SALT LAKE CITY –The U.S. Small Business Administration (SBA) has released the number of loans approved, as of April 13, 2020, under its newly established Paycheck Protection Program. Nationally, the count is over 1 million loans amounting to $247.5 billion with 4,664 lenders participating in the program.
“This is good news as it provides confirmation that loans are being approved and funds are being disbursed by SBA lenders,” said Utah District Director Marla Trollan. “These are impressive results for a program that was implemented only 12 days ago.”
“In Utah, we have approved nearly 13,000 loans valued at over $2.6 billion,” Trollan said. “This volume represents over ten times what we normally process in a year.” Funding is still available; however, these funds are based on first come, first served. If you haven’t already applied, there is still time. “We know some Utah businesses have already received funds and I encourage you to apply as quickly as possible,” Trollan emphasized.
To apply for funds through the PPP program visit: www.sba.gov/ppp.
The above table represents the national number of loans and their amount of approved funding.