells KSL he can relate to their frustration.

Cox says, “We feel the same way as many of those protesters.  We have to get our economy open again.”

He says state lawmakers and other economic officials are already looking toward how impacted businesses can reopen, however, it has to be done carefully.  He believes Utahns will still have to practice good hygiene and social distancing.

“Those are the things that are going to allow us to get back to some semblance of normalcy and get the economy going again,” says Cox.

 

RELATED LINKS

Another 5.2 million seek jobless aid, continuing historic rise

Trump invites all GOP Senators to join economic recovery group – except Mitt Romney

U. Health designs new reusable air-purifying respirator system for workers on COVID-19 frontlines

 

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Business + Economy

JetBlue Airways is pulling out of its deal to purchase Spirit Airlines. United and Spirit airlines ...

Chris Isidore, CNN

JetBlue pulls out of deal to buy Spirit Airlines

JetBlue agreed to pay Spirit $69 million as part of its decision to end the deal, JetBlue said.

3 hours ago

Lake Powell as seen from Navajo Mountain. The Navajo Nation is asking why their request for funding...

Eric Cabrera

Navajo Nation left wondering why funding continually denied

The Navajo Nation is asking why their request for funding for a road has been denied for the last 15 years.

3 days ago

Now hiring sign...

PAUL WISEMAN AP Economics Writer

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government’s initial estimate

Far from stumbling, the economy grew 2.5% for all of 2023, topping the 1.9% growth in 2022.

3 days ago

baby feet, utah postpartum retreat helps new moms...

Britt Johnson

Utah company aims to help postpartum moms with special retreats

The founder of Utah Postpartum Retreat said she thinks new moms are at high risk for developing postpartum mood disorders because they lack support.

3 days ago

Power lines are pictured in utah, utah has lower electricity bill than other states...

Tammy Kikuchi

Study shows Utahns pay cheapest electricity bills in the country

Utah residents are paying less for power than any other state. Rocky Mountain Power says they work hard to keep it that way.

4 days ago

Welcome to Tooele sign is pictured on Saturday, Oct. 10, 2020.A Child was taken to a nearby Hospita...

Britt Johnson

Tooele Valley Airport to get some major updates

A new master plan for the Tooele Valley Airport will be shared with the public this week.

4 days ago

Sponsored Articles

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

Clouds over a red rock vista in Hurricane, Utah...

Wasatch Property Management

Why Southern Utah is a Retirement Paradise

Retirement in southern Utah offers plenty of cultural and recreational opportunities. Find out all that this region has to offer.

No more money for PPP loans, Utah employers can only hope for needed funds