BUSINESS RESOURCES, UTAH CO. CARES GRANT PROGRAM & COVID-19 UPDATES
Dear Pleasant Grove – Lindon Chamber Members,
We know that many of you are worried about, and the impact of the coronavirus disease (COVID-19). This is taking a great toll upon our business community and hope we can work together to minimize this. We will continue to monitor the ongoing situation as well as encourage our communities to utilize our wonderful business community.
We have provided the above Information and links to help your businesses during this time. Please reach out to us if you have any questions or links you would like included.
We appreciate all our businesses and the wonderful service(s) they provide to our communities.
Sincerely,
President, Eric Jensen
Utah County restaurant assistance Program:
IF YOU WOULD LIKE INFORMATION SPECIFIC TO Utah Co. Restaurant Assistance Program, BY CLICKING HERE.
SBA/Department of Treasury:
Notice: Paycheck Protection Program resumes January 11, 2021 at 9am ETSBA, in consultation with the U.S. Treasury Department, will open the Paycheck Protection Program loan portal on Monday, January 11, 2021 at 9 am ET. When the PPP loan portal system opens, it will initially accept First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries.
www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
UPDATES SPECIFIC TO UTAH
IF YOU WOULD LIKE INFORMATION SPECIFIC TO UTAH, YOU CAN VISIT THE UTAH CORONAVIRUS PAGE, BY CLICKING HERE.
UPDATES SPECIFIC TO UTAH
THE SMALL BUSINESS ADMINISTRATION (SBA) HAS SET UP A PAGE WITH INFORMATION ABOUT THEIR ECONOMIC INJURY DISASTER LOAN PROGRAM, GUIDANCE FOR BUSINESSES AND EMPLOYERS, SBA PRODUCTS AND RESOURCES, ACCESS TO CAPITAL AND EXPORTING ASSISTANCE, GOVERNMENT CONTRACTING AND LOCAL ASSISTANCE. TO VISIT THEIR PAGE, PLEASE CLICK HERE.
SMALL BUSINESS ADMINISTRATION
THE SMALL BUSINESS ADMINISTRATION (SBA) HAS SET UP A PAGE WITH INFORMATION ABOUT THEIR ECONOMIC INJURY DISASTER LOAN PROGRAM, GUIDANCE FOR BUSINESSES AND EMPLOYERS, SBA PRODUCTS AND RESOURCES, ACCESS TO CAPITAL AND EXPORTING ASSISTANCE, GOVERNMENT CONTRACTING AND LOCAL ASSISTANCE. TO VISIT THEIR PAGE, PLEASE CLICK HERE.
UTAH SBA LINKS:
CLICK HERE
Loan DetailsThe Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
- PPP loans have an interest rate of 1%.
- Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.
- Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
- No collateral or personal guarantees are required.
- Neither the government nor lenders will charge small businesses any fees.
How To Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
If you wish to begin preparing your application, you can download the following PPP borrower application forms to see the information that will be requested from you when you apply with a lender:
https://www.sba.gov/document/sba-form--paycheck-protection-program-borrower-application-form
https://www.sba.gov/document/sba-form-2483-sd-ppp-second-draw-borrower-application-form
