Gephardt: Utah Businesses Received Over $5 Billion In PPP Loans
Jul 7, 2020, 6:17 PM | Updated: 8:19 pm
SALT LAKE CITY, Utah – Newly released data from the Small Business Administration and the U.S. Department of Treasury shows just who received a loan from the Paycheck Protection Program and a ballpark of how much they got.
In Utah, we are talking figures in the billions of dollars.
One of those Utah companies that sought relief from the pandemic’s harsh economic impact was Modern Display in Salt Lake City. President and CEO Taylor Vriens applied for the PPP loan and got it.
“When this whole thing started we had to furlough our entire staff,” Vriens told KSL. “With PPP, we got just under a million dollars and we were able to pay for 98 full-time employees.”
Data from the SBA and treasury showed Modern Display’s 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.
Still, 787 businesses borrowed between $1 million and $5 million, while 41 companies got approval for loans between $5 million and $10 million. Beauty products company Younique, food distribution firm Nicholas and Company and Westminster College fell into that upper echelon.
While 1,532 loans went to Utah companies with at least 100 employees, the biggest chunk – 32,945 – went to workplaces with a staff fewer than 10 people.
In all, Utah businesses received at least $5.2 billion in PPP funding, temporarily saving at least 796,849 jobs.
At Modern Display, that million-dollar loan divided up 100 ways only lasted about eight weeks.
“Unfortunately, it’s run out and we’ve had to furlough our staff again,” Vriens said.
The release of PPP loan data comes after cries for more transparency in the taxpayer-funded program, including from Utah Congressman Ben McAdams.
This past weekend, President Donald Trump signed legislation extending the program through Aug. 8.