Paycheck Protection Program extended into August

Local News

WASHINGTON, D.C. (ABC4 News) – The U.S. Small Business Administration announced Monday morning that the paycheck Protection Program has been extended until August 8.

The legislation granting the extension was signed on Saturday.

“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 SBA Utah District Director Marla Trollan.

According to a press release issued by the SBA, 8 million jobs have been retained across Utah, with funds provided by the PPP. 50,691 PPP loans funded accounting for more than $5.2 billion going back into the economy.

“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.”

The deadline to apply is now August 8.

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