April 27

Chamber Golf Benefit

Are You Ready for some Golf? 
We have a Brand New Location for 2020
Cedar Hills Golf Course!
 
Call the Chamber office to book your Tee Time and we'll take it from there. If you're currently not a Gold Member or higher, let us know and we'll get you taken care of right over the phone. 

* A Gold Membership costs just $800
* Each round of golf for a foursome is valued at $168
* 5 rounds of golf more than pays for the cost of a Gold Membership!
* All of the other Chamber Benefits that are included with a Gold Membership are sill included
* Refer a friend who joins the Chamber to start golfing and we'll provide you with a nice golf card!

Contact the Chamber office for more information (801) 901.6664 or Mark@ThePointChamber.com

Senator Lee's Office

Senator Mike Lee's office has provided the following information. They have been wonderful to work with and we thank them for keeping us updated with the latest developments! 

Good Afternoon Everyone,
 
As many of you are aware, on Monday, April 27th, the SBA reopened the PPP portal.  As of Wednesday, 960,000 loans totaling $90 billion have been approved in round two of PPP funding (these numbers are nationwide, not Utah specific). 
 
Here is a breakdown of loans awarded nationwide by banks so far during PPP2:
  • Small Banks: (Under $10 billion in assets):
    • Over 587,000 loans, about 61% of the loan volume
    • Over $43 billion for small businesses
        
  • Medium Banks: (between $10 and $50 billion in assets)
    • Over 206,000 loans for over $20 billion
        
  • Large Banks: (over $50 billion in assets)
    • Over 167,000 loans for over $25 billion 
 
While the SBA is not currently accepting new EIDL applications, they are still working to process those that are pending.
 
Shifting to the state level, earlier this week, Governor Herbert announced that the state will be moving in to the moderate risk (orange) phase.  We have found the following link to be extremely helpful for businesses wondering what this means for their business/industry.  https://coronavirus.utah.gov/utahs-moderate-risk-phase/
 
Please do not hesitate to let me know if you have any questions, comments or concerns.
 
Have a great weekend,
 
Justin Anthony
Business Outreach Director
US Senator Mike Lee
(202) 603-4617

 

SBA - Update

Paycheck Protection Program Surpasses All Loans Made in the First Round of the Program

In Round Two of the Paycheck Protection Program (April 27 - May 1, 2020), the SBA has guaranteed 2,211,791 loans. For more information on Round Two loan activity, click here.

Paycheck Protection Program Performance (4/27/20-5/1/20)

A message from SBA's Utah District Director Marla Trollan

DD Marla Trollan Pic

We expected SBA's second round of PPP loans to be met with high demand and that's precisely what happened.

Today we announced that as of May 1, round two of the Paycheck Protection Program made 2.2 million loans totaling more than $175 billion nationally. This number surpasses the national number of loans made during the first round.

The average loan size is currently down to $79,000 compared to the first-round average of $206,000. See how round two stacks up against round one below. 

PPP National Performance:
Round 1: 1.66 million loans for $342 billion total
Round 2: 2.2 million loans for $175 billion total (as of May 1)

PPP Utah Performance:
Round 1: 21,257 loans for $3,695,399,459
Round 2: 21,751 loans for $1,676,852,890 (as of May 1)

As the numbers for PPP round two continue to roll in and increase, we are encouraged because these numbers demonstrate that more and smaller businesses are now getting the assistance they need. In one week, round 2 of the PPP was able to help more than 2 million additional small businesses keep fighting through this pandemic. That will truly make a difference in these challenging times.

We realize that SBA can't construct effective plans to meet the needs of its customers without the benefit of input from those we support. 

The team at SBA Utah will work to make data and other information about agency programs and activities available to customers and stakeholders. Greater transparency will help us achieve greater accountability, accessibility and responsiveness.

Office Space Available on Lehi Main Street

Are you looking or know someone who might be looking for office space?
Point of the Mountain - 1 Column - April 27