Live Mic: Loans now available for small businesses to pay workers

Jan 14, 2021, 5:45 PM | Updated: 5:45 pm

small business saturday loans for Small businesses pandemic...

Photo Credit: Getty Images

SALT LAKE CITY — Relief, in the form of loans — not a handout, not welfare — is now available for small businesses in the state suffering under the pandemic.

Miles Hansen, World Trade Center Utah president and CEO, joined Lee Lonsberry on Live Mic on KSL NewsRadio to discuss the second round of loans provided by the Paycheck Protection Program (PPP) established by the federal government to help certain small businesses pay their workers.

Loans for small businesses

Hansen reminded listeners that small businesses keep Utah running; everyone either owns one, works for one of them or is a patron of one of more of them.

Lawmakers rolled out PPP originally in April and May of last year, and Utah led the nation in utilizing the program, Hansen said.

He said contractors, sole proprietors and mom-and-pop shops can apply for the loans to pay workers or yourself if you are a contractor.

“As long as people use the loans the way they designed to be used for, they can be forgiven,” Hansen said.

During the first round of PPP in the spring, he said, Utah had 93% of eligible payroll covered under the loans.

The Small Business Administration (SBA) estimates that the PPP loans saved 800,000 jobs in the state, half of Utah’s workforce.

Contractors can pay themselves

Lee asked how the business loans work for contractors.

Hansen said a nail-salon owner, for example, can apply for a PPP loan, but so can the salon workers because they are contractors for the owner.

Hansen advised small-business owners who have already received a PPP loan to go to their bank first. Others should visit where one-on-one assistance is available from a group of expert volunteers.

“How much money is available, how long is it available and talk to me about first come, first served?” asked Lee.

About $325 billion is available, but it could go quickly because of the number of businesses in dire straits, Hansen said.

“We encourage people to reach out, act today to go figure out whether or not you’re eligible, get your application in so you can benefit in this program before the money runs out,” he said.


Live Mic with Lee Lonsberry can be heard weekdays from 12:30 p.m. to 3:00 p.m. on KSL NewsRadio. Users can find the show on the KSL NewsRadio website and app. 

We want to hear from you.

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

Business + Economy

Cookie Monster has taken to X to express his frustration over shrinking products, aka: "shrinkflati...

Bryan Mena

Even Cookie Monster is complaining about the US economy

“Me hate shrinkflation! Me cookies are getting smaller,” Cookie Monster posted on X. “Guess me going to have to eat double da cookies!”

4 hours ago

Thousands of pounds of Trader Joe's chicken soup dumplings have been recalled due to possible conta...

Jamie Gumbrecht, CNN

Trader Joe’s chicken soup dumplings recalled for possible contamination

The manufacturer, CJ Foods Manufacturing Beaumont Corporation, said customers found hard plastic in the dumplings. 

5 hours ago

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.

13 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.

4 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.

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.

Live Mic: Loans now available for small businesses to pay workers