Utah Governor's Office of Economic Development (GOED)
COVID-19 Commercial Rental Assistance Program
Qualified applicants can receive up to $10,000 in financial relief to be used for rent assistance.
May 11th, 2020 at 9am MT
Get all of your necessary documentation together
The CARES Act HR 748 has allocated financial relief for you and your business. Compiled below are links with a quick breakdown of the main points for each option.
Follow each link for more details, but you are eligible for help if:
- You are a company (S-Corp, C-Corp, Nonprofit)
- You have been in business for 12 months
- Start applying on Friday, April 3
- 8 weeks of payroll covered at 2.5X
- Potentially 100% forgiven
- Apply through your bank--NOW
- SBA Information - PPP
- Loans up to $2m are available
- Low fixed interest rate of 3.75%
- Repayment terms up to 30 years & 6 months deferment
- No collateral required
- $10,000 advance available. Check the box on the application
- Apply Now
- Rules are relaxed so likely to qualify
- 100% government backed & 6 months deferment
- Faster process with local lenders making decisions
- Those currently in business with an SBA Express Lender can access up to $25,000 with limited paperwork
- Bridges the gap while applying for an EIDL loan
- Repaid in full or in part by proceeds from the EIDL loan
- Apply Now
- SBA will pay 6 months of principal, interest and fees on your SBA7(a) loan under CARES Act
- Starts with payments due after March 27, 2020
- This program is automatic--No need to apply
- Available for businesses of 50 or fewer employees, excluding nonprofits
- Loan amounts range from $5,000 to $20,000
- 0% interest for up to 60 months
- Provided through the Governor's Office of Economic Development (GOED)
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.
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
- 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.
Property Verified and
- 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
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.