Utah companies have received more than $ 5 billion in PPP loans
SALT LAKE CITY, Utah – Data recently released by the Small Business Administration and the US Department of the Treasury shows who received a paycheck protection program loan and an approximation of how much they got.
In Utah, we talk about figures in the billions of dollars.
One of those Utah companies that sought relief from the harsh economic impact of the pandemic was a modern exhibit in Salt Lake City. President and CEO Taylor Vriens applied for and got the PPP loan.
“When it all started we had to put all of our staff on leave,” Vriens told KSL. “With PPP, we got just under $ 1 million and we were able to pay 98 full-time employees.”
SBA and Treasury data showed the Modern Display loan was one of 50,691 loans made to Utah businesses under the program. The vast majority – 43,954 loans – were for less than $ 150,000.
Yet 787 companies have borrowed between $ 1 million and $ 5 million, while 41 companies have obtained approval for loans between $ 5 million and $ 10 million. Cosmetics company Younique, food distribution company Nicholas and Company, and Westminster College have fallen to that upper echelon.
While 1,532 loans went to Utah companies with at least 100 employees, the largest portion – 32,945 – went to workplaces with fewer than 10 people.
In total, Utah companies have received at least $ 5.2 billion in P3 funding, temporarily saving at least 796,849 jobs.
At Modern Display, this million dollar loan split into 100 ways only lasted about eight weeks.
“Unfortunately, there are no more and we have had to put our staff on leave again,” Vriens said.
The release of the P3 loan data comes after cries for more transparency in the program funded by taxpayers, including from Utah Congressman Ben McAdams.
Last weekend, President Donald Trump signed a law extending the program until August 8.