Small Business Information

Wasatch Peaks Credit Union is here for you and your business

We have proudly funded 335 PPP loans, providing over $23,500,000 in relief and saving the jobs of 3,005 local small business employees. 

SBA is reopened the Paycheck Protection Program (PPP) for First Draw Loans the week of January 11, 2021. First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Small Business Administration Loans

Applications have been released from the SBA for obtaining a Paycheck Protection Program Loan.

To submit your application:

1. Please complete the appropriate PPP Loan Application
2. Email to business@wasatchpeaks.com with “Your Business Name” in the subject line

Please review all information below before submitting your application. Applications that are incomplete, illegible, and/or inaccurate may experience delays as we process your request.

For questions or to get started on your SBA loan, please give us a call at 801-452-7880  or email us at business@wasatchpeaks.com.

Option 1: First Draw

• Available for first time program participants – eligible businesses who did not receive a PPP Loan prior to August 8^th, 2020
• Loan is based on 2.5x your monthly average payroll
• Eligible borrowers may qualify for full forgiveness if at least 60 percent of the proceeds are spent on payroll costs, the remaining 40 percent is utilized for other eligible expenses, and employee and compensations levels are maintained.
• For more information, please visit the Top Line Overview of First Draw PPP Loans

Option 2: Second Draw

• Available for eligible businesses who received a PPP Loan prior to August 8^th, 2020
• Loan is based on 2.5x your monthly average payroll, up to 3.5x if your NAICS code begins with 72
• To be eligible, businesses must have no more than 300 employees and must demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
• Eligible borrowers may qualify for full forgiveness if at least 60 percent of the proceeds are spent on payroll costs, the remaining 40 percent is utilized for other eligible expenses, and employee and compensations levels are maintained.
• For more information, please visit the Top Line Overview of Second Draw PPP Loans

Please save the application to your computer before you begin entering your information.

Download a First Draw PPP Application

Download a Second Draw PPP Application

The last day to submit a PPP Loan Application is March 21^st, 2021.

As the business owner, you are responsible for the accuracy of the information you provide, and Wasatch Peaks Credit Union is relying upon the documents and certifications you make. We strongly recommend that you consult with Legal Counsel and a CPA/Accounting Professional to ensure you are eligible for a PPP Loan. Please visit www.sba.gov/ppp for additional program details.

What Our Clients Say

"We are all so incredibly grateful for all of the help Wasatch Peaks has given to us. To have applied and funded in 50 hours, is beyond a MIRACLE!!! Thank you!" -- Terrie T., Mountain View Eye Center

Additional Information

Check out our FAQ about the Paycheck Protection Program or visit our CARES Act article and get more in-depth information on the business provisions of the CARES Act and get details about: 

• Employee Retention Credit
• Deferral of Employer’s Share of Payroll Taxes
• Net Operating Losses
• Business Interest Expense Limitations
• Excess Business Loss Limitation
• Qualified Improvement Property “Fix”

At Wasatch Peaks, we’re here to help our members during difficult times. Please contact us if you have any questions or concerns regarding your accounts or loans with us.