The Debt Load Salt Lake County Businesses Carry and How PPP Loan Forgiveness Can Help.
Posted By Regional Development
December 15, 2020
The Small Business Administration's Paycheck Protection Program (PPP) deployed 20,381 loans to Salt Lake County businesses in the early months of the pandemic.
From April 3-Aug. 8, small businesses in Salt Lake county borrowed $1.8 to $3.5 billion dollars.
Utah as a state saw a total of 52,275 PPP loans approved totalling $5.3 billion; the average loan was $101,000. Salt Lake County entities accounted for about 40% of the loans.
These numbers do not include Economic Injury Disaster Loans (EIDL), which totaled 22,221 statewide amounting to $1.3 billion -- likely another $555 million in loans carried by SLCo businesses.
It is important ask: What debt load will our small businesses be carrying due to the pandemic?
As the pandemic stretches into a new year, businesses can find further relief by applying for PPP Loan forgiveness to avoid taking on additional debt caused by the pandemic.
It is critical that small businesses stabilize and have the ability to grow their operations and prosper going forward; they are a key part of Salt Lake County's diverse economy.
Applying for Forgiveness
Borrowers can apply for forgiveness up until the maturity date of the loan. About 16% of businesses in the U.S. have already received a forgiveness decision as of Nov. 22. Approximately 69% of loans nationally were under $50,000.
To apply for PPP Loan forgiveness, businesses must:
- Contact your lender and complete the appropriate form. Your lender should be able to provide guidance on the type of form and how to submit the application.
- Compile documentation. Visit sba.gov/ppp for a full list of requirements.
- Submit the completed application to your lender. Make sure to address any of their extra questions or additional documentation they need from your business. Your lender will notify you of your application status and the SBA's decision.
Questions? Our Business Relief Hotline is happy to help. Call 385-468-4011, M-F.