Altabanking episode 5 with Ryan Jones
Ryan Jones – Altabanking Interview KSL Radio Transcript:
Segment title: “The CARES Act Provides Relief to Utah Businesses with New Small Business Loans.”
GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Ryan Jones is the chief lending officer at Altabank. And Ryan, the SBA recently announced several relief programs for small business. Can you explain the Paycheck Protection Program?
RYAN: I would love to. The Paycheck Protection Program, or PPP is designed to provide a directed incentive for small businesses to keep their workers on payroll. The incentive will be fulfilled by providing loans of up to $10 million dollars for payroll and a few other eligible expenses. The SBA has also stated that there will be six months of payment deferrals and the possibility of loan forgiveness if the majority of the funds are used to maintain payroll costs.
GRANT: There is also an Economic Injury Disaster Loan. So, how does that differ from the PPP?
RYAN: This loan is smaller – up to $2 million dollars – although typically we are seeing businesses receive lower amounts than that, and is intended to fund working capital in order to help small businesses maintain operations.
GRANT: Can a business apply for both?
RYAN: Based on the most recent guidance we’ve been given from the SBA, a business can apply for both the PPP and the EIBL loan. However, funds from the EIBL loan cannot be used to maintain payroll expenses, as that is the purpose of the PPP loan.
GRANT: So how does a business apply for either of these programs?
RYAN: Businesses apply for a PPP loan through their bank, though I should note that not all banks are participating in the program. Altabank is. We have application materials online at altabank.com. EIDL loan applications are filed directly with the SBA, and we have the application and instructions on our web site as well.
GRANT: Thank you, Ryan. This has been Altabanking. Brought to you by Altabank, member FDIC.