A Rundown of State and Local Resources
The State of Utah, as part of its Utah Leads Together program, announced funding is available through the Utah Governor’s Office of Economic Development (GOED). Along with the funding, the GOED is providing various resources for businesses and families. In addition, there are a few cities to respond with their own local funding.
On April 8, 2020, the GOED announced the second round of funding through the Small Business Bridge Loan will open the week of April 13 at 8 a.m. and close on April 16 at noon. Unlike the first round of funding, this second round of funding is available to 501(c)3 non-profit organizations as well as continuing funding for Utah for-profit businesses. This funding is available for entities that have 50 or fewer employees. Loan amounts range from $5,000 to $20,000 with 0% interest for up to a 60-month period and payments deferred for 12 months.
To apply for this bridge loan applicants should begin the application process at https://business.utah.gov/utah-leads-together-small-business-bridge-loan-program/. They will receive a notification from the GOED with login information and instructions of how they can submit the remaining information including:
- Financial statements: profit and loss, and balance sheet statements for the previous year, and the most recent quarter or month.
- Last year’s business state of Utah tax returns or federal tax return Form 990 (2019 or 2018)
- IRS 501(c)3 designation letter (only applicable to non-profits)
- A copy of the business lease agreement or mortgage statement for the business location.
- A copy of a current business license.
- A copy of a Utah driver’s license or government-issued ID.
- A completed and signed W-9 (W-9 information must match what is on file with the IRS and the same address that will be used to mail bridge loan funds).
- The previous year’s personal tax return (2019 or 2018) for any guarantor/owner with at least 20% equity in the business(only applicable to for-profits).
- Six months proforma of estimated lost revenue or other documented loss evidence.
- Contact information including principal name, phone number, email and mailing address.
The GOED notified loan applicants on April 8, 2020, for the first round of funding with 500 applicants receiving a total of $6,105,500. They also announced that 27% of the funds went to rural Utah businesses meeting their promise of at least 25% of the funds going to rural Utah.
Additional local resources are available from cities or other governmental agencies. These resources can be found at https://coronavirus.utah.gov/business/#local-resources
We also thought it might be a nice change of pace to provide a quick link to some outdoor recreational fun. We know this has been a hard time and the State of Utah is full of recreational opportunities that can help get you outside and provide some much-needed relief from home. The link is http://business.utah.gov/coronavirus/#outdoor and provides multiple resources including some resources for families and kids. Hope this helps and have fun!