Business loans, grants, and relief programs

On May 15, 2020, the U.S. Small Business Administration released the PPP Loan Forgiveness Application that borrowers must complete in order to have their PPP loan forgiven. The PPP Loan Forgiveness Application includes detailed information regarding the eligible cost for forgiveness, instructions for calculating those costs, a list of documents to submit, and documentation that must be maintained but is not required for submission. Borrowers may also complete the application electronically through their lender.

Click here for a step-by-step guide to calculate your loan forgiveness amount, navigate record-keeping requirements, and determine repayment terms on amounts not forgiven. 

PPP Loan Forgiveness Application

PPP Loan Forgiveness Tool To help Utah companies with the calculations needed for the Paycheck Protection Program (PPP) Loan Forgiveness Application, the Salt Lake Small Business Development Center (Salt Lake SBDC) created the PPP Loan Forgiveness Tool. It allows the borrower to enter their employee, payroll, and other cost data, then calculates all the necessary numbers to enter into the PPP Loan Forgiveness Application. Click here for a video walkthrough of the PPP Loan Forgiveness Tool. Download the PPP Loan Forgiveness Tool

Paycheck Protection Program Flexibility Act: The Paycheck Protection Program Flexibility Act of 2020, signed by President Trump on June 5, enables more small businesses to meet the forgiveness requirements.  

The PPP Flexibility Act will lower the requirements from 75% to 60% of a borrower’s loan proceeds used for payroll costs during the 24-week loan forgiveness covered period. If a borrower uses less than 60% of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60% of the loan forgiveness amount having been used for payroll costs.

Additionally, the PPP Flexibility Act:

• Extends the maturity for loans made on or after June 5, 2020, from two years to five years.
• Extends the covered period from June 30, 2020, to December 31, 2020, for the forgiveness of PPP loans.
• Extends the covered period for the use of loan proceeds from eight weeks to 24 weeks.
• Provides a safe harbor for small businesses from the rehire requirements if the business owner can document their inability to hire employees for unfilled positions by December 31, 2020, or their inability to return to the same level of business activity because of federal COVID-19 requirements of social distancing, sanitation, and worker safety.
• Extends the deferment period for loans retroactively until the amount of forgiveness is remitted to the borrower by the lender (the deferment period ends for all borrowers 10 months after the end of the covered period).
• Delays the payment of employer payroll taxes until January 1, 2021, for PPP borrowers.

• What is it? SBA will pay the principal and interest to banks on behalf of businesses for current SBA loans and new loans issued up until 9/27/20.  Businesses should ask their lender for this relief. SBA will be issuing guidance in less than 30 days. Note – This includes SBA export financing programs (i.e. EWCP, Export Express, and the International Trade Loan).
• Who is eligible? Existing SBA Disaster Loans (home and business), payments of these loans have been automatically deferred by the SBA.

The U.S. Small Business Administration (SBA) announced on June 15, 2020, the reopening of SBA’s Economic Damage Loans and EIDL advance grant portal to a broader array of eligible small businesses. Since May 4, the portal had been accepting applications only from agricultural businesses.

Small businesses and nonprofit organizations with less than 500 employees are eligible to apply. These loans may be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan.

• What is it? The SBA’s Economic Injury Disaster Loan program provides small businesses and agricultural businesses with working capital loans of up to $2 million that can provide vital economic support to businesses to overcome the temporary loss of revenue they are experiencing. You apply through the SBA.
• Who is eligible? Small business owners (≤500 FTEs) in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19.
• More details:  SBA.gov/Disaster
  • Reminders:
    • There’s no immediate deadline to apply.
    • There’s no fee to apply.
    • No credit card information is required.
• Contact: Utahgeneral@sba.gov or 801-524-3209 for specific questions.
• Streamlined Process: Access the new EIDL website here: https://covid19relief.sba.gov/#/

For further assistance, visit the Internal Revenue Service website or contact your accountant directly. 

• What is it? This provision provides a refundable payroll tax credit for 50 percent of wages paid by eligible employers to certain employees during the COVID-19 crisis. The credit is provided for wages and compensation, including health benefits, and is provided for the first $10,000 in wages and compensation paid by the employer to an eligible employee. Wages do not include those taken into account for purposes of the payroll credits for required paid sick leave or required paid family leave, nor for wages taken into account for the employer credit for paid family and medical leave (IRC sec. 45S).  
• Who is eligible? The credit is available to employers, including non-profits, whose operations have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings. The credit is also provided to employers who have experienced a greater than 50 percent reduction in quarterly receipts, measured on a year-over-year basis. Wages of employees who are furloughed or face reduced hours as a result of their employer’s closure or economic hardship are eligible for the credit. For employers with 100 or fewer full-time employees, all employee wages are eligible, regardless of whether an employee is furloughed. 
• More details: Under the American Rescue Plan Act and previously under the Consolidated Appropriations Act, 2021, the employee retention credit, a provision of the CARES Act, was extended and expanded. It can be claimed through Dec. 31, 2021 by eligible employers who retained employees during the COVID-19 pandemic. Learn More

• What is it? This provision allows taxpayers to defer paying the employer portion of certain payroll taxes through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other at the end of 2022. 
• Who is eligible? Payroll taxes that can be deferred include the employer portion of FICA taxes, the employer and employee representative portion of Railroad Retirement taxes (that are attributable to the employer FICA rate), and half of SECA tax liability. 
• More details: Deferral is not provided to employers receiving assistance through the Paycheck Protection Program. 

• What is it? Temporarily modify Net Operating Loss limitations to (1) permit carry-back for NOLS generated in 2018, 2019 and 2020 based on a five-year carry-back window and (2) suspend the taxable income limitation. Losses carried back to pre-2018 tax years are refunded at up to 35% corporate tax rates.
• How long will it take? Prior-Tax Year amended returns can be filed immediately.
• More details: File an amended tax return for the relevant year(s).

• What is it? Requires employers to provide emergency paid sick leave and emergency paid family leave, but provides a tax credit against payroll taxes to defer that cost.
• How long will it take? Quarterly when filing your payroll tax return.
• More details: Claim on your quarterly IRS Form 941.
• Learn More

• What are they? Expensing for qualified improvements. Increase in interest deductibility. Expanded AMT credit refundability. 
• How long will it take? Immediate for past tax years and/or reduced tax liability at time of 2019/2020 filing.
• More details: Claim on your quarterly IRS Form 941.

• What it is? FEMA has issued guidance for businesses that are able to provide medical supplies or equipment to the coronavirus response efforts. Information is also also available for businesses that are able to start producing a product related to the COVID-19 response.
• Who is eligible?
  • To sell medical supplies or equipment to the federal government, please submit a price quote under the COVID-19 PPE and Medical Supplies Request for Quotation. Full details can be found in the solicitation (Notice ID 70FA2020R00000011). 
  • This solicitation requires registration with the System for Award Management (SAM) in order to be considered for award, pursuant to applicable regulations and guidelines. Registration information can be found at www.sam.gov. Registration must be “ACTIVE” at the time of award.
    • If you have medical supplies or equipment to donate, please provide us detailson what you are offering.
    • If you have a private company that wants to produce a product related to the COVID response please email nbeoc@max.gov. 
    • If you are a hospital or healthcare provider in need of medical supplies, please contact your state, local, tribal or territory department of public health and/or emergency management agency.
    • If you are interested in doing business with FEMA and supporting the response to COVID- 19 with your company’s non-medical goods and/or services, please submit your inquiry to the Department of Homeland Security (DHS) Procurement Action Innovative Response Team (PAIR) team at DHSIndustryLiaison@hq.dhs.gov
      
• More details:  https://www.fema.gov/coronavirus/how-to-help.

• Information from FDA about how to designate a medical product as an Emergency Use. This information is relevant for importing products.
• US Customs and Border Protection – importing: The U.S. Food and Drug Administration is providing an update to CSMS message 42124872 for instructions to the import community regarding the submission of entry information for personal protective equipment and certain other devices. Following the instructions below will help facilitate the import process for all; especially for products related to the Coronavirus Disease-2019 (COVID-19) public health emergency. It is in the best interest of the U.S. to facilitate and expedite the importation of products into the U.S. market that address immediate, urgent public health needs. 
• Non-FDA-regulated general purpose personal protective equipment (masks, respirators, gloves, etc.)
  • Personal protective equipment for general purpose or industrial use (that is, products that are not intended for use to prevent disease or illness) is not regulated by FDA.
  • For these types of products, entry information should not be transmitted to FDA. At the time of entry for these products, Importers should transmit entry information to US Customs and Border Protection (CBP) using an appropriate HTS code with no FD Flag; or using an appropriate HTS code with an FD1 flag and do a ‘disclaim’ for FDA.
  • Products authorized for emergency use pursuant to an Emergency Use Authorization (EUA)
  • When importing such products, entry information should be submitted to FDA; however reduced FDA information is required for review.
  • At the time of entry, Importers should transmit an Intended Use Code of 940.000: Compassionate Use/Emergency Use Device, and an appropriate FDA product code. Under this Intended Use Code, the Affirmations of Compliance for medical devices (such as the Registration, Listing, and Premarket numbers) are optional in ACE.
  • Below is a list of products and the appropriate product codes that are currently authorized by an EUA:
    • Diagnostic tests:  83QKP, 83QKO, 83QJR    
    • Masks/Respirators: 80NZJ

• What is it? The FFCRA requires small employers to provide Emergency Paid Sick Leave and Emergency Paid Family Leave, requires employer-sponsored group health plans to cover COVID-19 testing, and boosts state unemployment funds.
• Who is eligible? Applicable to employers and employees. The U.S. Department of Labor launched an interactive online tool to assist workers in determining paid sick leave or extended family and medical leave eligibility pursuant to the Families First Coronavirus Response Act (FFCRA). The online resource guides workers through a series of questions designed to determine the FFCRA’s applicability to their employer. Click here to determine your FFCRA Eligibility.
  
• More details:  https://www.dol.gov/agencies/whd/pandemic/ffcra-questions.

• What is it? On March 13, 2020, the U.S. Department of the Treasury Internal Revenue Service announced the new deadline for personal and business Federal Tax filings would be July 15, 2020. 
• Who is eligible? Those filing personal and business Federal tax filings.
• More details: https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

• What is it? On March 23, 2020, the Federal Reserve announced extensive new measures to support the economy including the Main Street Business Lending Program.  
• Who is eligible? This program will support lending to eligible small-and-medium sized businesses, complementing efforts by the SBA. 
• More details:  https://www.federalreserve.gov/newsevents/pressreleases/monetary20200323b.htm

On June 15, 2020, the Federal Reserve Bank of Boston announced that the Main Street Lending Program Lender Portal is open.

• What is it? The program, which will operate through three facilities – the Main Street New Loan Facility, the Main Street Priority Loan Facility, and the Main Street Expanded Loan Facility – is designed to help ensure that small and medium-sized businesses have access to the credit they need to get through this challenging period. The portion of the loans retained by the originating bank has been lowered to five percent for all eligible loans submitted to the program, creating additional balance sheet capacity for participating lenders.
• Who is eligible? 1) Businesses with up to 10,000 employees or with revenues less than $2.5 billion; and 2) Be created or organized in the United States or under the laws of the United States with significant operations in and a majority of its employees in the United States.
• More details: For more information on the Main Street Lending Program, including program information and frequently asked questions, visit www.bostonfed.org/mslp.

Lenders: Registration >

Borrowers: Program Overview >

• What is it? The Community Development Financial Institutions Fund plays an important role in generating economic growth and opportunity in some of the nation’s most distressed communities. The CDFI Fund is extending the upcoming application deadlines for the (FY) 2020 funding round of the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program).
• Who is eligible? Distressed communities.
• More details: If you have a question about the application process, you can contact the CDFI Fund’s Help Desk by submitting a Service Request through your AMIS account; by email to cdfihelp@cdfi.treas.gov; or by phone to (202) 653-0421 (please note this is not a toll free number). To learn more about the CDFI Fund and its programs, please visit www.cdfifund.gov.

• What is it? The EDA encourages counties, districts, state agencies and others unable to maintain a pre-COVID-19 economy to apply for a RFL Grant.
• Who is eligible? Utah currently has six EDA Revolving Loan Fund Grantees. If your business is located in any of the counties or cities listed below, please reach out to the corresponding contact to see if you qualify. 
• More details: For general questions please reach out to tthompson@eda.gov. 

EDA is excited to announce the FY 2020 Scaling Pandemic Resilience Through Innovation and Technology (SPRINT) Challenge. EDA is seeking applications from eligible organizations working to rapidly address the economic, health, and safety risks caused by the coronavirus pandemic through entrepreneurship and innovation.

Learn more by clicking here.

• What is it? International customers need several billion dollars in temporary, short-term bridge financing to enable them to acquire U.S. goods and services. The Bridge Financing Program will enable exporters to go forward through short-term (e.g., one year) financing of these U.S. exports until private sector liquidity returns.
• Who is eligible? Foreign buyers of capital equipment that need longer term repayment terms.
• More details: https://www.exim.gov/coronavirus-response/fact-sheet-exim-establishes-bridge-financing-program

• What is it? American manufacturers of large-scale items (aircraft, satellites, etc.) often rely on partial, advance payments, or “progress delivery payments,” during production. However, their international customers may be unable to finance pre-export payments due to temporary liquidity problems caused by the COVID-19 crisis, problems that ultimately threaten U.S. workers and suppliers. To help meet this challenge EXIM will temporarily expand its Pre-Export Payment Policy for a one-year term for transactions in which EXIM is not providing the long-term financing (such as turbines, locomotives and aircraft) to the buyer and to manufacturing sectors whose international buyers have traditionally not participated but may be interested now due to a lack of commercial financing.
• Who is eligible? US entities with Medium- or Long-Term payment terms with international buyers under contract.
• More details:  https://www.exim.gov/coronavirus-response/fact-sheet-exim-temporarily-expands-pre-export-payment-program

• What is it? EXIM’s existing Supply Chain Financing Guarantee Program enables suppliers to sell their accounts receivable to a lender to obtain early payment of invoices at a discounted rate, while EXIM guarantees the lender’s purchase of the accounts receivable. This helps suppliers obtain cash quickly (often at lower rates that reflect the credit of the buyer) and increase liquidity to fulfill new orders. However, the availability of existing commercial options combined with certain program features suppresses demand for the offering. In light of expected liquidity constraints in exporter supply chains, EXIM will expand the program by relaxing its criteria and increasing its guarantee level.
• Who is eligible? Exporters of USA Goods (and their foreign affiliates).
• More details: https://www.exim.gov/coronavirus-response/fact-sheet-background-on-supply-chain-financing-guarantee-program 

• What is it? EXIM’s Working Capital Guarantee Program facilitates loans from commercial lenders, typically through Designated Authority (DA) lenders, to creditworthy U.S. businesses that export over the term of the loan. Recently many DA lenders expressed to EXIM the need for greater working capital financing support given the significant and growing liquidity pressure on suppliers and exporters. In response, EXIM will temporarily modify the program to make it more flexible. Specifically, the agency will expand program eligibility to cover all inventory that could potentially be exported, reduce the program’s fee structure, and temporarily increase the guarantee level.
• Who is eligible? Exporters (both direct AND indirect) of USA Goods and services.
• More details: https://www.exim.gov/coronavirus-response/fact-sheet-background-on-working-capital-guarantee-program

• What is it? On April 19, the Secretary of the Treasury, in consultation with the designee of the Secretary of Homeland Security (U.S. Customs and Border Protection (CBP)), is amending the CBP regulations to temporarily postpone the deadline for importers to pay duties, taxes, and fees.
• Who is eligible? Importers of record with a significant financial hardship to deposit certain estimated duties, taxes, and fees that they would ordinarily be obligated to pay as of the date of entry, or withdrawal from warehouse, for consumption, for merchandise entered in March or April 2020, for a period of 90 days from the date that the deposit would otherwise have been due but for this emergency action. 
• More details: The National Commodity Specialist Division is accepting binding ruling requests.  To submit requests via eRulings and for updated guidance, visit https://erulings.cbp.gov/s/.  Additional details can be found using this link: Temporary Postponement of Duties, Taxes, and Fees due to COVID-19

• What is it? Connect to the global network of experienced trade specialists working virtually via email, conference call, Skype, or video conference to discuss your international business plans. 
• Who is eligible? Businesses, individuals, and organizations interested in expanding internationally.
• More details: Contact Shelby.Daiek@trade.gov for additional details. 

What is it?  On May 22, 2020, U.S. Secretary of Agriculture Sonny Perdue announced that the USDA is making up to $1 billion in loan guarantees available to help rural businesses meet their working capital needs during the coronavirus pandemic. Additionally, agricultural producers that are not eligible for USDA Farm Service Agency loans may receive funding under USDA Business & Industry (B&I) CARES Act Program provisions included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

• What is it? The U.S. Department of Agriculture Rural Development has taken immediate actions to help rural residents, businesses, and communities affected by the COVID-19 outbreak — including its rural utilities, rural housing, and rural business-cooperative services.
• Who is eligible? Rural communities
• More details: https://www.usda.gov/coronavirus
• Effective March 19, borrowers with USDA single-family housing Direct and Guaranteed loans are subject to a moratorium on foreclosure and eviction for a period of 60 days. This action applies to the initiation of foreclosures and evictions and to the completion of foreclosures and evictions in process.
• Effective immediately until September 30, 2020, lenders may offer 180-day loan payment deferrals without prior agency approval for Business and Industry Loan Guarantees, Rural Energy for America Program Loan Guarantees, Community Facilities Loan Guarantees, and Water and Waste Disposal Loan Guarantees.

This $5 million initiative, called “Safe In Utah,” provides grants to businesses to improve workplace safety for workers and customers during the COVID-19 pandemic through measures such as personal protective equipment (PPE) purchases, workplace redesigns, signage, and technology solutions that allow for distance working. The grants are capped per business at the lower amount of 1) $100 per full-time equivalent employee, or 2) the actual expenses a company incurs in taking these health and safety measures. GOED must award at least 75% of grant funds to small businesses.

Learn More

This $9 million initiative, called “Learn & Work In Utah,” provides training for workers displaced due to COVID-19 by funding GOED’s Utah Works program within Talent Ready Utah. This initiative includes support for the Utah System of Higher Education’s Custom Fitprogram and several other workforce training programs to provide education and training to displaced workers. Talent Ready Utah and the Utah System of Higher Education are responsible for “Learn & Work In Utah.”

Those who are interested in learning more or signing up will be able to do so after the first week in August. At that point, there will be an online dashboard that will lead residents to the programs offered by Utah tech colleges, community colleges and universities.

As part of the program, the Department of Workforce Services will create a dashboard to identify unemployment and job opening trends to match workers with job opportunities.

More information is available in this press release (7/10/20).

This $62 million initiative provides grants to businesses negatively impacted by the COVID-19 pandemic. To qualify for this “Shop In Utah” grant, businesses must offer a discount or other offer with an estimated value to consumers of at least 50% of the grant amount.

Learn More

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 and apply here.

The COVID-19 Live Events grant provides $3 million to help Utah’s live events industry. Qualifying businesses that have lost revenue due to the public health emergency related to the COVID-19 pandemic are eligible to participate in this grant program.

Learn more here.

On March 30, 2020, GOED announced the Utah Leads Together Small Business Bridge Loan program for Utah-based small businesses impacted by the COVID-19 pandemic. On April 8, it announced round two funding and the inclusion of both small businesses and nonprofits with 50 or fewer employees.

4/17/20 – The bridge loan, rounds one and two, received more than 5,000 application starts with approximately 500 loans awarded in round one, and the agency anticipates awarding another 500 loans in round two. A summary of both rounds of funding will be published in the GOED Newsroom by April 23.

In response to the COVID-19 global crisis, DFC is seeking to strengthen and restore domestic industrial base capabilities through the Defense Production Act (DPA). The President’s Executive Order provides DFC the tools under the DPA to re-shore domestic production of strategic resources needed to respond to the COVID-19 outbreak and to strengthen any relevant domestic supply chains. To learn more, click here.

DFC’s DPA Loan Program Guide (PDF)

The Small Business Impact Grant (SBIG) is a COVID-19 relief program for small businesses in Salt Lake County funded with $40 million. Grants will be awarded through one-time payments up to $35,000 to eligible businesses that apply for funding.

Eligibility and application information can be found here.

The Summit County CARES Small Business Grant Program is offered pursuant to funding received by Summit County through the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Funding will be made available to a limited number of businesses, with 40 employees/FTEs or less that meet specific requirements set by the Summit County.

The Summit County CARES Small Business Grant Program will provide grants from $5,000 up to $25,000, dependent on the number of employees. The applicant business must demonstrate a significant impact as a result of the COVID-19 pandemic to be considered for funding.

Applications will close on October 26, 2020 at 11:59PM. Funds will be disbursed until the funds are exhausted. Due to the anticipated number of submissions and limited funding, applications will be ranked based on predetermined priorities.

Learn more & apply

The Summit County CARES Non-profit Grant Program is offered pursuant to funding received by Summit County through the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Funding will be made available to a limited number of Non-profit, with 40 employees/FTEs or less that meet specific requirements set by the Summit County.

The Summit County CARES Non-profit Grant Program will provide grants from $2,000 up to $20,000, dependent on the number of employees. The applicant Non-profit must demonstrate a significant impact as a result of the COVID-19 pandemic to be considered for funding.

Applications will close on October 26, 2020 at 11:59PM. Funds will be disbursed until the funds are exhausted. Due to the anticipated number of submissions and limited funding, applications will be ranked based on predetermined priorities.

Learn more & apply

• What is it? Now more than ever we encourage businesses to take advantage of WTC Utah administered grants that provide financial support to businesses that are engaging internationally. WTC Utah also provides free consultations, international business and investment matchmaking, webinars, and other programs to find solutions to the problems businesses are facing.
• Who is eligible? All businesses engaging in international trade and investment or those that are interested in doing so.
• More details: https://wtcutah.com