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Resources and Funding Options
UTAH COVID GRANT INFORMATION
The state maintains a COVID-19 information and resource hub at coronavirus.utah.gov. All the state resources and coronavirus data are included on the site.
Visit https://coronavirus.utah.gov/b... to view grant and economic resources.
Utah Shop Local
This $25 million initiative provides grants to businesses negatively impacted by the COVID-19 pandemic. To qualify for this "Shop In Utah" grant, businesses must offer a discount or other offer with an estimated value to consumers of at least 50% of the grant amount. GOED must award at least 75% of grant funds to Utah small businesses (companies with 250 or fewer full-time employees).
The 2nd round of the "Shop in Utah" grant has opened. $24 million in grant money is available for round two. For more information and to apply, please visit the Utah Governor's Office of Economic Development website.
Utah Create Local
The Cultural Assistance Grant Program, known as "Create In Utah," was approved in H.B. 5010 by the Legislature during its June 18 special session. It provides $9 million in grants to cultural, artistic, botanical, or zoological organizations with annual budgets of more than $5 million. The funding, which comes from the federal CARES Act, is targeted for programs that boost tourism and help local economies recover.
For more information or to apply, visit the Utah Division of Arts & Museums' website.
Utah Commercial Rent Assistance
The COVID-19 Commercial Rental Assistance Program was created on April 30, 2020, when Gov. Herbert signed S.B. 3006. The program, managed by the Governor's Office of Economic Development, grants $40 million in rental relief to Utah small businesses that have lost revenue as a result of measures taken during the pandemic to minimize the public's exposure to COVID-19.
Utah Stay Safe
This $5 million initiative, called "Safe In Utah," provides grants to businesses to improve workplace safety for workers and customers during the COVID-19 pandemic through measures such as personal protective equipment (PPE) purchases, workplace redesigns, signage, and technology solutions that allow for distance working. The grants are capped per business at the lower amount of 1) $100 per full-time equivalent employee, or 2) the actual expenses a company incurs in taking these health and safety measures. GOED must award at least 75% of grant funds to small businesses.
Learn & Work in Utah
This $9 million initiative, called "Learn & Work In Utah," provides training for workers displaced due to COVID-19 by funding GOED's Utah Works program within Talent Ready Utah. This initiative includes support for the Utah System of Higher Education's Custom Fit program and several other workforce training programs to provide education and training to displaced workers. Talent Ready Utah and the Utah System of Higher Education are responsible for "Learn & Work In Utah."
Those who are interested in learning more or signing up will be able to do so after the first week in August. At that point, there will be an online dashboard that will lead residents to the programs offered by Utah tech colleges, community colleges and universities.
As part of the program, the Department of Workforce Services will create a dashboard to identify unemployment and job opening trends to match workers with job opportunities.
More information is available in this press release (7/10/20).
COVID - 19 Business Manual
The COVID-19 Business Manual is a step-by-step plan from the Utah Department of Health to protect your business and prevent the spread of COVID-19. The document helps you look at how your company operates and build a plan to make your worksite healthier. You can use this guide throughout the pandemic, no matter what color of the Utah Color-Coded Health Guidance your community's in. The manual has up-to-date recommendations from the UDOH, CDC, OHSA, and U.S. Department of Labor.
Tourism COVID - 19 Recovery
This $12 million initiative directs the Utah Office of Tourism, housed within GOED, to respond to the health emergency through state and regional marketing to increase tourism throughout the state. The Office of Tourism is authorized to work with national parks on transportation solutions to facilitate the quality and accessibility of the visitor experience and other activities intended to stimulate tourism throughout the state.
GOED Bridge Loan (Phase 1)
Applications Open 3/31/2020 (8AM)
Applications Close 4/3/2020 (Noon)
Utah-based small businesses with 50 or fewer employees impacted by the COVID-19 pandemic may apply for a new bridge loan program offered by the Utah Governor's Office of Economic Development (GOED).
The Utah Leads Together Small Business Bridge Loan program uses approximately $8 million in repurposed state economic development funds. Additionally, the Utah Department of Workforce Services has contributed $500,000 to the program.
Loan amounts range from $5,000 to $20,000 with 0% interest for up to a 60-month period. Loans cannot exceed three months of demonstrated operating expenses. Loan payments are deferred for 12 months, and GOED will use at least 25% of the program funds to support rural Utah businesses.
There are guidelines, eligibility requirements and required information that must be submitted with applications.
The following are some highlights, but please refer to utahgoed.info/loan for complete details.
Criteria Highlights
Businesses must be established and licensed before January 1, 2020, and in good standing with the Utah Division of Corporations and Commercial Code (will be verified here).
Applicants must have employees on their payroll for whom they have had payroll taxes withheld (i.e., W-2 employees).
Applicants must provide six months pro-forma of estimated lost revenue or other documented loss evidence.
Eligibility Highlights
Businesses that have experienced severe economic impact due to the COVID-19 pandemic.
Businesses that can demonstrate a multiplier impact on other industries.
Businesses that play a key role within a strategic state supply chain.
GOED will determine the eligibility of applicants. Applying is not a guarantee of funding.
Requirement Highlights
Financial statements: profit and loss, and balance sheet statements for the previous year, and most recent quarter or month.
Last year's business state of Utah tax returns (2019 or 2018).
A copy of the business lease agreement or mortgage statement for the business location.
Utah small businesses can apply for the Utah Leads Together Small Business Bridge Loan starting on March 31, 2020, closing April 3, 2020.
This will be a 2-phase program, possibly 3-phase. Phase 2 information will be forthcoming.