COVID-19 Business Resources
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has been signed into law, providing over $2 trillion in federally-funded aid. Read a full summary of the legislation.
The Families First Coronavirus Response Act (FFCRA) has been adopted, effective April 1, 2020. This Act provides funding for programs and initiatives combating the spread and effects of COVID-19, as well as funding for employees and businesses impacted. Read a summary of the legislation.
The following resources are available to provide information and assistance to businesses during the COVID-19 outbreak. More resources and assistance are available at Utah’s Coronavirus Business webpage and at America's SBDC Webpage.
LOANS FOR SMALL BUSINESSES:
The Small Business Administration (SBA) has several loan options available to small businesses struggling due to the economic impacts of COVID-19:
The Economic Injury Disaster Loan Program allows small business owners to apply for a low-interest business loan to help cover the impact of COVID-19. Learn more or apply today. The Utah Governor's Office of Economic Development (GOED) has opened these loans to businesses throughout the state. More information here.
The SBA Express Bridge Loan lets businesses access an additional $25,000 in loans. These loans only apply to businesses that are currently involved with an SBA lender. More information here.
- The Utah Governor's Office of Economic Development is sponsoring a Small Business Bridge Loan Program. More information and application form.
- The Economic Development Agency (EDA) encourages small businesses to apply for their Revolving Loan Fund. This will be Granted through Mountain West Small Business Finance; small business owners can reach out to see if they qualify.
- The Federal Reserve is in the process of establishing the Main Street Business Lending Program to complement current SBA leading options. Check in on their site for more information and updates.
Funding and programs available through the SBA have been increased under The Coronavirus Preparedness and Response Supplemental Appropriations Act.
- Call Salt Lake County's Business Relief Hotline at 385-468-4011 for assistance navigating federal, state, and local relief options. This process is designed to be a bridge for those who do not have a close relationship with their lender.
BEST BUSINESS PRACTICES:
- The Center for Disease Control (CDC) is maintaining and updating a page specifically for businesses and employers. On here, you can find information on business practice recommendations, disinfecting your workplace and otherwise preparing for the impacts of COVID-19. Visit their webpage.
- OSHA has created several helpful posters and publications which outline the best practices for conducting business during pandemic situations: Protecting Workers During a Pandemic; Guidance on Preparing Workplaces for COVID-19; Prevent Worker Exposure to Coronavirus.
INFORMATION ON MANDATORY PAID SICK LEAVE:
Under the FFCRA, businesses with fewer than 500 employees must provide two weeks of paid time off for employees who are sick, quarantined, or providing care for a member of their household. More information on the exact provisions of this law.
Under the FFCRA, small business owners can seek tax credits that will cover the new paid time off policies.
Employers with fewer than 50 employees can apply for an exemption from the mandatory paid sick leave if paying these benefits would jeopardize their business.
INFORMATION FOR UPDATING ONLINE PRESENCE:
- StaySafeOnline provides helpful; tips for avoiding potential scams related to COVID-19. During disaster events, scam activity tends to increase as scammers take advantage of widespread panic. This is especially true, as many employers and employees transition to online-only work. Read helpful tips and information.
- Google has created a webpage to help small businesses update their online information to reflect new work hours and other COVID-19 changes. Visit their page.
SUPPORT SMALL BUSINESSES:
GoFundMe has created a webpage specifically devoted to assisting small businesses during the COVID-19 outbreak. Visit this webpage to donate or set up your own campaign today.