Update: SBA’s Economic Injury Disaster Loan Process Now Available
In partnership with Utah's congressional delegation, the state emergency management division, and the Utah Governor's Office, we are pleased to announce that all 29 counties in Utah are now eligible to apply for low-interest loans through the Small Business Administration. SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
While we recognize this loan program will not solve all of our economic challenges, it will serve as an effective tool for businesses affected by COVID-19. Additionally, Governor Herbert convened an economic council to discuss additional strategies to support local businesses. More information and recommendations will be forthcoming.
The terms of the SBA loans are as follows:
3.75% interest rate for small businesses
2.75% interest rate for non-profits
Repayment terms of up to 30 years
Questions regarding compliance with Summit County’s Heath Order?
Answer: Please call 435-333-0050
Frequently Asked Questions?
Does Summit County need to take any additional actions to move this program forward?
Summit County does not need to take any additional action regarding SBA at this time. Our office (DEM) and the Governor are working with SBA to get the Disaster Loan program declared and approved for counties within Utah. The declaration should be formalized in the next day or two. DEM will then send out information about the process for local businesses to apply with the SBA.