At 8:00am on Thursday (April 16th, 2020), the Small Business Administration (SBA) reported that their loan platform will no longer accept Paycheck Protection Program (PPP) applications until Congress approves additional funding for the programs. Bank of Utah is closely monitoring this situation and will keep customers apprised of changes as the government determines the appropriate course of action.
In the 12 days since the Paycheck Protection Program was first launched, many of Bank of Utah’s team members have worked 15-hour days, from 6 a.m. - 9 p.m., to process as many loans as possible.
"Bank of Utah is happy to be participating as part of the solution to help small businesses get through this crisis. We have been a part of this community since 1952 and we want to do what we can to help," said Doug DeFries President and CEO at Bank of Utah.
Here at the Bank, we consider each other as family and we think of the community as family as well. From day one of the program, it has been all hands on deck. Loan volumes have been so intense but the Bank has worked to its capacity to fulfill every loan we could before the funds ran out.
Loan officers have given up the last three weekends, some working regularly until 2am. President Doug DeFries was seen working until 1 a.m. on Wednesday night. Three of our directors, Ben, Frank and Jon Browning, have also jumped in on numerous late nights, to help with various steps in the process to ensure loans were getting processed quickly. Even a former employee, who had recently left the bank to stay home with her one-year-old son, saw the news and came back to help process loans for a few days.
As each of us waits on the edge of our seats to hear what Congress decides about further funding, please know that we are in this together and doing all that we can to help. UBA President Howard Headlee said it perfectly, “Banks will continue to work closely with small businesses to tailor financial solutions for their individual situations." We are here for you to work through this trial and to find the best possible solution.
To keep up to date on further Paycheck Protection Program updates, please visit our website.
For any additional questions concerning the program call our hotline: 801-409-5010