Preparing Your Business for COVID-19
With the global spread of COVID-19 (the coronavirus disease) iMpact Utah is providing educational guides and direct support for Utah manufacturers to help them plan, prepare, protect, and recover their operations.
Here Are a Few Resources
For You and Your Business:
- Salt Lake City Emergency Loan Program for Businesses.
- Directly from SBA – The State of Utah has now been granted access to the U.S. Small Business Administration (SBA) Economic Injury Disaster Loan Fund (EIDL). Small businesses and private non-profits can apply today. Apply here.
Important Info Regarding EIDL Funds:
- Loans up to$2 million
- 3.75% interest rates for businesses without credit available elsewhere
- 2.75% interest rates for nonprofits.
- Terms of the loan may be up to 30 years.
- Loans can be used for payroll, fixed debts, accounts payable, or other bills.
The SBA will work with businesses to create a plan that accounts for their ability to repay the loan.
About Disaster Loans
Apply for Loan
- Apply 1) online: 2) in-person at a disaster center: or 3) by mail.
- Apply online at the SBA’s secure website
- As a business of any size, you may borrow up to $2 million for physical damage.
- As a small business, small agricultural cooperative, small
business engaged in
aquaculture, or private non-profit organization you
may borrow up to $2 million for Economic Injury.
- As a small business, you may apply for a maximum business
loan (physical and EIDL) of $2 million.
- As a homeowner you may borrow up to $200,000 to repair/replace your disaster damaged primary residence.
- As a homeowner or renter, you 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 the necessary information needed to reach a loan determination. Our goal is to arrive at a decision on your application within 2-3 weeks.
Loan Closed and Funds Disbursed
- SBA will prepare and send your Loan Closing Documents to you
for your signature.
- Once we receive your signed Lone Closing Documents, an initial disbursement will be made to you within 5 days:- physical damage:
-Economic injury (
-$25,000 (in addition to the
Physical damage disbersement)
- A case manager will be assigned to work with you to help you meet all loan conditions. They will also
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 FFWFadditional insurance proceeds.
Protecting Your Business
- iMpact Guide: Protect Your Business Today and Get Ready for Recovery
- Centers for Disease Control (CDC) COVID-19 Home Page
- Utah Coronavirus Taskforce up to date information and resources
Supply Chain Disruptions
- iMpact Checklist: Supply Chain Disruption Planning
- Institute for Supply Management (ISM) Coronavirus Resource Center
- FDA Statement – Coronavirus (COVID-19) Supply Chain Update
- FedEx International Trade Bulletins
- DB Shenker Customer Advisory on COVID-19
- Trendforce Analysis of COVID-19 Impact on High-Tech Industry
- White House Critical Spares
- Utah Department of Workforce Services: WHAT TO DO IF COVID-19 IMPACTS YOUR EMPLOYMENT, Unemployment Insurance, Office of Child Care, Food Assistance and Energy Assistance
- John Hopkins COVID-19 Dashboard
- McKinsey & Company – COVID-19: Implications for Business
- RaboResearch – Economic research article: Coronavirus: Outbreak of uncertainty
- RaboReseach – Economic research article: Global Economic Outlook: COVID-19 has taken a hold of the global economy
- We weren’t ready for a pandemic. We better be ready for a cyberattack. Washington Post Article, March, 12,2020
- Coronavirus and Cybersecurity: Remote Workforce Risks to Track, Secureworldexpo.com March 12, 2020