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.

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.).