Utah ranks No. 1 in PPP loan amount as a percentage of payroll

Utah Bankers Association report
Posted at 11:01 AM, May 12, 2020
and last updated 2020-05-12 13:27:40-04

SALT LAKE CITY — Utah ranks No. 1 in the country in Paycheck Protection Loans (PPP) loan amounts as a percentage of eligible payroll, according to a Tuesday news release from the Utah Bankers Association.

That means the emergency SBA program will cover a higher percent of eligible payroll in Utah than anywhere else in the country, according to a recent Bloomberg report which was cited in the news release.

“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 article, Utah Bankers have processed 45,990 loans totaling $5.5 billion in PPP funds to Utah businesses which represents 97% of the total payroll eligible for the program. 71.3 percent 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," Headlee said.

There is plenty of money left in the program, Headlee added and said any small business that still needs to apply can find a complete list of participating banks here.

The news release also listed several other pandemic-related reminders to Utah banking customers.

BANKING SERVICES: Branch locations continue to function upon discretion of local health officials. In an effort to slow the virus, customers are still encouraged to use drive-through options.

FINANCIAL ASSISTANCE: Assistance such as deferred payments, loan modifications and fee abatements are available, and we are preparing to facilitate low and no interest federal disaster loans. Businesses and individuals facing economic challenges related to the spread of the COVID-19 virus should contact their bank as soon as possible. Banks have developed many programs designed to assist borrowers during periods of temporary economic stress.

CASH: Cash is readily available; however, for the safety of our employees and to avoid the spread of the virus, we encourage the use of the electronic payment methods where possible.

SCAMS: We wish to remind Utahns to be particularly aware of scams and financial misinformation related to the COVID-19 virus. Never give personal or account information to anyone contacting you over the phone or internet. If you have any questions, please contact your bank directly.