COVID-19 Business Support
Our local business community is feeling the impact of closures due to the COVID-19 pandemic, and we stand with the businesses in our community. Whether its economic support, or resources for moving forward, our Economic Development team is ready to help.
State of Utah Website:
Up to date State of Utah website with information regarding COVID-19 and resources for businesses. This is by far the best and most current site for ongoing information for the State of Utah.
If you are a Utah company with 50 or fewer employees:
The Utah Governor's office of Economic Development (GOED) is offering a bridge loan program. 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.
SBA Economic Injury Disaster Loan (EIDL):
You may apply for these loans of up to $2 million directly through the SBA. Through this loan, for-profit businesses can access up to $2 million in working capital at a fixed rate of 3.75%, with up to 30-year terms and non-profit businesses can borrow up to the same amount at 2.75%. The first payment for this loan will be deferred for one year. Businesses that do not qualify for the SBA Economic Injury Disaster Loan may still be eligible for a federal assistance grant. There is an EIDL Advance where you can get a $10,000 loan quickly by simply filling out an application which requires very little documentation. If you have already started the loan process but was interrupted, the new application is much more simple and I’ve been told that you will not lose your place in line.
SBA Paycheck Protection Program (PPP):
These loans will be distributed by existing and newly approved SBA lenders. Most Utah Banks and Credit Unions are already SBA-approved lenders and can choose to participate in the PPP Loan Program. If all your employees are kept on payroll for eight weeks (you can rehire employees if interested), SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100% of the loan can be forgivable. Check on whether your business is eligible as in certain industries. Senator Romney shared that time is of the essence as the $350 billion will not last long so get started sooner rather than later. You may want to reach out to your lending institution to start the process.
* SBA loans EIDL and PPP can both be applied for as long as they are for different expenses. Refinancing options are also available if a business has a EIDL loan.
If you find yourself in a position where you need to lay off or furlough employees, you can access more information at https://jobs.utah.gov/covid19/index.html. Answers to frequently asked questions by employers is available at https://jobs.utah.gov/covid19/uifaqemployers.pdf. The Utah Department of Workforce Services offers a Rapid Response Workshop designed to provide immediate aid to companies and affected workers from layoffs and worksite closings. There are some eligibility requirements that must be met. Utah offers a percentage of what the employee earned up to a maximum of $580/week. The federal government will be adding $600/week in addition to this amount.
Plans and Permitting
If you have concerns about existing permitting or building plans please visit our online portal to get real time updates on progress of the plans.