Business Loans and Grants
Identify Economic Resources for Your Business
To help Utah companies identify available resources to meet their needs, the Utah Economic Response Task Force has created a tool that determines the best federal, state, and local resources for your business.Economic Resource Finder
COVID-19 Commercial Rental Assistance Program
As part of S.B. 3006, the COVID-19 Commercial Rental Assistance 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. View grant eligibility criteria and required documentation here.Learn More
Loans, Grant and Relief Programs
PDF Fact Sheets for Reactivating Business
- Federal and State COVID-19 Business Compliance Information
- Federal and State Resources for Business
- You’ll also find additional PDF resources below.
The $484 Billion Interim Economic Stimulus Package was passed by Congress and signed into law by President Trump on April 24, 2020.
On April 29, from 4:00 pm – 11:59 EDT, the Treasury and the Small Business Administration (SBA) announced they will temporarily shut out big banks from the electric application loan portal, ensuring the smallest lenders receive access to the PPP loan program. All businesses that currently have applications pending with big banks are still being considered.
Highlights include another $310 billion to replenish the Paycheck Protection Program (PPP) for small businesses impacted by the COVID-19 pandemic and $60 billion to supplement the Economic Injury Disaster Loan (EIDL).
The Small Business Administration (SBA) will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EDT from approved lenders on behalf of any eligible borrower. It is highly recommended that eligible Utah companies apply for these resources if they have not done so already.
The President signed the CARES Act, a $2 trillion aid program to provide emergency assistance and health care response for individuals, families and businesses affected by the 2020 coronavirus pandemic. Click here to learn how the CARES Act will benefit you.
U.S. Small Business Administration (SBA)
Congress is actively working to get additional funding appropriated, and the Utah Congressional Delegation is actively involved in those efforts. We fully expect Congress to act to appropriate additional funding while recognizing that this delay in funding is putting additional pressure on small businesses.
Please note that the SBA’s Express Bridge Loan and Debt Relief programs are still accepting applications. This is a developing situation and we will keep our readers updated as funding potentially comes back online.
Here’s a guide and checklist from the U.S. Chamber of Commerce to help your small business through the process and view this interactive map to show the aid available to small businesses on a state-by-state basis.
- A top-line overview of the program can be found here.
- If you’re a lender, more information can be found here.
- If you’re a borrower, more information can be found here.
The application for borrowers can be found here.
Internal Revenue Service
March 30, 2020 — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. Learn more here.
Federal Emergency Management Agency (FEMA)
U.S. Department of Labor
On March 24, 2020, the U.S. Department of Labor issued its first round of guidance on how to take advantage of the protections and relief offered by the Families First Coronavirus Response Act (FFCRA) effective April 1, 2020.
U.S. Department of Treasury
U.S. Economic Development Administration (EDA)
Utah’s EDA Revolving Loan Fund Grantees:
- Five County Association of Governments: Beaver, Garfield, Iron, Kane, and Washington: http://www.fivecounty.utah.gov/
- City of Orem: https://orem.org/economic-development-covid-19/
- Six County Association of Governments: Millard, San Pete, Sevier, Juab, Piute, and Wayne: http://sixcounty.com/edd-board-economic-development-district-board/revolving-loan-fund-rlf/
- Southeastern Utah Association of Local Governments: Carbon, Emery, Grand, and San Juan: http://seualg.utah.gov/index.php/administration/#RLF
- Uintah Basin Economic Development District: Duchesne, Uintah, and Daggett: http://www.vernalutah.org/Contact
- Mountain West Small Business Finance: Salt Lake City: https://mwsbf.com/
Export-Import Bank of the United States (EXIM)
On March 12, 2020, EXIM underscored its strong support for new initiatives to inject liquidity into the market and give maximum financing flexibility to facilitate sales of U.S. goods and services abroad during the COVID-19 crisis. Please see below a list of opportunities available to small businesses with additional flexibilities. If you have any questions, please reach out to Paul.Duncan@exim.gov.
U.S. Customs and Border Protection to Temporarily Defer the Deadline for Import Duties, Taxes, and Fees
U.S. Commercial Service
U.S. Department of Agriculture
Utah Department of Heritage & Arts
Through its seven divisions, the Department of Heritage & Arts is committed to providing resources regarding COVID-19 volunteer initiatives and economic relief funds to the nonprofit sector. We particularly strive to focus on supporting our multicultural and diverse community of residents in Utah and the Navajo Nation, and we encourage businesses to contact our staff if we can provide any guidance in building and nurturing these inclusive relationships.
Utah Governor’s Office of Economic Development
Following Gov. Herbert’s leadership, the Utah Governor’s Office of Economic Development has marshalled its resources to help in all aspects of economic impact resulting from the coronavirus pandemic. The agency maintains the state’s Resources for Business on coronavirus.utah.gov and has a COVID-19 devoted webpage on its site.