COVID-19 Business Resources

If you are looking for additional assistance on COVID-19 business-related issues please reach out to us through this simple form.


 GET HELP 

COVID-19 Business Resources

If you are looking for additional assistance on COVID-19 business-related issues please reach out to us through this simple form.


 GET HELP 

Receive our regular newsletters with all the latest content!

Sign Up Now

Utah COVID-19 Commercial Rental Assistance Program Created for Small Businesses

By Kyle Greene (kyleg@squire.com)

What is the Commercial Rental Assistance Program?

This program grants $40 million in rental relief to Utah small businesses, fewer than 100 employees, that have lost revenue as a result from measures taken by the state to limit the public’s exposure to COVID-19. The money granted should be used to pay rent.

 

Qualifications and Required Information

To be eligible for the grant, applicants must:

  • Have a current lease on commercial property in the state of Utah
  • Claim Utah as their principal place of business
  • Be in operation with fewer than 100 employees on Feb. 15, 2020
  • Demonstrate at least 50% loss of gross monthly revenue after March 1, 2020, as a direct result of the COVID-19 pandemic
  • Not received funds from the COVID-19 Agricultural Operations Grant Program (funded with federal CARES Act monies)

 

Applicants must be prepared to provide the following information with their application:

  • Company legal name, address, and contact information
  • Legal company representative’s name and contact information
  • Disclose whether or not you have applied for or received funds from the CARES Act PPP
  • Profit & Loss statement for Feb. 2020
  • Profit & Loss statement for the 4-week period of revenue loss
  • Profit & Loss statement for 2019 and the four months immediately preceding the day of application submission
  • Two most recent state or federal tax returns
  • Current lease/rental agreement and documentation of most recent payment
  • Signed W-9

 

To apply for this grant, applicants should begin the application process at

https://business.utah.gov/utah-covid-19-commercial-rental-assistance-program/. Completed applications are accepted on a first-come, first serve basis beginning May 11, 2020 at 9 a.m. GOED will begin mailing grants checks on May 15.

 

Grant Funds Calculation

The grant funds will consider the company’s loss of gross revenue and the grant will be reduced if the company received funds from the CARES Act Paycheck Protection Program (PPP).

If your company did not receive PPP funds, then grant amounts will be the lowest of:

1) $10,000 or,

2) 100% of monthly rent with a monthly gross revenue loss of 71% or more or,

3) 50% of monthly rent with a gross revenue loss between 50% to 70%.

If your company did receive PPP funds, then grant amounts are reduced by 50% and will be the lowest of:

1) $5,000 or,

2) 50% of monthly rent with a monthly gross revenue loss of 71% or more or,

3) 25% of monthly rent with a gross revenue loss between 50% to 70%.

 

Frequently Asked Questions

 

Q: If I applied for the bridge loan in March or April, can I use the same application access credentials?

A: Yes, if you applied for a bridge loan in March or April, please use this application link and the same access credentials for your Commercial Rental Assistance Program application.

 

Q: How will I find out if my business was deemed eligible?

A: The Utah GOED has a team to verify a business’s eligibility. Once it has been determined, award and denial letters will be sent out.

 

For additional questions and answers, please visit:

https://business.utah.gov/utah-covid-19-commercial-rental-assistance-program/#faq