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Federal Resources through the SBA

Navigating all the different options for your business can be daunting. This page has information and links to loans and programs passed by the Federal Government in the CARES Act. 

 

Paycheck Protection Program facts 

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

  • Companies with 500 Employees and Contractors or fewer 
  • Can apply for up to 2.5 times average monthly payroll (Max of $10 million) 
  • 1% interest, no payments due for 6 months and 2 year terms 
  • Funds used to cover payroll, rent, mortgage interest, and utility costs for 8 weeks from loan date will be FORGIVEN if employee headcount is maintained 
  • Funds could be dispersed as early as next week
  • Addiontional detailed information here

To apply for PPP go to your local lender of choice. Applications will go through a bank or credit union. This money is first come first serve so we encourge you to apply quickly. 

Here is list of Local Lenders Providing PPP loans for businesses: 

America FirstCredit Union 
Mountain America Credit Union

Zions Bank
Bank of Utah
Grand Valley Bank

Economic Injury Disaster Loan 

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.

Quick Facts 

  • Need to apply through the SBA directly here
  • Terms 3.75% for up to 30 years, up to $2 million in loans  
  • Cannot be used for the same items the PPP loans 

CARES ACT Quick Guide

The President signed the CARES Act, a $2.2 trillion aid program to provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic. This quick guide is a good over view of what is contained in the act, as well as the organizations to contact for additional information.

From the information we are learning about this act is that many of these loan programs may be forgiven if the money is used for the intended purpose. Please review carefully. 

The CARES act has programs for: 

  • Paycheck Protection Program 
  • Recovery Rebates 
  • Expands Unemployment benefits and more

Download the Quick Guide Here

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