Paycheck Protection Program loans deadline extended through Aug. 8
The U.S. Small Business Administration Paycheck Protection Program (PPP) has been extended until Aug. 8, according to a release from the agency’s Utah District office. Small-business owners can to apply through approved lenders through that date.
“Thanks to the legislation passed last week and signed this weekend, the opportunity to assist small businesses is still available,” said SBA Utah District Director Marla Trollan when the extension was announced earlier this month. “Utah has done well overall with some of the highest loan dollar amounts per capita and the highest loan approval rates.”
SBA, in consultation with the Treasury Department, has also released detailed loan-level data regarding the loans made under PPP. This disclosure covers each of the 4.9 million PPP loans that have been made.
According to the release, 50,691 PPP loans have been made, accounting for more than $5.2 billion going back into the economy in the state. Within the state, 800,000 jobs — representing more than 50 percent of the Utah's workforce — have been retained PPP funds, SBA said.
“The PPP is an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators,” said SBA Administrator Jovita Carranza. “In three months, this administration was able to act quickly to get funding into the hands of those who faced enormous obstacles as a result of the pandemic. Today’s data shows that small businesses of all types and across all industries benefited from this unprecedented program. The jobs numbers released last week reinforce that PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time.”
Businesses interested in PPP loans can find more information at the PPP website: https://sba.gov/paycheckprotection. The new forms for applying for forgiveness of PPP loans is also available at that web address.