Utah Bankers Association encourages small businesses impacted by COVID-19 to apply for federal aid; Paycheck Protection Program

Utah small business owners who are negatively impacted by the Corona virus pandemic are strongly encouraged to visit Utah.Bank for instructions how they can take advantage of the Paycheck Protection Program.

The massive federal aid package is being rolled out with help from Utah banks. The emergency federal aid is intended for small businesses to make payroll, pay rent and other operational necessities for the next 8 weeks until the virus subsides.  

“This federal stimulus program is custom made for small businesses,” according to Howard Headlee, President of the Utah Bankers Association, “The application process is straightforward and we strongly encourage business owners to call their banker to find out what is availble.”  

According to the federal guidelines any business can qualify if the loan is used to pay employees, rent and utilities. Ultimately, the loan will be forgiven. 

A complete list of banks offering the program can be found at UTAH.BANK.   The program could start as soon as this Friday and loans can be approved and funded within hours.  Business owners will need to gather payroll records for the past year and call their bank to start the process. 

“If we are going to have a speedy economic recovery, we need to keep our small businesses intact and positioned to grow once we pass through the peak of the virus,” according to Howard Headlee, President of the Utah Bankers Association.  “Utah is one of the largest and strongest banking states in America and that should be a huge advantage when it comes to getting this stimulus money injected into Utah’s economy.” 

For details about the Payroll Protection Program as well as stimulus programs for individuals, families as well as larger businesses, visit UTAH.BANK.