SALT LAKE CITY, Utah — National and state leaders are calling on small businesses to take advantage of federal loans. After quickly running dry in its first round, the Paycheck Protection Program is again offering funds.
An uncertain future
Tricia Bennion, owner of “Nailed! Salon & Boutique” in Millcreek, is one of countless Utahns facing an uncertain future.
As a small business owner, it’s not possible to simply remove months of income and continue to pay staff. Because of that, she jumped when the first round of loans through the Paycheck Protection Program became available. To her surprise, and dismay, she missed out on securing any money.
“I just had assumed I would get it,” she said. “That was the word on the street. I was in bed almost the whole day I found out I didn’t get it. It was a really bleak picture if I didn’t get any funding help.”
Luckily, she’s been able to secure funds through the second round of loans. With that ammunition, she’s bringing back a portion of full-time employees that weren’t granted unemployment pay.
Finding federal funds
McAdams says not every business is constructed the same way, but he hopes everyone is aware of this opportunity. According to him, nearly $120 billion is available in this round of funding.
“The second round seems to have gone better,” he said. “We’ve seen an average loan size in Utah in the second round is about $70,000.”
Officials are telling businesses to start the loan process with their individual bank.
“Just contact your bank,” said McAdams. “If your bank isn’t doing it, contact another bank. There are many banks here in Utah that are processing these applications. If you’re a small business and these are funds you need to keep your doors open, please apply for it.”
McAdams adds that he’s calling on Congress to extend the window in which businesses are able to spend the federal funds they secure.
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