EIDLs are administered and approved by the U.S. Small Business Administration. EIDLs offer a bridge loan program of $10,000 to cover immediate costs and is forgiven if certain criteria are met. Apply at SBA.gov/disaster.
Important Update: $484 Billion Interim Economic Stimulus Package Signed
The Utah Economic Response Task Force is committed to providing Utah businesses with the most relevant and up-to-date information regarding the many Federal programs and resources available. The $484 Billion Interim Economic Stimulus Package was passed by Congress and signed into law by President Trump on April 24, 2020.
Highlights include another $310 billion to replenish the Paycheck Protection Program (PPP) for small businesses impacted by the COVID-19 pandemic and $60 billion to supplement the Economic Injury Disaster Loan (EIDL).
The Small Business Administration (SBA) will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EDT from approved lenders on behalf of any eligible borrower.
Please read below for additional information regarding these two programs. It is highly recommended that eligible Utah companies apply for these resources if they have not done so already.
Paycheck Protection Program (PPP)
The PPP is designed to help small businesses keep their workforce employed. Loans are backed by the SBA through local lenders and businesses should apply with an SBA-approved lending institution. Local lenders can be found at: utah.bank/advocacy/resources/covid-19/ppp-banks or utahscreditunions.org.
Economic Injury Disaster Loan (EIDL)
Identify Economic Resources for Your Business
To help Utah companies identify available resources to meet their needs, the Utah Economic Response Task Force has created a tool that determines the best federal, state, and local resources for your business.
For more information on federal resources, click here.
If you have questions regarding the SBA Paycheck Protection Program, the SBA Economic Injury Disaster Loan program, or other programs on this page, please submit a help request to the Utah Economic Task Force Rapid Response Team.