Utah Stands at Almost $3.7 Billion in Loans Approved
By Marla Trollan, SBA Utah District Office Director
SALT LAKE CITY – The U.S. Small Business Administration (SBA) announced on April 16 that the allocated funds for the Paycheck Protection Program (PPP) were reserved for as many applications as possible and no further applications could be accepted at this time.
Unfortunately, applications are no longer being accepted because the initial allotment of $349 billion for the Paycheck Protection Program (PPP) has been exhausted and the SBA will no longer be able to accept new applications until congress appropriates additional funding.
Just as the pandemic we are experiencing now is unprecedented, so is this lending program. It is unlike anything the SBA has ever experienced in size, scale and need. Nationally and in Utah, the lending community has stepped up to the challenge, ready or not, and has already processed and approved more SBA loans in less than 14 days than what SBA approved in more than 14 years, saving millions of small businesses in the process. In total, 1,661,367 PPP loans were made by 4,975 lenders nationwide.
In Utah, we have approved 21,257 loans valued at almost $3.7 billion. This volume represents more than 17 times what we normally process in a year. These are impressive results for a program that was implemented two weeks ago.
Even though funding is currently unavailable, we are encouraging you to be ready and continue working with your lender. The SBA will continue to monitor the situation in Washington regarding new funding and will inform you if, and as soon as, the loan programs open back up. We will also continue to work with our resource partners and the rapid response team to answer your questions. Direct your questions to utahgeneral@sba.gov or call (801) 524-3209.
Despite the current crisis, there has been a remarkable amount of collaboration and selfless service. Utah small business owners and their employees have seen the way forward to help be of service and to also stay open. Demonstrating how agile they are; from organizing detailed strategies for no contact food or merchandise pick up, expanding delivery options, improving online services, to maximizing telework and technology, they have been on the front lines during this unprecedented time of uncertainty.
Even after the pandemic, day to day life will continue to be very challenging for many individuals and businesses. I know that pioneering Utahns will continue to look for new opportunities, look out for each other and will adapt. Utahns can and will overcome and thrive again. We want to be here to help you do that.
There is still much to be done and we recognize there are several small businesses still waiting for a decision on their PPP applications. In the meantime, business owners should remain in contact with their lender and make sure they have the documentation necessary to complete the PPP application in the event congress appropriates additional funding to continue the program.
For additional resources, small business owners are encouraged to visit www.sba.gov/coronavirus. Please remember to follow us @SBA_UT and subscribe to our newsletter at www.sba.gov/ut under email updates.
(Marla Trollan serves as the SBA’s Utah District Office Director based in Salt Lake City. She oversees the agency’s programs and services in Utah.)