In response to a federal court order, on Dec. 1, 2020, the Small Business Administration (SBA) released the names, addresses and precise amounts for all recipients of Paycheck Protection Program (PPP) and COVID-19-related Economic Injury Disaster Loan (EIDL) loans.
Bank of Utah did not publicly disclose the data and played no role in the court decision. The bank’s commitment to protect its customer’s privacy is paramount, and we follow all applicable laws and regulations.
Unfortunately, we have heard that some third party businesses are using information from the court-ordered data release to market themselves to PPP customers. These communications may reference Bank of Utah's name and may even imply that we have some kind of relationship. Bank of Utah would like its PPP loan customers to know that the bank will communicate directly them about their PPP loan and the forgiveness process. If customers have any doubt about any PPP loan communications they might receive, they should call Bank of Utah directly at 801-409-5010 or call the loan officer with whom they have worked in the past.
We encourage PPP borrowers to consult with their financial advisers, attorneys or lenders about their PPP loan and the forgiveness process. Borrowers should be very wary of responding to unsolicited communications or sharing information about their PPP loan with businesses or individuals not affiliated with their bank.
It is unfortunate that unscrupulous organizations are trying to take advantage of the PPP data release. Bank of Utah is proud to have participated in the PPP loan program in order to help Utah businesses large and small, continue to make payroll during the pandemic. Our bank loan officers, and their teams worked tirelessly during that time to approve and process loans for as many organizations as possible that qualified. All banks relied on the borrowers’ substantiation of their qualifications for eligibility for the program.
Nationally, more than 5,400 lenders participated in the Paycheck Protection Program this year, including more than 3,500 banks with less than $1 billion in assets. Altogether, more than five million PPP loans have been made, totaling $525 billion, supporting 51 million jobs according to the SBA and Treasury. While not perfect, the PPP loan program allowed millions of struggling businesses in the country to weather the worst of the pandemic and saved millions of jobs.
For more information and updates to the program, visit our PPP information page.