The Governor’s Office of Economic Development (GOED) has announced the Utah Covid-19 Commercial Rental Assistance Program, which grants $40 million in rental relief to Utah small businesses that have lost revenue as a result of measures taken during the pandemic to minimize the public’s exposure to COVID-19.
BASIC DETAILS:
- Grants awarded up to $10,000 per applicant (note: applicants will receive between 25% to 100% of their total lease for a single month of its business based on a formula which takes into account the company’s loss of gross revenue and whether the company received funds from the CARES Act PPP Program).
- 1st-come, 1st-serve (the program will only remain open until all funds are used).
- Fast Distribution of funds (GOED will start dispersing funds on Friday, May 15th).
ELIGIBILITY – you must:
- Have a current lease on commercial property in the state of Utah
- Claim Utah as their principal place of business
- Be in operation with fewer than 100 employees on Feb. 15, 2020
- Demonstrate at least a 50% loss of gross monthly revenue after March 1, 2020, as a direct result of the COVID-19 pandemic
- Not received funds from the COVID-19 Agricultural Operations Grant Program (funded with federal CARES Act monies)
REQUIRED INFO / DOCUMENTATION:
- Company legal name, address and contact information
- Legal company representative’s name and contact information
- Disclose whether or not you have applied for or received funds from the CARES Act Paycheck Protection Program managed by the U.S. Small Business Administration
- Profit & Loss statement for February 2020
- Profit & Loss statement for the 4 week period of revenue loss
- Two most recent state or federal tax returns
- Profit & Loss statement for 2019 and the four months immediately preceding the day of application submission
- Current lease/rental agreement
- Documentation of most recent lease/rental payment
- Signed W-9
Apply – HERE!
2-STEP APPLICATION:
1) Set-up a username and password with the GOED application system (Note: it can take up to 24-hours to receive credentials to access the system).
2) Log in to complete the application and upload supporting documentation (Note: IF you applied for the GOED Bridge Loan in March or April, you can use the same access credentials and apply directly at the link below).
Other FAQs:
Note – Applicants who did NOT received PPP funds:
Grant amounts will be the lowest of 1) $10,000, 2) 100% of monthly rent with a monthly gross revenue loss of 71% or more, or 3) 50% of monthly rent with a monthly gross revenue loss between 50% and 70%.
Note – Applicants who DID received PPP funds:
Grant amounts will be the lowest of 1) $5,000, 2) 50% of monthly rent with a monthly gross revenue loss of 71% or more, or 3) 25% of monthly rent with a monthly gross revenue loss between 50% and 70%.
NEED OTHER BUSINESS CAPITAL / FINANCE OPTIONS?
CLICK HERE FOR MORE INFO!
IMPORTANT TIPS: 1) Document all payroll costs, and 2) Create line items for each Covid-19-related expense (i.e., time spent on extra meetings, additional supplies purchased, increased cost of benefits. technology-related coping expenditures, etc.).
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