Press Release
The U.S. Small Business Administration Utah District Office announced the latest Program Protection Program numbers in Utah. By the end of May, 47,935 PPP loans had been approved totaling $5,190,977,385 coming into the hands of Utah small businesses.
“This volume of loan approvals equates to approximately 30 years of annual loan approvals Utah made in less than three months according to data from SBA’s Frequently Requested FOIA (Freedom of Information Act) Site,” said Utah District Director Marla Trollan.
“If we conservatively estimate that each business has five employees, that figure translates to 239,675 jobs potentially saved,” Trollan said. “That’s more than the population of Salt Lake City.”
Currently, the average PPP loan size is $108,000, which is below the average loan size of the Utah District Office’s 7(a) loan program in fiscal year 2019 of $424,628. “This is significant because it means more and smaller businesses are receiving assistance now,” Trollan said.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.