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Paycheck Protection Program helps retain 800,000 jobs in Utah, boosts economy

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Posted at 4:38 PM, Jul 06, 2020
and last updated 2020-07-07 08:37:02-04

SALT LAKE CITY — The Small Business Administration and Treasury Department have released new data revealing that the Paycheck Protection Program has granted over 50,000 loans and helped retain 800,000 jobs across Utah.

The Paycheck Protection Program deadline has been extended until August 8th and has begun accepting new applications for loans. So far, the program has accounted for $5.2 billion going back into the economy and 93% of estimated business payroll since the program started in April, according to the SBA. There is $131 billion still available.

"Thanks to the legislation passed last week and signed this weekend, the opportunity to assist small businesses is still available. Utah has done well overall with some of the highest loan dollar amounts per capita and the highest loan approval rates," said Small Business Administration Utah District Director Marla Trollan.

The data released includes business names, addresses, NAICS codes, ZIP codes, business types, demographic data, non-profit information, names of lenders, jobs supported and loan amount ranges. For loans below $150,000 business names are withheld from the data.