SMALL BUSINESS ADMINISTRATION PAYCHECK PROTECTION PROGRAM

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PAYCHECK PROTECTION PROGRAM UPDATE

UPDATE: July 30, 2020 10:30 A.M. MST

Over the past several weeks, Zions Bank has helped thousands of businesses receive much-needed funding through the Small Business Administration’s (SBA) Paycheck Protection Program.

 

As of June 30, Zions Bancorporation has obtained approval and/or funding for 46,662 loans totaling $6.94 billion.

  • Approximately 82% of the loans approved through Zions Bancorporation were for less than $150,000.
  • Approximately 60% of approved loans were for amounts totaling $50,000 or less.
  • More than 90% of loans were made to businesses with fewer than 50 employees.
  • Median loan size was $33,200.
  • Average loan size was $148,802.
  • More than 606,000 jobs were preserved through these loans.

Acceptance of New Applications by Zions Bank

Authorization for the SBA’s Paycheck Protection Program has been extended through August 8, 2020.

 

With this authorization and funding for the Paycheck Protection Program still available, we are continuing to accept new applications from current Zions Bank clients. We are happy to accept new Paycheck Protection Program applications from any small business, independent contractor, self-employed individual or non-profit that has a current loan and/or deposit relationship with Zions Bank, as of July 17, 2020. To begin your application, please contact your relationship manager, your local Zions Bank branch or call our Contact Center at 888-307-3411 to schedule an appointment with a local bank officer. New applications will be accepted by Zions Bank through noon (MT) on Friday, August 7, 2020.

 

As an SBA-preferred lender, and the region’s #1 provider of SBA loans, Zions Bank is well positioned to help you efficiently navigate the loan application process.

 

PLEASE NOTE: New applications that are incomplete and inaccurate, or do not include an accurately calculated and properly documented loan amount, requisite ownership and other eligibility information and an accurate 6-digit NAICS (North American Industry Classification System) code for your business, will not be processed. You will also be required to have a current transactional (e.g.  checking) account with us bearing the same legal name under which your business applies for the loan, in order for us to deposit the loan proceeds, and to maintain your business’s primary checking account with Zions Bank.

Paycheck Protection Program Information

The SBA has published important information about the Paycheck Protection Program. This information is updated frequently, and we recommend you refer to it periodically. Click here to visit the Treasury website (to which SBA information is posted), including Frequently Asked Questions posted under Program Rules, as well as other resources.