The U.S. Small Business Administration has announced that, with funding exhausted, the Payroll Protection Program (PPP) has ended. Individual lenders may still have final funding pending but no further applications are being accepted, the agency said.
“The Utah District Office and our lenders have pushed hard to provide this much-needed PPP relief to our small businesses throughout Utah,” said Utah District Director Marla Trollan. “We are very pleased that 85,089 PPP loans went to Utah businesses totaling over $7 billion in funds. The Paycheck Protection Program helped businesses stay open during these difficult times and provided them a path to pay their employees, which allowed Utah residents a way to continue to support their families.”
Nationwide, the program provided over $798 billion in economic relief to small businesses and nonprofits.
“The Paycheck Protection Program provided over 8.5 million small businesses and nonprofits the lifeline they needed to survive during a once-in-generation economic crisis,” said SBA Administrator Isabella Casillas Guzman. “I’ve heard story after story from small-business owners across the country about how PPP funds helped them keep the lights on, pay their employees — and gave them hope.”
The Paycheck Protection Program, among the first COVID-19 economic disaster relief programs to provide emergency funds to small businesses affected by the pandemic, has played a historic role in America’s recovery, Guzman said.
The PPP is one of eight disaster relief programs established by Congress to assist small businesses during the COVID-19 pandemic. Other programs include Economic Injury Disaster Loan (EIDL), EIDL Advance, Targeted EIDL Advance, Supplemental EIDL Advance, Restaurant Revitalization Fund, Shuttered Venue Operators Grant, and SBA Debt Relief program.
