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.).

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