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.