The Salt Lake Tribune has received $854,800 in federal funds, thanks to the Payment Protection Program.
Like small businesses across Utah and the nation, The Tribune has been hit hard by the coronavirus pandemic, with a particularly sharp decline in advertising revenue.
Under PPP provisions, the loan will cover the cost of 2½ months of employee payroll. If employment levels stay the same through June, The Tribune can apply to have the loan converted to a grant that would not be repaid. The Tribune fully intends to do this.
[Read more: Local coverage of the coronavirus in Utah]
The potentially forgivable loan is being administered through Zions Bank, which handles Tribune business accounts, and was approved by The Tribune’s nonprofit board of directors.
“This PPP funding will protect newsroom staffing at a time when we all desperately need reliable information,” said Tribune Editor Jennifer Napier-Pearce. “We’re grateful for the help and we appreciate the assistance of Zions Bank in shepherding us through the process.”
The Tribune loan is part of a COVID-19 relief package approved by Congress in early April. The initial batch of funding totaled $349 billion nationwide, but struggling businesses claimed all of those funds within 10 days. On Tuesday, the Senate approved another round of funding, which includes $310 billion in additional PPP funding. That bill is now before the House.
Here in Utah, more than 21,257 loans worth a combined $3.6 billion have been approved for businesses so far.