The Economic Aid Act
The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act is a $325 billion aid package providing additional assistance to the hardest-hit small businesses, nonprofits, and venues struggling to recover from the impact of the COVID-19 pandemic.
The act provides funding for a second round of forgivable loans through the Paycheck Protection Program for small businesses and nonprofits experiencing significant revenue losses, implements programmatic improvements to PPP, funds grants to shuttered venues, and enacts emergency enhancements to other U.S. Small Business Administration lending programs.
What To Do
Utah small business owners (including independent contractors) and nonprofits will be required to submit financial documentation and prove a revenue loss due to the coronavirus pandemic.
PPP funds are available on a first-come-first-served basis starting Jan. 13, so plan now to be ready to apply for assistance as soon as possible.
Teams at the organizations listed below are standing by to provide assistance, answer questions, and help with non-English-speaking resources.
Contact your existing bank to see if they are participating in the Paycheck Protection Program. If so, they can help you understand the program and get an application started as soon as possible.
Utah SBA Office
Business owners and nonprofit organizations should subscribe to the SBA Utah District Office newsletter and follow them on Twitter to receive the new programs’ latest information. You may also contact the Utah District Office at (801) 524-3209 or by email at firstname.lastname@example.org.
Utah’s COVID-19 Rapid Response Team
If you need assistance to understand and apply for a PPP or Disaster Loan, you can reach out to Utah’s COVID-19 Rapid Response Team. The team is trained to assist business owners, including sole proprietors and independent contractors, as they prepare for and navigate the new PPP application process. They can also provide referrals for professional services that can assist companies as they prepare their financials for a loan. Contact the Rapid Response Team by filling out this form in English or Spanish.
Utah Bankers Association
Applications for PPP support are available through corporate bankers. If you’re a nonprofit or small business and don’t work with a company banker, you could reach out to your personal banker to see what assistance their bank can provide. The Utah Bankers Association website provides resources and links to banks participating in the new PPP assistance program.
Questions? Attend the Upcoming Webinar
The Governor’s Office of Economic Development will host, with help from World Trade Center Utah and the Utah SBA District Office, a webinar on Jan. 11 at 5 p.m. to provide information on round two of the program. It can be viewed on GOED’s Facebook and YouTube channels live or following the webcast.
Learn more at coronavirus.utah.gov/business.