Emergency Financial Checklist for Businesses Impacted by COVID-19

Starting on March 31, 2020, 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 GOED (@BusinessUtah).

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 (@JobsUT) has contributed $500,000 to the program.

Small business loan amounts range from $5,000 to $20,000 with 0% interest for up to 60 months. Loans cannot exceed three months of demonstrated operating expenses. Loan payments are deferred for 12 months, and GOED will use a minimum of 25% of the program funds to support rural Utah businesses.

Click here to find out more and apply: utahgoed.info/loan

Is your business hurting during this time? Apply for a SBA Disaster Assistance Loan to help through this difficult time. These loans can cover both physical damage during a declared disaster and economic injury from the effects of the Corona Virus slowdown. Click here to apply and find out more: https://www.sba.gov/funding-programs/disaster-assistance

Here is more information and a guide to help apply for the SBA Disaster Assistance Loan: https://www.utahmicroloanfund.org/blog/sbadisasterloanfaq

Additional Resource:

CARES Act: PPP loans and EIDL loans, from the Small Business Administration

Grants: Covid-19 Business for All grants from Silicon Valley Bank and eBay Foundation

Verizon’s Small Business Recovery Fund

Salesforce Care Small Business Grants

Guy Fieri and the National Restaurant Association’s Restaurant Relief America

Spanx CEO Sara Blakely’s Red BackPack fund in partnership with Global Giving for female founders

Pausing or temporarily close down your business to cut costs so you can reopen post shutdown

Department of Labor:

This link provides guidance from DOL regarding the paid sick and family leave requirements under the Family First Coronavirus Response Act: https://www.dol.gov/newsroom/releases/whd/whd20200324. Here is an FAQ section that we feel is helpful as well: https://www.dol.gov/agencies/whd/pandemic/ffcra-questions.

Utah Microloan Fund explanation and and helpful information when applying: https://www.utahmicroloanfund.org/blog/sbadisasterloanfaq

Learn to create opportunities during this difficult time. Here are 4 strategies from Garrison Growth to help you find clarity and possibly growth. https://www.youtube.com/watch?v=w5Afc5IJICg

Utah SBDC Resources for Covid-19: https://utahsbdc.org/covid-19/

Utah.gov has a list of resources for businesses affected by the Corona Virus: https://coronavirus.utah.gov/business/

SLCC.GOV resources and FAQ for safety and prevention during the outbreak of Corona Virus (Covid-19): https://www.slc.gov/mayor/covid-19/

The United Way Community Response Fund is available to those that cannot make mortgage or rent payments, those that need housing, or vulnerable individuals that need access to healthcare services: https://uw.org/covid19-community-fund/

Here are a list of possible jobs from the Department of Workforce Services to help with those laid off or underemployed during this time: https://jobs.utah.gov/covid19/index.html

Salt Lake Valley Covid-19 Mutual Aid Facebook Page and Apply for Assistance: https://www.facebook.com/covid19mututalaidslc/

SLCC is actively engaged in keeping students, employees, and the community safe. Here is a list of trainings, reporting tools, and safety reports to help: http://www.slcc.edu/safe/