March 30, 2020

COVID-19 Business Resources

While the $2 trillion CARES Act passed, it will take some time before these new programs and resources bring financial support to Utah businesses.

In the meantime, the Utah Department of Veterans & Military Affairs encourages veteran and military business owners to take advantage of the following programs.

Utah Leads Together Small Business Bridge Loan Program
The Utah Governor’s Office of Economic Development is offering a bridge loan to Utah-based small businesses with 50 or fewer employees impacted by the COVID-19 pandemic. Loan amounts range from $5,000 to $20,000 with 0% interest for up to a 60-month period.

Eligible businesses must be established and licensed before January 1, 2020, and in good standing with the Utah Division of Corporations and Commercial Code.

For more information and additional eligibility guidelines, please visit https://business.utah.gov/utah-leads-together-small-business-bridge-loan-program/.

SBA Economic Injury Disaster
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 overcome the temporary loss of revenue they are experiencing

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.

For more information, visit SBA.gov/Disaster or contact utahgeneral@sba.gov.

Salt Lake City Emergency Loan Program for Businesses
The Emergency Loan Program is a stop-gap funding source for businesses located in Salt Lake City impacted by COVID-19. Businesses are encouraged to apply for funding to help make payroll, pay bills and to maintain operations.

Salt Lake City is accepting applications until midnight on April 2, 2020. Businesses must be within Salt Lake City limits to be eligible.

For more information, visit slc.gov/ed/elploan/.

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