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Economic Stimulus Package Signed
Congress has allocated $310 billion to the Payroll Protection Program (PPP), which can cover 2.5 times your average monthly payroll, and can also be used to cover mortgages, leases and utility expenses. The amount of that loan used for payroll may be forgiven, effectively making it a grant. These loans are made through a local lender, like a bank or credit union, or an online lender. If you have already submitted an application it will still be in the queue and considered for funding.
The SBA Economic Injury Disaster Loan (EIDL) has been funded with an additional $60 billion. The EIDL is a loan of up to $2 million, with up to $10,000 of that eligible for forgiveness (effectively making it a grant). This amount is intended to pay fixed debts, payroll, accounts payable and other bills. These loans are made directly through the SBA. You can apply at www.sba.gov/disaster. If you have already submitted an application it will still be in the queue and considered for funding.
We encourage you to apply for funding as soon as possible. These programs are in high demand and funds may go quickly.
For more information on SBA loans, contact UOT Destination Development Specialist Flint Timmins fdtimmins@utah.gov
You can find more business relief information as well as all the State’s COVID-19 resources at coronavirus.utah.gov
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