There are many resources available to Orem businesses during these times of uncertainty. We want to support Orem’s businesses, and so we’ve created this page to inform you of the different resources available to you. Instead of sending you a new email every time there is a new development on business/COVID-19 resources, we will update this page. Please check back on it as your needs change to find out what is available to you.
The CARES Act
The Small Business Owner’s Guide to the CARES Act is a comprehensive Guide explaining everything you need to know about the economic relief available to you from the CARES Act. The most important thing to note – There are funds available to businesses so that they don’t have to lay off employees. There are grants and “loans” that will be forgiven if the loan is used for payroll/compensation purposes. Everyone should be taking advantage of these resources.
Here’s a little breakdown of what’s provided in the CARES Act
- Capital to cover the cost of retaining employees?
- The Paycheck Protection Program
- Small Businesses can receive a loan from the Paycheck Protection Program, which will be forgiven if the loan is used for:
- Employee Compensation (salaries, commissions, and other compensation)
- Healthcare Benefits, paid sick/medical/family leave, and insurance premiums
- Interest payments on mortgages
- Interest on debt obligations
- A quick infusion of a smaller amount of cash to cover you right now?
- Emergency Economic Injury Grant
- Will provide an advance of up to $10,000 within 3 days of applying for the Grant
- The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.
- To ease your fears about keeping up with payments on your current or potential SBA loan?
- The Small Business Debt Relief Program
- Immediate relief to small businesses with non-disaster SBA loans, in
particular 7(a), 504, and microloans.
- SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months
- Just some quality, free counseling to help you navigate this uncertain economic time?
- Free counseling & low-cost trainings provided by your local Small Business Development Center (SBDC), Women’s Business Center (WBC), or SCORE mentorship chapter.
Utah Leads Together Small Business Bridge Loan Program
The Utah Leads Together Small Business Bridge Loan program uses approximately $8 million in repurposed state economic development funds. Additionally, the Utah Department of Workforce Services has contributed $500,000 to the program. Loan amounts range from $5,000 to $20,000 with 0% interest for up to a 60-month period. Loans cannot exceed three months of demonstrated operating expenses. Loan payments are deferred for 12 months, and GOED will use at least 25% of the program funds to support rural Utah businesses.
Ogden Newspapers Community Marketing Grant
Ogden Newspapers (the owners of the Daily Herald) has established a $1,000,000 grant fund to assist locally owned businesses with marketing during this challenging situation. Ogden Newspapers want to support local partners and help them reach customers and relaunch their business.
What you need to know:
- Ogden Newspapers will provide up to $1,000,000 of matching advertising dollars. Grant funds can be used toward print or digital advertising in your local Ogden Newspapers publication.
- Open to locally owned and operated businesses impacted by the coronavirus. Applications must be submitted via the online form on the website.
- Grants are available for a minimum of $200 and a maximum of $5,000 of matching funds each month.
- Grants will be awarded in April, May and June. The matching grant must be used within the month.