Utah’s Paycheck Protection Program Successes
June 10, 2020Tags: COVID-19, economy, Featured
Utah has emerged as the number one state in the nation for small businesses receiving Paycheck Protection Program (PPP) loans from the Small Business Administration (SBA). When measured as a percentage of eligible payroll, 94% of eligible payroll in the state has been covered, putting Utah ahead of all other states. In other words, the Paycheck Protection Program loans have covered a higher percentage of eligible payroll in Utah than anywhere else.
According to data from Bloomberg and the SBA, Utah’s banks have processed nearly 50,000 thousand loans accumulating $5.5 billion in PPP funding to small businesses in Utah. Additionally, 71.3% of Utah small businesses that have been eligible for the program have received loans.
While we are pleased to see such positive results in the state from this program, more work must be done to ensure all small businesses in the state can recover. Any small business still looking to receive financial assistance can visit this page from the Utah Bankers Association here.
You can read more about Utah’s success in PPP loans from this news story here.