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.

Applications start
May 11th, 2020 at 9am MT

More Information

Qualifications

  • Have a current lease on a commercial property in the state of Utah
  • Claim Utah as their principle place of business
  • Be in operation with fewer than 100 employees as of February 15, 2020
  • Demonstrate at least a 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)

Prepare NOW

Get all of your necessary documentation together

  • 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 Paycheck Protection Program managed by the U.S. Small Business Administration
  • Profit & Loss statement for February 2020
  • Profit & Loss statement for the 4 week period of revenue loss
  • Two most recent state or federal tax returns
  • Profit & Loss statement for 2019 and the four months immediately preceding the day of application submission
  • Current lease/rental agreement
  • Signed W-9
  • Documentation of most recent lease/rental payment

Additional Loans & Grants

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
  • Federal
  • State
  • Local
  • Payroll Protection Program (PPP)
  • Economic Injury Disaster (EIDL)
  • SBA 7a Loan or Express Loan
  • SBA Express Bridge Loans
  • Current SBA Loans Debt Relief
  • 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
  • Details
  • 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
  • Utah Leads Together Small Business Bridge Loan Program
  • 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)
  • Details
  • Salt Lake City Emergency Loan Program (ELP)
  • Loans up to $20,000
  • 0% interest up to 60 months
  • Businesses must be within the Salt Lake City Limits
  • Details

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