The $484 Billion Interim Economic Stimulus Package was passed by Congress and signed into law by President Trump on April 24, 2020.

On April 29, from 4:00 pm – 11:59 EDT, the Treasury and the Small Business Administration (SBA) announced they will temporarily shut out big banks from the electric application loan portal, ensuring the smallest lenders receive access to the PPP loan program. All businesses that currently have applications pending with big banks are still being considered.

Highlights include another $310 billion to replenish the Paycheck Protection Program (PPP) for small businesses impacted by the COVID-19 pandemic and $60 billion to supplement the Economic Injury Disaster Loan (EIDL).

The Small Business Administration (SBA) will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EDT from approved lenders on behalf of any eligible borrower. It is highly recommended that eligible Utah companies apply for these resources if they have not done so already.

CARES Act

The President signed the CARES Act, a $2 trillion aid program to provide emergency assistance and health care response for individuals, families and businesses affected by the 2020 coronavirus pandemic. Click here to learn how the CARES Act will benefit you.

U.S. Small Business Administration (SBA)

Congress is actively working to get additional funding appropriated, and the Utah Congressional Delegation is actively involved in those efforts. We fully expect Congress to act to appropriate additional funding while recognizing that this delay in funding is putting additional pressure on small businesses.

Please note that the SBA’s Express Bridge Loan and Debt Relief programs are still accepting applications. This is a developing situation and we will keep our readers updated as funding potentially comes back online.

For more information, visit the SBA website. For any questions or requests for assistance, Utah businesses are encouraged to reach out to the rapid response team here.

Paycheck Protection Program

What is it? The Paycheck Protection Program is a cornerstone of aid offered to provide small business loans on favorable terms to borrowers impacted by the current state of economic uncertainty. Specifically, the program is designed to help small businesses keep their workforce employed. The new loan program will be available retroactive from February 15, 2020 , so employers can rehire their recently laid-off employees through June 30, 2020 .

Who is eligible? All small businesses, including nonprofits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries.

More details: SBA.gov/Coronavirus Maximum loan amount up to $10 million Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs) All loans under this program will have the following identical features: Interest rate of 1% Maturity of 2 years First payment deferred for six months 100% guarantee by SBA No collateral No personal guarantees No borrower or lender fees payable to SBA Here’s a Paycheck Protection Program Loan FAQ from the Small Business Administration (updated 4/6/20).

Utah lenders: Complete listings of Utah banks and credit unions authorized to participate in the U.S. Small Business Administration’s Paycheck Protection Program (PPP) are available at utah.bank and utahscreditunions.org. Divvy, a Utah fintech company, has partnered with New Jersey-based Cross River Bank to help companies access U.S. Small Business Administration Paycheck Protection Program funding. Learn more here

Complete listings of Utah banks and credit unions authorized to participate in the U.S. Small Business Administration’s Paycheck Protection Program (PPP) are available at utah.bank and utahscreditunions.org. Current SBA lenders can be identified here

Here’s a Paycheck Protection Program FAQ from the Utah COVID-19 Economic Response Task Force.

There are three ways to submit questions to the SBA Rapid Response Team SBA Utah Email: utahgeneral@sba.gov SBA Utah Phone: (801) 524-3209 Rapid Response Team inquiry submission form



Debt Relief

What is it? SBA will pay the principal and interest to banks on behalf of businesses for current SBA loans and new loans issued up until 9/27/20. Businesses should ask their lender for this relief. SBA will be issuing guidance in less than 30 days. Note – This includes SBA export financing programs (i.e. EWCP, Export Express, and the International Trade Loan).

Who is eligible? Existing SBA Disaster Loans (home and business), payments of these loans have been automatically deferred by the SBA.

Economic Injury Disaster Loan

On May 4, 2020, the U.S. Small Business Administration (SBA) announced that agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. SBA’s EIDL portal will reopen today as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. Eligible agricultural businesses must have 500 or fewer employees.

For the full press release issued by the SBA, click here.

What is it? The SBA’s Economic Injury Disaster Loan program provides small businesses and agricultural businesses with working capital loans of up to $2 million that can provide vital economic support to businesses to overcome the temporary loss of revenue they are experiencing. You apply through the SBA.

Who is eligible? Small business owners (≤500 FTEs) and agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19.

More details: SBA.gov/Disaster Reminders: There’s no immediate deadline to apply. There’s no fee to apply. No credit card information is required.

Contact: Utahgeneral@sba.gov or 801-524-3209 for specific questions .

Streamlined Process: Access the new EIDL website here: https://covid19relief.sba.gov/#/

Here’s a guide and checklist from the U.S. Chamber of Commerce to help your small business through the process and view this interactive map to show the aid available to small businesses on a state-by-state basis.

A top-line overview of the program can be found here .

If you’re a lender, more information can be found here .

If you’re a borrower, more information can be found here .

The application for borrowers can be found here.