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:

Economic Relief

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

The U.S. Small Business Administration (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. SBA disaster loans offer an affordable way for individuals and businesses to recover from declared disasters.

Step 1:
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
    disasterloan.sba.gov/ela.
  • 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.

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 the 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 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:
    -$25,000
    -Economic injury (
    workingcapital):
    -$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
    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 FFWFadditional 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