More money for businesses in new COVID-19 relief bill

Dec 29, 2020, 6:56 AM
COVID-19 relief COVID-19 relief aid package...
The Capitol is seen in Washington, Monday, Nov. 16, 2020, as the House and Senate return to work. (AP Photo/J. Scott Applewhite)
(AP Photo/J. Scott Applewhite)

SALT LAKE CITY – The US Congress has set aside an additional $284.45 billion for the Paycheck Protection Program in the latest COVID-19 relief bill. That means Utah businesses could apply for a second loan. 

To qualify, businesses would have to show a 25% reduction in gross receipts from the same quarter last year. They would also have to have 300 employees or fewer. 

Utah Bankers’ Association President Howard Headlee tells KSL-TV that the PPP program will be opened to industries that were shut out of the last COVID-19 relief bill. 

“It’s going to help a lot of businesses,” Headlee says. “Especially those that have been really impacted like restaurants and entertainment and tourism-related businesses.” 

He also thinks it will be easier for companies to get a loan than last time. 

“We’ve got billions of dollars out there that are waiting to be forgiven,” Headlee says. “We had lots of problems with the [PPP] program that this bill resolves.”

Headlee says businesses can apply for a second loan even if they have not paid back the first one. However, he expects all these loans to be forgiven. 

“It’s going to make [it] a lot easier for businesses…to recover once this pandemic is over,” Headlee says.

There are some updated rules on how those PPP loans can be used. 

At least 60% of the money must be used for payroll expenses for a loan to be fully forgiven. But the remaining 40% or less may be used to cover even more business expenses than before, like personal protective equipment and other COVID-19 expenses, as well as certain property damage and supplier costs.

Money has also been set aside for community development financial institutions, which help minority-owned businesses.


Today’s Top Stories


canada truck blockade COVID...
ROB GILLIES and TOM KRISHER Associated Press

Four-day truck blockade at US-Canada border shuts auto plants

The bumper-to-bumper demonstration entered its fourth day Thursday at the Ambassador Bridge connecting Windsor, Ontario, to Detroit.
5 months ago
Utah's unemployment rate continues to sit lower than national than the national average.
Photo: Nam...
By Paul Wiseman

US unemployment claims at 52-year low

The number of Americans applying for unemployment benefits plunged last week to the lowest level in 52 years.
7 months ago
Money, COVID-19 financial assistance program reportedly a big success. Photo: Pexels...
Paul Nelson

Salt Lake City calls COVID-19 financial assistance program a big success, some housing funds still available

Officials in Salt Lake City say their financial assistance program to help families with during the pandemic was a success. 
7 months ago
FEMA Photo: canva...
Eliza Craig

FEMA adds $8.4 million to Utah’s COVID response fund

FEMA said the funding will go toward personal protective equipment including medical gowns, N95 masks, and gloves.
8 months ago
September Jobs...
Anneken Tappe, CNN Business

Major disappointment: US economy adds only 194,000 jobs in September

US employers added only 194,000 jobs in September, another troubling sign that Covid is disrupting the economy.
9 months ago
Holla Dollars...
Mary Richards

“Holla Dollars” are released in Holladay to support local business

Holla Dollars can be downloaded in ten dollar increments and were made available by money sent to the state for pandemic relief.
9 months ago

Sponsored Articles

Tax Harassment...
Jordan Wilcox

The best strategies for dealing with IRS tax harassment | You have options!

Learn how to deal with IRS tax harassment. This guide will teach you how to stop IRS phone calls and letters, and how to handle an IRS audit.
spend a day at Bear Lake...
Bear Lake Convention and Visitors Bureau

You’ll love spending the day at Bear Lake | How to spend a day at Bear Lake

Bear Lake is a place that needs to be experienced. Spend a day at Bear Lake.
Curb Appeal...
Price's Guaranteed Doors

How to have the best of both worlds for your house | Home security and curb appeal

Protect your home and improve its curb appeal with the latest security solutions like beautiful garage doors and increased security systems.
Prescription opioids can be disposed of during National Prescription Take Back Day...
Know Your Script

Prescription opioid misuse | How to protect your family from the opioid epidemic

Studies have shown that prescription opioid misuse has increased since COVID-19. So what do you need to know about these opioids?
Follow @ikeyospe...

Tax Tuesday: The Most Common Mistakes People Make When Filing Their Taxes

Fortunately, for most average earners, they will not end up owing overpayments received for the Child Tax Credit in 2021.
Follow @ikeyospe...

Tax Tuesday: How will last year’s child tax credits affect you?

Fortunately, for most average earners, they will not end up owing overpayments received for the Child Tax Credit in 2021.
More money for businesses in new COVID-19 relief bill