Business Rental Assistance
Utah small businesses that rent commercial property may receive pandemic relief from the Legislature. Following a legislative special session and appropriation, the Utah Governor’s Office of Economic Development (GOED) is pleased to announce the COVID-19 Commercial Rental Assistance Program.
The program includes $40 million in commercial property rental assistance. GOED will administer the grants providing rental relief to Utah small businesses — including nonprofits, sole proprietors, independent contractors and those that are self-employed — that have lost revenue as a result of measures taken to minimize the public’s exposure to COVID-19.
To be eligible for the Commercial Rental Assistance Program, applicants must:
- Have a current lease on commercial property in the state of Utah
- Claim Utah as their principal place of business
- Be in operation with fewer than 100 employees on Feb. 15, 2020
- Demonstrate at least a 50% loss of gross monthly revenue after March 1, 2020, as a direct result of the COVID-19 pandemic
- Not received funds from the COVID-19 Agricultural Operations Grant Program (funded with federal CARES Act monies).
Applications will be accepted beginning May 11, 2020 at 9:00 am and will be accepted on a first-come first-serve basis.
More information about the application can be found on GOED’s website.
COVID-19 Business Impact Survey
Please take a few minutes to fill out a short survey about how COVID-19 has impacted your business. Click here to take the survey.
Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. This loan is fudned through the U.S. Small Business Administration. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. For more information click this link https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
Wondering if your business is eligible for the PPP loan? Here is a link to more details.
Small Business Loans
Utah Governor’s Office of Economic Development
Here is a helpful link to resources for businesses in Utah. https://coronavirus.utah.gov/business/
U.S. Small Business Administration
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of COVID-19. To secure these loan funds, the State needs to demonstrate a need for assistance from the small-business community. These businesses will need to Economic Injury Worksheet and submit it to Janna Wilkinson (Jannawilkinson@utah.gov) from Utah’s Department of Emergency Management. She will then process the form and send it directly to the SBA as part of the process of receiving loan funds for our small businesses.
Once Utah has secured a low-interest loan program from the SBA, small businesses will be encouraged to apply for funding through the following website: https://www.sba.gov/funding-programs/disaster-assistance
Utah Business Impact Survey
The state has implemented the Utah Economic Response Task Force to deal with COVID-19 recovery. The task force would like Utah business insights about how to reduce the economic impacts for businesses affected by COVID-19 and, most recently, today’s earthquake.
Additional resources for Utah businesses are being evaluated, and business input will help inform policy decisions. We will also collect and share experiences on ways business and governments are already innovating to rise to these challenges. Continue to communicate with us about your best practices and/or lessons learned.
This survey should take less than five minutes to complete. Please share the survey with others in the Utah business community, through your local community channels.
The survey: https://lnkd.in/eNbKTYn
Facebook Small Business Grants
Facebook recently announced a program to offer $100 million in grants to small businesses in areas affected by COVID-19. Details of that program can be found here: https://www.facebook.com/business/boost/grants. Additionally, they have created a Business Resource Hub (https://www.facebook.com/business/boost/resource?ref=alias) with recommendations and resources that can help businesses cope with disruptions.