Summit County businesses and nonprofits received between $85 million and $129 million in PPP loans
Summit County businesses and nonprofits received between $85 million and $129 million in Paycheck Protection Program loans as of June 30, the money targeting a broad swath of recipients from restaurants and bars to law firms and property management companies.
The Small Business Administration released a trove of data Monday detailing the money paid out by the program, which included about $5.25 billion statewide in more than 50,000 loans. About 1,750 of those loans went to Summit County recipients.
For loans under $150,000 — about 94% of the county’s total — the data includes only the municipality and the loan amount and does not reveal the name of the recipient. But for those over that threshold, which included 104 loans, more information was made available.
The federal government approved the program in the CARES Act in late March and it has since been extended. The next deadline to apply for loans is Aug. 8.
The program was designed to help small businesses keep their workers on the payroll during the COVID-19 pandemic. The loans will be forgiven if a certain percentage of the money is spent on certain approved expenses like payroll.
The three largest recipients in Summit County were each approved for loans in the $2 million to $5 million range: The nonprofit Sundance Institute and U.S. Ski and Snowboard, and a for-profit digital marketing automation firm called SharpSpring Technologies, which listed an address in Oakley. Representatives of that firm said the location is likely a data-entry error and that it is based in Gainesville, Florida.
Other nonprofits in the area received assistance, including a loan in the $350,000 to $1 million range for the National Ability Center and ones between $150,000 and $350,000 for the Christian Center of Park City, Peace House and the Kimball Arts Center.
Organizations in Park City received 74 of the 104 loans over $150,000, with other recipients of the larger loans including firms in Coalvile, Henefer, Kamas, Oakley and Peoa. Including smaller sized loans, nearly every Summit County municipality had a business or nonprofit that received funding.
Of the 1,758 loans county-wide, 1,728 were for less than $350,000. Park City recipients were the bulk of those receiving from $350,000 to $1 million, including clothing retailers, bars, hoteliers and restaurants. East Side construction firms, Bell Brothers Oil, Kamas FoodTown and the Market at Park City round out the list.
The six that received between $1 million and $2 million include All West Communications, Jans LTD., Surefoot, Blue Sky Ranch, Victory Ranch, LLC and a firm called Terratron, Inc., based in Park City.
SharpSpring, one of the three recipients of loans in the $2 million to $5 million range, is a Florida-based digital marketing automation firm, according to its website and Alana Christou, director of HR and recruitment.
Christou wrote in an email the company had just hired its first Utah-based employee.
The Oakley City Recorder, Abigail Morrison, said there was no business license for that firm on record, nor were there sewer or water hookups at that site, 5001 Celebration Loop.
Christou said the Utah listing was likely a data-entry error, possibly related to their similar address in Florida, 5001 Celebration Pointe Ave.
Data from the SBA also shows a loan for SharpSpring Reach, Inc., for $150,000-$300,000, located at 5001 Celebration Pointe in Gainesville, Florida.
A representative from the SBA did not immediately respond to a request for comment.
According the SBA, the loan amounts are tied to the previous year’s payroll costs and all loans over $2 million will automatically be reviewed.
Nationwide, there have been 4.9 million PPP loans for more than $520 billion. The SBA does not loan the money itself, but rather banks distribute funds that are backed by the U.S. Treasury.
Utah-based Zions bank was the ninth-largest lender of PPP loans, racking up almost $7 billion across nearly 47,000 loans, good for 1.1% of the nationwide total.
Swift Communications, The Park Record’s Nevada-based parent company, received a PPP loan this spring.
Editor’s note: This article has been updated with a response from SharpSpring.
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As Deer Valley Resort starts what is expected to be a closely watched City Hall process regarding a major development proposal at Snow Park, the resort has outlined a set of principles that will guide the project. It seems likely many in the community would embrace at least the overarching ideals.