Utah ranks first for Paycheck Protection Program payments
May 12, 2020, 11:13 AM
SALT LAKE CITY — Utah is #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.”
How To Prevent the Spread of COVID-19 Coronavirus
COVID-19 coronavirus spreads person to person. It is a virus that is similar to the common cold and the flu. So, to prevent it from spreading:
- Wash hands frequently and thoroughly, with soap and water, for at least 20 seconds.
- Don’t touch your face.
- Keep children and those with compromised immune systems away from someone who is coughing or sneezing (in this instance, at least six feet)
- If there is an outbreak near you, practice social distancing (stay at home, instead of going to the movies, sports events, or other activities.)
- Get a flu shot.
Utah Coronavirus Information Line – 1-800-456-7707