As a city, we recognize that efforts to stop the coronavirus pandemic have created unprecedented challenges for many local businesses. To help, we have compiled a list of resources below. A condensed, easy-to-read summary of many of the resources also is available at utah.coronavirus.gov. These resources are constantly changing as new information about the coronavirus is received. The City of Taylorsville will work to update these resources and provide new information as they are made publicly available.
Also, beware of scams. There are no fees associated with applying for the COVID-19 small business federal relief programs, including Paycheck Protection Program, Economic Injury Disaster Loan Program, SBA Express Bridge Loans, and SBA Debt Relief. See these tips from Salt Lake County Regional Development.
Business Resources and Information
Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. CARES allocated $350 billion to help small businesses keep their employees by providing 100% federally guaranteed loans to small businesses. In some instances, these loans may be forgiven. Congress has provided a checklist to help you navigate these loans.
The federal stimulus package is aimed at helping small businesses cover monthly expenses like payroll, rent and utilities. Loans would not have to be repaid if businesses maintained their workforce. The eight weeks of assistance would be retroactive to Feb. 15, 2020, to help bring back workers who have already been laid off.
See also What the CARES ACT means for Utah.
While SBA is currently unable to accept new applications for the Paycheck Protection Program and Economic Injury Disaster Loan based on available appropriations funding, other assistance is available. The SBA's Enhanced Debt Relief, for instance, automatically pays the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months. The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to Sept. 27, 2020.
Traditional SBA lending options, also are still available. The 7(a) loan program is the SBA's primary program for providing financial assistance to small businesses. The terms and conditions, like the guaranty percentage and loan amount, may vary by the type of loan.
SBA provides local assistance via 68 district offices and a nationwide network of resource partners. Find Taylorsville-area resources here.
Businesses with 50 or fewer employees can apply to receive loans of $5,000 to $25,000 with 0% interest for a 60-month period. The state has repurposed $8 million in state economic development funds to provide the loans. Additionally, the Utah Department of Workforce Services has contributed $500,000 to the program. Loan payments will not be required for the first 12 months, and loans cannot exceed three months of demonstrated operating expenses. Applications for the first cycle of the Bridge Loan Fund are currently being evaluated. The next cycle for applications begins on April 13.
Other agencies and their websites that may be of help to your business include:
|State of Utah|
|Utah Workforce Services|
|Salt Lake County|
|U.S. Small Business Administration|
|Utah Apartment Association|