News Flash

Spotlight

Posted on: March 14, 2020

Low-Interest Loans Available for Small Businesses Negatively Affected by COVID-19

sba loans

MARCH 17 AFTERNOON UPDATE 
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

To apply for SBA loans, please click the following link: https://www.sba.gov/funding-programs/disaster-assistance  

MARCH 17 MORNING UPDATE
If you have not yet submitted a Worksheet: We have received the required number of worksheets to declare all counties within Utah.  We no longer need businesses to submit the Economic Injury Worksheets and ask that you wait for the official announcement from SBA to begin your loan application.  

If you submitted a Worksheet:  Thank you for supporting our efforts by providing a worksheet. They were a great help in showing the economic impacts in the State of Utah and in assisting the Governor in requesting the SBA disaster loan program.  

If you have questions about the SBA disaster loan program please contact the SBA disaster assistance customer service center.  Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.


March 14, 2020 UPDATE
The economic impacts associated with COVID-19 are already being felt by our business community.

In response to these impacts, the Governor’s Office of Economic Development has been working closely with the Small Business Administration (SBA) to secure low-interest loans for small businesses that have been negatively affected by COVID-19.

To secure these loan funds, the State needs to demonstrate a need for assistance from the small-business community. These businesses will need to complete the form below and submit it to Janna Wilkinson (Jannawilkinson@utah.gov) from Utah’s Department of Emergency Management. She will then process the form and send it directly to the SBA as part of the process of receiving loan funds for our small businesses.

Once Utah has secured a low-interest loan program from the SBA, small businesses will be encouraged to apply for funding through the following website: https://www.sba.gov/funding-programs/disaster-assistance

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