SALT LAKE CITY, Utah (ABC4 News) — On Tuesday, Governor Gary Herbert encouraged small business owners to apply for financial assistance through the Paycheck Protection Program, according to a release.
“Every Utah business with less than 500 employees that has been impacted by COVID-19 should apply for a PPP loan, Emergency Disaster Loan, or both,” said Herbert. “Our banks, credit unions, and all qualified Utah lenders are working overtime to assist not only existing customers but new customers, as well.”
Utah officials thanked lenders for their quick assistance in helping businesses affected financially by coronavirus.
Businesses with fewer than 500 employees are eligible to apply for the Paycheck Protection Program. The program applies to a wide variety of businesses, including nonprofits, veterans organizations, tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors.
The maximum amount for the loan is $10 million or two-and-a-half times the business’s average monthly payroll costs. The loan lasts for two years and has a fixed rate of 1.0 percent. The unsecured loans do not require collateral or personal guarantees from the borrower.
“This is the most important thing we can do right now to support the Utah economy, our businesses and families,” noted Miller when discussing the program. “The capital that comes to businesses — that goes to pay employees and pay rent and other operating expenses — flows through the economy. The Utah Leads Together Plan identifies federal stimulus as one of the most important ways Utahns, employers and the overall economy can get through the Urgent Phase. It’s the fuel that will keep our economic engine running. Every business impacted by COVID 19 should apply.”
In addition, the Task Force has compiled a list of frequently asked questions about federal programs, such as the Payment Protection Program. You can find this information at coronavirus.utah.gov/business.
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