SBA Business Resource Updates
The SBA continues to offer many resources to help businesses manage the impacts of COVID-19. For more information about the financial resources summarized below, view a recent webinar from the SBA Utah District Office. For questions, please contact the SBA Utah District Office at firstname.lastname@example.org or 801-524-3209.
Paycheck Protection Program Loans (extended through 5/31/21)
- Paycheck Protection Program (PPP) loans are now available until May 31, 2021. PPP loans can be used for payroll costs and other eligible expenses, and are forgivable under certain conditions. First Draw PPP loans are available to businesses that have not previously received a PPP loan. Second Draw PPP loans are available to certain qualifying businesses that previously received a PPP loan. More information is available here. Interested businesses are encouraged to contact their bank or lender for more information and to apply. SBA also offers online tools to help businesses search for PPP lenders and to get matched with lenders.
Economic Injury Disaster Loans
- SBA continues to offer COVID-19 Economic Injury Disaster Loans (EIDL), which are low-interest loans for working capital and operating expenses that cannot be covered due to the COVID-19 pandemic. Businesses must show that they do not have access to credit elsewhere. Interested businesses should apply directly with the SBA. More information and the link to apply online is available here.
- SBA is no longer offering the EIDL Advance, which provided grants up to $10,000. However, additional funds up to $10,000 may be distributed to qualifying businesses that applied for but did not receive the EIDL Advance or that received less than $10,000. No action is required from businesses; SBA is evaluating which applicants may qualify and will contact them directly via e-mail. More details are available here.
Shuttered Venue Operators Grant
- SBA's Office of Disaster Assistance will offer Shuttered Venue Operator Grants (SVOG) to live venue operators or promoters, live performing arts organizations, museum operators, movie theater operators, and other qualifying organizations. SBA will begin accepting applications on April 8, 2021. The application window will be staggered so that organizations with the greatest revenue losses can apply first. Interested organizations can find more information here and review the preliminary application checklist to prepare to apply.
Restaurant Revitalization Fund
- SBA's Office of Disaster Assistance will offer grants from a new Restaurant Revitalization Fund. Grant amounts will be based on pandemic-related revenue losses (reduced by PPP loan amounts), and funds can be used for payroll costs and other operating expenses. Eligible businesses include restaurants, caterers, food trucks, bars, and others. The SBA is not yet accepting applications for this program. Updates will be posted here as they become available.
Other Business Resource Updates
2021 Impacted Small Business Catalyst Grant (4/20-4/27/21)
- Created during this year's Utah Legislative General Session, the Utah Governor's Office of Economic Development (GOED) is offering the 2021 Impacted Small Business Catalyst Grant. The purpose of the grant is to assist small businesses, nonprofits, and organizations that experienced:
- A high level of revenue decline in a consecutive four-month period in 2020 compared to the same period in 2019, or
- Began operations after January 1, 2020, and can demonstrate the effects of COVID-19 on the business and
- Provide evidence of continuing solvency.
- Application information is available at GOED 2021 Impacted Small Business Catalyst Grant.
Ogden City Business Information Center
- Ogden City's Business Information Center (BIC) offers several business loan programs that are intended to help businesses in Ogden stabilize and grow. We strive to develop flexible loan terms based on the business' needs. We encourage businesses, including those impacted by COVID-19, to consider our loan programs for projected financial needs.
- The BIC also provides referrals to business counseling and training services.
- For more information, contact the BIC at email@example.com.
Employee Retention Tax Credit
- The Employee Retention Tax Credit has been extended to make it easier for businesses that choose to keep their employees on the payroll, despite the challenges of COVID-19. Please consult your tax advisor to determine if this credit can benefit your business
COVID-19 Business Manual
- The Utah Department of Health's COVID-19 Business Manual provides guidance on how to protect your business and prevent the spread of COVID-19. Other guidance from the State of Utah on workplace resources is published here (also available in Spanish).
- The State of Utah publishes the latest information about COVID-19 vaccines here.
Resources for Individuals
- Unemployment insurance is available from the Department of Workforce Services. Traditional unemployment benefits are available for individuals who had an employer but have been laid off, furloughed, or had their hours reduced. Pandemic Unemployment Assistance is available to those who don't qualify for traditional unemployment, but have lost income due to COVID-19, such as self-employed workers and independent contractors. For both programs, increased benefits of $300 per week are currently available for qualifying individuals.
Residential Rent Relief
- Utah is now offering an Emergency Rental Assistance program to help residential renters who are unable to pay their rent and utilities due to circumstances related to COVID-19. More information and the link to apply online is available here.
- Additional information on food, energy, and medical assistance programs is available here.
- The Utah 211 program also helps connect individuals with needed resources. To access the 211 program, simply dial 211, or text your zip code to 898-211, or e-mail firstname.lastname@example.org.
If you have any questions or need support, the Ogden City Business Development team is here to assist you. Please contact our team directly at email@example.com.