COVID-19 Updates for Businesses and Employees
October 20, 2020
As we cope with the impacts that COVID-19 is having on our lives, we must continue supporting small businesses and hardworking Utahns. There are loan programs and other support methods to keep businesses open and employees getting paid. Below are a few updates and opportunities to consider.
For any questions on the below information, please contact my office. We are here to help. You can email me through my website or call at (801) 999-9801.
Paycheck Protection Program (PPP) repayment deferral and streamlined application
Many Utah small business owners received PPP funds to keep their businesses afloat and employees on payroll. Recently, the repayment deferral period was expanded from six months to ten months for portions of the loan not otherwise forgiven. That means PPP borrowers now have ten months before they’re required to begin paying back their loans. Business owners can contact their PPP lenders to confirm the ten-month loan repayment deferral is in place. More information can be found on page 18 of the PPP FAQs.
Most businesses that received PPP loans are likely eligible for loan forgiveness. SBA recently released a further simplified loan forgiveness application for PPP loans of $50,000 or less. You can find that loan forgiveness application here and you can find application instructions here.
I’m pleased to see the PPP loan forgiveness application simplified from its original, much more complicated version. Streamlining this application process is something I fought for, so that hardworking Utah business owners can more easily have their PPP loans forgiven.
Small Business Quarantined Employee Grant Program
A new program from the Utah Labor Commission is using federal CARES Act funding to support businesses, employees, and the economy. It helps employers continue to pay their staff who must miss work due to COVID-19 illness, or for having been in contact with someone who has tested positive for the virus.
More information on eligibility and how to apply can be found on the Utah Labor Commission website.
New Revolving Loan Program for Utah Small Businesses
In another effort to help businesses stay afloat and to keep employees on payroll, the Utah Small Business Loan Fund is offering loans to eligible businesses to help combat the economic effects of COVID-19. The fund is available using federal CARES Act dollars to businesses adversely impacted due to the pandemic.
More information on eligibility and how to apply can be found on the Economic Development Corporation of Utah website.
I hope this information is useful to small business owners working hard to overcome the economic problems caused by COVID-19. Local businesses are crucial to our economy and jobs and are part of the fabric of our communities. We must do everything we can to help them survive this public health and economic crisis.
Again, for help navigating these programs and answering questions you may have, please contact my office.