Cyprus is here to help you and your business during the current COVID-19 situation. We know that many of our members have business accounts with us and may need financial assistance. Below are some solutions available during this time:
Cyprus Business Advisors
If you have a business loan with Cyprus and need assistance, you can contact our Business Services Team directly by emailing email@example.com,
calling 801-260-7600 and dialing extension 5280, or texting us HERE.
SBA Disaster Assistance Loans (EIDL)
Update: Additional funding for this program may be available. Please visit the SBA website for the latest status and to submit applications.
The United States Small Business Administration (SBA) is now offering disaster assistance loans for businesses and nonprofits that have been adversely impacted by the coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program can provide
businesses with loans of up to $2 million, with loan advances up to $10,000. Loan funds are intended to help businesses manage the temporary loss in income caused by the current crisis. Businesses seeking to apply for an SBA Disaster Assistance Loan
can do so directly through the SBA. For more information and to apply online
The State of Utah has gathered many helpful resources for local businesses all in one place. This page is updated daily and includes current health orders, employee assistance, and government loan programs. You can access that information by clicking
SBA Paycheck Protection Loan Program (PPP) - Loan Forgiveness
Participants of the Small Business Administration’s Paycheck Protection Program qualifiy for loan forgiveness as long as business owners are able to show the funds were used to keep employees on payroll or for other business expenses. Due to the ever-evolving situation, the forgiveness application and process were only recently released by the SBA. Those who received their loan through Cyprus will complete the forgiveness process through us as well. Our team is currently working on an electronic method to submit your application and supporting documentation. We will email all PPP participants with more details regarding this process. In the meantime, please keep careful track of your expenditures during the period after disbursement and compile supporting documentation in anticipation of applying for forgiveness in the near future.
The US Chamber of Commerce has provided additional information and resources to assist with the loan forgiveness process. Those resources can be found here.
The application period for new SBA PPP loans has ended. For any other assistance with your business needs, please complete the form below and a member of the Business Services team will contact you.