Small Business Loans and Grants:
SBA Disaster Relief Loan
The Small Business Administration partnered with our local government have come together to provide targeted, low-interest loans to small businesses and nonprofits that have been severely impacted by COVID-19. All 29 counties in Utah are now eligible to apply for low-interest loans through the Small Business Administration.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Funds can be used to pay fixed debts, payroll, accounts payable etc.
The terms of the SBA loans are as follows:
Utah Leads Together Small Business Loan
Utah-based small businesses with 50 or fewer employees impacted by the COVID-19 pandemic may apply for a new bridge loan program offered by the Utah Governor’s Office of Economic Development (GOED). The Utah Leads Together Small Business Bridge Loan program uses approximately $8 million in repurposed state economic development funds. Additionally, the Utah Department of Workforce Services has contributed $500,000 to the program. Loan amounts range from $5,000 to $20,000 with 0% interest for up to a 60-month period. Loans cannot exceed three months of demonstrated operating expenses. Loan payments are deferred for 12 months, and GOED will use at least 25% of the program funds to support rural Utah businesses. There are guidelines, eligibility requirements and required information that must be submitted with applications. More info and how to apply here: Utah Leads Together Loan.
Salt Lake City’s Emergency Loan Program
The purpose of this loan program is to provide financial relief to small businesses that will most likely see a downturn in business due to an unforeseen emergency.
The program is intended to help businesses keep their employees and stay afloat during a time of economic hardship. It is meant to bridge the gap for what may be a shortened financial hardship period.
The city aims to provide as much relief as possible, but loan approvals will be limited during a high-volume application period.
The 2nd round of applications will be open until Thursday, April 2nd at 11:59 p.m. For more info, eligibility and how to apply visit here: www.slc.gov/ed/elploan
Facebook Small Business Grants Program
Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where we operate. Facebook will begin taking applications in the coming weeks. In the meantime, you can sign up to receive more information when it becomes available here: Facebook Small Business Grants Program
Coronavirus Aid, Relief & Economic Security Act (Cares Act)
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill ever, includes provisions to help small businesses. This new bills includes provisions on a paycheck provision program, expanded eligibility on the SBA’s Economic Injury Disaster Loans, changes to business taxes, changes to paid sick leave and more. View all of the details here on the US Chamber of Commerce Website.
Economic Development Updates:
Salt Lake City Economic Development has streamlined COVID-19 resources for Salt Lake City’s business community to plan, prepare, and respond to the COVID-19 virus outbreak. This page includes updated information concerning outbreaks in Utah, school closures, transit info, workforce advisories, tips to stay healthy and more. This can be viewed here: www.slc.gov/ed/COVID19
Interim Guidance for Businesses and Employers:
This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19). The Centers for Disease Control and Prevention (CDC) will update this interim guidance as needed and as additional information becomes available here: CDC Guidance for Employers.
Unemployment Insurance:
The Department of Workforce Services continues to closely monitor the COVID-19 pandemic, under the direction of the Governor’s Office. Please check back regularly as these resources will continually be updated. There is help available who have lost work due to the virus impact.
Those seeking unemployment benefits should visit www.job.utah.gov to begin the application process.
If this is your situation here are important steps to take:
Due to demand, many companies are hiring. You can visit Smith’s, Amazon, Costco, and Walmart for part-time and full-time positions available during this time.
SBA Disaster Relief Loan
The Small Business Administration partnered with our local government have come together to provide targeted, low-interest loans to small businesses and nonprofits that have been severely impacted by COVID-19. All 29 counties in Utah are now eligible to apply for low-interest loans through the Small Business Administration.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Funds can be used to pay fixed debts, payroll, accounts payable etc.
The terms of the SBA loans are as follows:
- 3.75% interest rate for small businesses
- 2.75% interest rate for non-profits
- Repayment terms of up to 30 years
Utah Leads Together Small Business Loan
Utah-based small businesses with 50 or fewer employees impacted by the COVID-19 pandemic may apply for a new bridge loan program offered by the Utah Governor’s Office of Economic Development (GOED). The Utah Leads Together Small Business Bridge Loan program uses approximately $8 million in repurposed state economic development funds. Additionally, the Utah Department of Workforce Services has contributed $500,000 to the program. Loan amounts range from $5,000 to $20,000 with 0% interest for up to a 60-month period. Loans cannot exceed three months of demonstrated operating expenses. Loan payments are deferred for 12 months, and GOED will use at least 25% of the program funds to support rural Utah businesses. There are guidelines, eligibility requirements and required information that must be submitted with applications. More info and how to apply here: Utah Leads Together Loan.
Salt Lake City’s Emergency Loan Program
The purpose of this loan program is to provide financial relief to small businesses that will most likely see a downturn in business due to an unforeseen emergency.
The program is intended to help businesses keep their employees and stay afloat during a time of economic hardship. It is meant to bridge the gap for what may be a shortened financial hardship period.
The city aims to provide as much relief as possible, but loan approvals will be limited during a high-volume application period.
The 2nd round of applications will be open until Thursday, April 2nd at 11:59 p.m. For more info, eligibility and how to apply visit here: www.slc.gov/ed/elploan
Facebook Small Business Grants Program
Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where we operate. Facebook will begin taking applications in the coming weeks. In the meantime, you can sign up to receive more information when it becomes available here: Facebook Small Business Grants Program
Coronavirus Aid, Relief & Economic Security Act (Cares Act)
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill ever, includes provisions to help small businesses. This new bills includes provisions on a paycheck provision program, expanded eligibility on the SBA’s Economic Injury Disaster Loans, changes to business taxes, changes to paid sick leave and more. View all of the details here on the US Chamber of Commerce Website.
Economic Development Updates:
Salt Lake City Economic Development has streamlined COVID-19 resources for Salt Lake City’s business community to plan, prepare, and respond to the COVID-19 virus outbreak. This page includes updated information concerning outbreaks in Utah, school closures, transit info, workforce advisories, tips to stay healthy and more. This can be viewed here: www.slc.gov/ed/COVID19
Interim Guidance for Businesses and Employers:
This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19). The Centers for Disease Control and Prevention (CDC) will update this interim guidance as needed and as additional information becomes available here: CDC Guidance for Employers.
Unemployment Insurance:
The Department of Workforce Services continues to closely monitor the COVID-19 pandemic, under the direction of the Governor’s Office. Please check back regularly as these resources will continually be updated. There is help available who have lost work due to the virus impact.
Those seeking unemployment benefits should visit www.job.utah.gov to begin the application process.
If this is your situation here are important steps to take:
- Advise your employees to select “Reduction of Force” on their benefits application, and make a note that they were laid off due to Covid-19.
- Give your employees a tentative date when your business will reopen to use on their application. In our research, it’s best to opt for a date 10 weeks from the date your business temporarily closes.
- Employers must also file with the Department of Workforce Services demonstrating that they have temporarily closed their business.
- Employees who are laid off as a result of Covid-19 are entitled to 10 weeks of unemployment benefits without being required to search for other employment.
- If, after 10 weeks, your business does not re-open, unemployment benefits will continue, but employees must demonstrate that they are actively seeking new employment.
Due to demand, many companies are hiring. You can visit Smith’s, Amazon, Costco, and Walmart for part-time and full-time positions available during this time.