SBA PPP Loan Forgiveness - First Utah Bank | Personal Banking | Business Banking | Treasury Management | Loans
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First Utah Bank is currently accepting applications for first and second draw Paycheck Protection Program (PPP) loans. The SBA continues to release new guidance on the program; however, many provisions of the original program remain in effect.

 

PPP Loan Forgiveness

PPP Loans made to eligible borrowers may qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained in the same manner as required for First Draw loans;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs.

Please visit the SBA website for comprehensive guidance on the Paycheck Protection Program.