Grow Your Business in Utah

“Shop in Utah” Grant

The COVID-19 Impacted Businesses Grant Program or “Shop In Utah” grant will provide $25 million primarily to small businesses negatively impacted by the COVID-19 pandemic (75% will go to businesses with less than 250 employees). The grant is administered through The Utah Governor’s Office of Economic Development (GOED).


GOED logo

APPLY HERE!


Completed applications are accepted on a first-come, first-served basis and do not guarantee funding. The application window will only remain open as long as grant funds are available, so act fast!


Eligibility Requirements:

  • Have been in operation on March 1, 2020.
  • Have employees physically located in Utah.
  • Have experienced a revenue decline related to COVID-19.
  • Offer a discount or other financial incentive with an estimated value to customers of at least 50% of the total grant amount (discounts, coupons, or other offers).
  • Establish that the use of funds will benefit the state economy.
  • Not receive funding from the COVID-19 Cultural Assistance Grant program (“Create In Utah” grant)


To determine the specific grant amount, business owners must first calculate their total lost revenues. Then businesses must provide a “Shop In Utah” customer discount or promotion to cover at least half of their total lost revenues.

For example, if a qualifying Utah business has lost $20,000 in revenue since the coronavirus pandemic began, it could create a discount or promotion worth a total of $10,000 in savings to its customers to qualify for and claim a “Shop In Utah” grant worth $20,000!


Required Documentation:

  • A completed and signed W-9
  • A Profit & Loss statement for March to June 2019 if the business began operating before July 1, 2019; or a February 2020 Profit & Loss statement if the business began operating on or after July 1, 2019
  • A Profit & Loss statement for March to June 2020
  • A plan that includes a budget for the financial incentive offer to customers; the budget must establish how the funds will be spent before December 30, 2020

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 previous GOED COVID-19 grant programs, please use this application link and the same access credentials)



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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Small Business Impact Grant

Small Business Impact Grant

The Small Business Impact Grant (SBIG) is a COVID-19 relief program for small businesses in Salt Lake County. A total of $40 million will be dispersed!


Small Business Impact Grant - logo and link

ELIGIBILITY PRE-SCREENING: APPLY HERE!


This one-time Grant of up to $35,000 per applicant will be awarded to eligible businesses applying for funding. Applications will be accepted until all of the funds are exhausted.


ELIGIBILITY REQUIREMENTS – Businesses must:

  • Be based in Salt Lake County
  • Employ fewer than 100 employees
  • Not have already received federal, state or local COVID-19 financial aid
  • Provide documents verifying your financial loss
  • Have operated prior to Jan. 1, 2020
  • Be primary industries impacted directly by public health order closures (see below)

Small Business Funding

Qualifying Businesses May Include:

Businesses that can apply for the Small Business Impact Grant

How do I get small business funding?

HOW TO APPLY:

Small Business Impact Grants - How to Apply

ELIGIBILITY PRE-SCREENING: APPLY HERE!



REQUIRED DOCUMENTS INCLUDE:

Small Business Impact Grants - Required Documentation part 1
Small Business Impact Grants - Required Documentation part 2

Supporting Small Businesses

Biznis Resource has your back!

NEED OTHER BUSINESS CAPITAL / FINANCE OPTIONS? CLICK HERE!


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GOED Rental Assistance Grants

Utah Commercial Rental Assistance Program

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.


UT Governor's Office of Economic Development
Salt Lake City, UT

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.).

FREE CONSULTATION – BIZNIS CAPITAL / FINANCE
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SBA + CARES Act Loans

Apply for BOTH the SBA EIDL and CARES Act Loans!

YES, you can apply for BOTH! Aside from disclosing that you’ve already applied for a government loan, such as the SBA EIDL loan, you simply have to earmark and use the monies from each loan for DIFFERENT purposes to qualify for LOAN FORGIVENESS!

For instance, use the SBA EIDL Loan for Payroll expenses and the CARES Act loan for other fixed expenses! That way there is no crossover, and you’ll be eligible for BOTH (document everything)!

Note: The rules have been changing daily with the CARES Act loan, so it’s still possible something could change. The worst case scenario is that the SBA EIDL loan could be converted into the even better / more favorable CARES Act loan!

Apply to BOTH, because the funds will soon run out! It IS possible for the government to extend the loans (add monies) later, but we don’t know if that will happen.

Need help? Don’t hesitate to ask. Biznis Resource has your back!

OTHER BUSINESS CAPITAL / FINANCE OPTIONS – CLICK HERE!

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.). Doing so will make it clean and easy to request / receive loan forgiveness and tax exemptions down the road!

The Consultation is FREE, so there’s absolutely no risk!

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#BusinessLoans #businessfinance #SBA #CARESAct #EIDL

Utah's Governor's Office of Economic Development Loan

Utah Leads Together Small Business Bridge Loan Program

The Utah Governor’s Office of Economic Development (GOED) is now offering a “Bridge” loan for Utah’s Small Businesses and Non-profits (501(c)3s)! The program utilizes $11MM in repurposed state economic development funds. The GOED has indicated that Non-profits may apply in the second-round. Additionally, GOED will continue to allocate 25% of the funds for rural Utah businesses!

Utah Governor's Office of Economic Development
Governor Gary Herbert

The first round of applicants (March 31-April 3) has closed, and applicants will likely be notified via email on April 8th. The second round of applications will be received from April 13 (8 a.m.) to April 16 (noon) MDT! Eligible / Unsuccessful applications from the first round will be automatically considered in the second round! Applicants with insufficient documentation from the first round should provide additional documentation to become eligible in the second round (there’s no need to reapply)!

LOAN REQUIREMENTS:

  • Businesses / Non-profits with 50 or fewer employees.
  • Businesses / Non-profits established and licensed before January 1, 2020.
  • Businesses /in good standing with the Utah Division of Corporations and Commercial Code (will be verified HERE).
  • Businesses must have employees on their payroll for whom they have had payroll taxes withheld (i.e., W-2 employees).
  • Businesses must provide six months proforma of estimated lost revenue or other documented loss evidence.
  • No collateral requirements!
  • Non-profits may apply in the second round.

Required Documents:

Preference may be given to:

  • Businesses that have experienced severe economic impact due to the COVID-19 pandemic (see below).
  • Businesses that can demonstrate a multiplier impact on other industries.
  • Businesses that play a key role within a strategic state supply chain.
  • Businesses that pay above-county-average wages.
  • Businesses that employ full-time workers.
  • Businesses whose complete application demonstrates solvency before the current economic crisis.

APPLY HERE!

LOAN TERMS / DETAILS:

  • Loans range from $5,000 to $20,000!
  • 0% interest!
  • 60-month period!
  • Loan payments will be deferred for 12 months!
  • Loan amounts shall not exceed three months of demonstrated operating expenses!
  • Loan monies may only be used for:
  1. Working Capital for Payroll Expenses
  2. Rent / Lease / Mortgage payments
  3. Utility Expenses (or other similar expenses that occur in the ordinary course of operations)
  • Note: Receiving other forms of emergency funding does not disqualify applicants from receiving loan funds through this program (but companies must disclose if they have applied for emergency funding from other sources).

To demonstrate financial stress or disrupted operations, businesses may provide:

  • Notices from tenants closing operations and not paying rent caused by loss of income.
  • Notice of inability to pay rent or make loan payments due to reduced sales or suspended operations.
  • Increased costs related to COVID-19 prevention measures.
  • Notice of disrupted supply network leading to a shortage of critical inventory or materials.
  • Other circumstances subject to review on a case-by-case basis.

APPLY HERE!

The GOED will determine the eligibility of all applicants who submitting to participate in the program (applying is not a guarantee of funding). Applicants will be notified by the GOED of their loan status via email.

Supporting Small Businesses

Need help? Don’t hesitate to ask. Biznis Resource has your back!

OTHER BUSINESS CAPITAL / FINANCE OPTIONS – CLICK HERE!

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.). Doing so will make it clean and easy to request / receive loan forgiveness and tax exemptions down the road!

The Consultation is FREE, so there’s absolutely no risk!

FREE CONSULTATION – BIZNIS CAPITAL / FINANCE
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#disasterrelief

#businessloans

CARES Act Payroll Relief Program

CARES Act Payroll Protection Program (PPP)

The CARES Act Paycheck Protection Program (PPP) is allocating $349 Billion to help small businesses that have been “substantially affected by Covid-19” (i.e., supply chain disruptions, staffing challenges, a decrease in sales and / or customers, etc.).

In addition to the loan, the CARES Act will grant Loan Forgiveness for up to 8 weeks between now and June 30, 2020 (see details below) for maintaining employees / payrolls during the crisis.

CARES Act - PPP Loans

It is recommended that you apply through your regular lending institution / bank. If you are a member of a credit union that is not SBA-approved, you may apply below.

APPLY HERE!

ONLY REQUIREMENTS:

  • Less than 500 employees
  • Established business before February 15, 2020

Businesses do NOT need to provide:

  • Credit Score!
  • Cash Flow Analysis!
  • Tax Returns! (although Tax Form 941: Quarterly Payroll may be the easiest / best way to document / demonstrate payroll costs)

CARES Act Details:

  • Employers can apply on Friday, April 3rd (including Sole Proprietors)!
  • 1099 Workers can apply on Friday, April 10th (including Freelancers and Gig Workers)!
  • Fixed Interest Rate of 0.5% (and no prepayment penalty with 6 months interest-only)!
  • Maximum 10-year loans after deferment (6-12 months)!
  • Loan Amount = 2.5 times the average cost of payroll!
  • Loan Forgiveness up to 8 weeks!
  • Must Apply for Loan Forgiveness at a later date (to demonstrate proper use of funds)!

Loan Forgiveness funds may ONLY be used for:

  • Payroll costs
  • Rent / Lease / Mortgage payments
  • Mortgage Interest payments
  • Utility payments
  • Other debt incurred prior to 2/15/2020

It is recommended that you apply through your regular lending institution / bank. If you are a member of a credit union that is not SBA-approved, you may apply below.

APPLY HERE!

Important Notes:

  • Businesses can factor the average salaries and wages of all of their employees!
  • Businesses can only factor the salaries of higher-paid employees up to $100K / year.
  • Businesses can factor the average earnings of 1099 employees!
  • Businesses can let employees go and still qualify for a CARES Act loan, but it will negatively impact (reduce) their loan forgiveness amount.
  • Businesses can still apply for a CARES Act loan even if they have applied for other government loans, such as the SBA Disaster Relief Loan, but it may impact the loan amount!
  • Business can qualify for loan forgiveness with both EIDL and the CARES Act IF the funds are used for different purposes (i.e., payroll expenses with the EIDL and other fixed expenses with CARES)!
  • Business owners may apply for a CARES Act loan for each business they own!
  • Businesses may not apply for a CARES Act loan more than once for the same business (i.e., via different lenders).
  • Restaurants and Hotels may apply for a unique CARES Act loan for each separate location!

Need help? Don’t hesitate to ask. Biznis Resource has your back!

OTHER BUSINESS CAPITAL / FINANCE OPTIONS – CLICK HERE!

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.). Doing so will make it clean and easy to request / receive loan forgiveness and tax exemptions down the road!

The Consultation is FREE, so there’s absolutely no risk!

FREE CONSULTATION – BIZNIS CAPITAL / FINANCE
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Re-source today with Biznis Resource… the better, easier way!

#disasterrelief

#businessloans

#loanforgiveness

#CARESact

Emergency Small Business Funding Options & Tips

Small Business Funding Options / Tips

Are your business accounts tight? You’re not alone! The pandemic, economic crisis, and even natural disasters are causing small businesses, non-profits / organizations, and schools everywhere to scramble for help. Biznis Resource can help!


GREAT / RECENT FUNDING OPTIONS:

  • UT Governor’s Office of Economic Development (GOED) Utah Leads Together “Bridge” loans: .00 Interest, 5-year loans, up to $20K and DEFERRED LOAN PAYMENTS (Learn More / Apply HERE)!
  • CARES Act loans: .05 Interest, 10-year loans, 2.5x monthly payroll costs and EIGHT WEEKS LOAN FORGIVENESS (Learn More / Apply HERE)! Please let them know that Biznis Resource referred you.
  • SBA Economic Injury Disaster Relief (EIDL) loans: .0375 Interest, up to 30-year loans, up to $25K (without collateral) and $10K LOAN FORGIVENESS! (Learn More / Apply HERE)!
  • Collateral-based Small Business Loans: 75 lenders, NO credit pull, and funding within 48 hours (Learn More / Apply HERE)!
  • Business Credit / Revolving Loans: Establish business credit and secure at least $50K within 90 days for only $5K (Learn More / Apply HERE)! Please let them know that Biznis Resource referred you.
  • Small Business Private Investors: Secure LOCAL, PRIVATE INVESTORS with the help of Biznis Resource! (Learn More / Apply HERE)!

OTHER GREAT FUNDING OPTIONS:

Best Small Business Loans of 2020
CLICK HERE / ABOVE TO LEARN MORE (U.S. News & World Report, re-published March 9, 2020)

Need help? Don’t hesitate to ask. Biznis Resource has your back!


NEED OTHER BUSINESS CAPITAL / FINANCE OPTIONS?

CLICK HERE!


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.). Doing so will make it clean and easy to request / receive loan forgiveness and tax exemptions down the road!

FREE CONSULTATION – BIZNIS CAPITAL / FINANCE
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Name:

The Consultation is FREE, so there’s absolutely no risk!

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SLC Emergency Loan Program

SLC Emergency Loan Program

SLC is now offering their own Emergency Loan Program for small- to medium-size businesses!

LEARN MORE / APPLY HERE

Need help? Don’t hesitate to ask. Biznis Resource has your back!

OTHER BUSINESS CAPITAL / FINANCE OPTIONS – CLICK HERE!

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.). Doing so will make it clean and easy to request / receive loan forgiveness and tax exemptions down the road!

The Consultation is FREE, so there’s absolutely no risk!

FREE CONSULTATION – BIZNIS CAPITAL / FINANCE
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Name:
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Re-source today with Biznis Resource… the better, easier way!

SBA

Economic Injury Disaster Loans (EIDL)

The Small Business Administration (SBA) has announce the Economic Injury Disaster Loan (EIDL), which allows for up to $10,000 of Loan Forgiveness!


SBA

NOW is the BEST time to secure a Small Business Administration (SBA) loan! Unlike typical SBA Loans, you do not have to have a good credit score and collateral and positive cash flow (you only need one of the three)! Apply today, because the SBA Economic Injury Disaster funds will run out!


APPLY HERE!


TERMS of the SBA Economic Injury Disaster Loan (EIDL):

  • Long-term Loans (up to 30 years)!
  • Low-interest Loans (3.75% for Small Businesses & 2.75% for Non-profits)!
  • Loan Funds must be used for:
SBA Disaster Relief Loan Rules

DETAILS of the SBA Economic Injury Disaster Loan (EIDL):

  • Small Businesses and Non-profits may apply!
  • The Loan Application must be accurate, including: Contact info of all applicants, SS#s, EIN #s, and Insurance information.
  • The Loan Application and ALL documentation must signed by every Principal owning 20% or more of the business.
  • Required Documents (4) must be accurate and include:
  1. Form 4506-T
  2. IRS Form 8821
  3. Personal Financial Statement SBA Form 413
  4. Federal Income Tax return (most recent)
  • Online Submissions generally result in faster approvals.
  • The Loan deadline is 9 months after the disaster was declared (but may be extended).
  • Loans may take between 60 – 90 days to process.

Currently, the following counties in Utah are eligible for Disaster Relief: Salt Lake, San Juan, Summit, Utah, Wasatch, Washington, and Wayne.


US Small Business Administration Fact Sheet

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.).

FREE CONSULTATION – BIZNIS CAPITAL / FINANCE
Please enable JavaScript in your browser to complete this form.
Name:

The Consultation is FREE, so there’s absolutely no risk!

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Re-source today with Biznis Resource… the better, easier way!