Paycheck Protection Program

"The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program."

About Disaster Loans

The U.S. Small Business Administration (SBA) has issued a disaster declaration in every state in the country due to COVID-19, meaning you can apply for an SBA Disaster Loan.

The SBA provides low-interest, long-term disaster loans to businesses of all sizes, private non-profit organizations,
homeowners, and renters to repair or replace uninsured/underinsured disaster damaged property.

 

Step 1:
Apply for Loan

  • Apply 1) online: 2) in-person at a disaster center: or 3) by mail.

    Loans can be used for:

  • Physical Damage: businesses of any size may borrow up to
    $2 million.
  • Economic Injury: small businesses, small agricultural
    cooperatives, small businesses engaged in aquaculture, or
    private non-profit organizations may borrow up to $2million.
  • Small businesses may apply for a maximum business loan
    (physical and EIDL) of $2 million.
  • Homeowners may borrow up to $200,000 to repair/replace your disaster damaged primary residence.
  • Homeowners or renters may borrow up to $40,000 to
    repair/replace damaged personal property.

Step 2:
Property Verified and Loan Processing Decision Made

  • SBA reviews your credit before conducting an inspection to verify your losses.
  • An SBA verifier will estimate the total physical loss to your
    disaster damaged property.
  • A loan officer will determine your eligibility during
    processing after reviewing any insurance or other
    recoveries. SBA can make a loan while your insurance
    recovery is pending.
  • A loan officer works with you to provide all necessary
    information needed to reach a loan determination. Our
    goal is to arrive at a decision on your application within
    2-3 weeks.

Step 3:
Loan Closed and Funds Disbursed

  • SBA will prepare and send your Loan Closing Documents
    for your signature.
  • Once we receive your signed Loan Closing Documents, an
    initial disbursement will be made to you within 5 days,
    typically up to $50,000 of the total loan amount.
  • A case manager will be assigned to work with you to help you meet all loan conditions. They will also schedule subsequent disbursements until you receive the full loan amount.
  • Your loan may be adjusted after closing due to your
    changing circumstances, such as increasing the loan for
    unexpected repair costs or reducing the loan due to FFWF additional insurance proceeds.

For more information or to find a local disaster center, contact
SBA’S Customer Service Center 1-800-659-2955
(TTY:1-800-877-8339)
sba.gov/disaster

If your business is impacted by COVID-19, iMpact Utah can provide no-cost assistance to help you understand your next steps.

iMpact Utah Contacts:

Rick Papworth, Rick@impactutah.org(801) 845-4831

Win Jeanfreau, Win@impactutah.org(801) 845-4863