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Utah businesses approved for $2.6 billion in paycheck protection loans

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Utah businesses approved for $2.6 billion in paycheck protection loans (Photo: KUTV FILE)

Utah businesses have now been approved for $2.6 billion in relief from the federal payroll, state economic officials announced Tuesday.

The funding is from the Paycheck Protection Program (PPP) of the U.S. Small Business Administration and will be distributed to small businesses in 12,914 loans, according to the latest numbers given to the Utah Economic Response Task Force.

“As businesses get into this process, they realize there are resources out there to help them along. It doesn’t solve all their problems, it just provides some cash and relief,” said Miles Hansen, CEO of World Trade Center Utah.

Hansen said federal officials estimated Utah would need around $3.1 billion in PPP loans, and encouraged small businesses to still apply for PPP loans if they need financial assistance.

“This helps businesses maintain their payroll and keep the lights on at the business until we get to the tail end of this thing,” Hansen said.

Utah has established a website to help businesses navigate state, local, and federal resources.

Hansen also encourages people to be aware of scammers looking to take advantage of federal relief programs.

“Business owners should never pay anything to apply for these programs,” he said.

Hansen said the federal program will not ask for personal information to be sent over e-mail.

Anyone who is targeted by an online scam is encouraged to report it to the Internet Crime Complaint Center.

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