Federal Paycheck Protection Program FAQ's from Utah Bankers

We apologize for sending out so many updates, however, in this new world we live in things are changing on a hour by hour basis. Our objective, here at your association, is to make sure you have the information necessary to make good decisions about your business. This morning we sent out a full summary of all of the provisions of the Federal Stimulus package (CARES Act) that just passed the U.S. Congress. There is a particular provision of that bill that would allow small to mid-size businesses to access federal funds to pay for payroll, rent, utilities or mortgage interest. There is a limited pool of funds that will be available for these purposes and they will be disbursed on a first come first served basis. The Utah Bankers Association has developed a very good FAQ form that will help businesses interested in accessing these funds, navigate the system. Simply click on button below to download the FAQ form.

After reviewing these documents, if a member has questions regarding the Paycheck Protection provisions of the CARES Act feel free to reach out to a member of the association staff.