Economic Development Covid-19


RESOURCES FOR OREM BUSINESSES AFFECTED BY COVID-19

The City of Orem is committed to providing you with accurate information and resources as Utah transitions into a new phase of battling COVID-19.   
 
The state of Utah is currently in the “Yellow” risk category consistent with the state’s Utah Leads Together Plan IV.  The plan has been in effect since June 17, 2020, and is designed to protect lives and livelihoods. 
 
The most up-to-date information will likely always be found on coronavirus.utah.gov/business
 
We are doing all we can to provide you with timely information and tools to help your business during this difficult time. Please reach out if you have questions, we are here to help.  
 
Sincerely,
 
Kathi Lewis
Economic Development Division Manager- kmlewis@orem.org – 801-229-7079
 
Nate Prescott
Economic Development Analyst – nmprescott@orem.org – 801-229-7114


THE LATEST IN FINANCIAL AID FOR BUSINESSES

The U.S. Chamber of Commerce has created a new grant through the Save Small Business Fund offering short-term relief for small employers in the United States and its territories.

Each grant is for $5,000 and must be applied toward business expenses. We will send a follow-up survey to all grantees to learn how it was spent and the impact that it made.

TO QUALIFY YOU MUST

– Employ between 3 and 20 people

– Be located in an economically vulnerable community

– Have been harmed financially by the COVID-19 pandemic

Applications go live on Monday, April 20th, 2020. 

Find out more and apply here

For learn about the CARES Act, please read The Small Business Owner’s Guide to the CARES Act for comprehensive guide to the funding made available for businesses affected by COVID-19. Most relevant to small businesses will be the Paycheck Protection Program, and the Economic Injury Disaster Loan. 

GOOD NEWS!

Another round of funding has been made available! Read on for further details.

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

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.

Please read below for additional information regarding these two programs. It is highly recommended that eligible Utah companies apply for these resources if they have not done so already.

Paycheck Protection Program (PPP)
The PPP is designed to help small businesses keep their workforce employed. Loans are backed by the SBA through local lenders and businesses should apply with an SBA-approved lending institution. Local lenders can be found at: utah.bank/advocacy/resources/covid-19/ppp-banks or https://www.utahscreditunions.org/

Economic Injury Disaster Loan (EIDL)
EIDLs are administered and approved by the U.S. Small Business Administration (SBA). EIDLs offer a bridge loan program of $10,000 to cover immediate costs and is forgiven if certain criteria are met. Apply at SBA.gov/disaster.

 

 

Here’s a further breakdown of what’s provided in the CARES Act:

  • 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
      • Rent
      • Utilities
      • Interest on debt obligations
  • 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.

Funding is available for small Utah companies to offset international business costs! There is no need to travel internationally to take advantage of this opportunity. 

The STEP Grant, which is funded in part through a grant with the U.S. Small Business Administration (SBA) and administered by World Trade Center Utah (WTC Utah), provides companies with funding to pursue a myriad of international business opportunities. 

It is easy to apply and recipients may receive up to $10,000 for various eligible international business activities for the award year. Average awards are between $2,000 – $3,000 per activity.  

Utah companies can utilize the STEP Grant and pursue international opportunities without leaving the state. Examples of expenses covered by the STEP Grant include:

  • Fees for shipping sample products. 
  • Cost of compliance testing an existing product(s) for entry into an export market. 
  • Export research tool subscription used to assist STEP Clients with market research.
  • Website translation into foreign languages, search engine optimization, and localization services. 
  • Design of marketing media to commensurate with STEP’s statutory objectives.
  • Additional options can be found using the following link under the “Eligible Expenses” Tab: https://wtcutah.com/grants/step-grant/.

All grant awards require a 25 percent cash match by the grant recipient. Participants must meet SBA eligibility requirements to participate and should be able to demonstrate a high return on investment.

Apply Here

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.

Visit their website to learn m

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.

Visit their website to learn more and apply

The Small Business Administration’s Economic Injury Disaster Loan Program (EIDL) provides small businesses with working capital loans of up to $2 million. The loans are to provide vital economic support to small businesses to overcome the temporary loss of revenue they are experiencing. All small business owners in Utah are eligible to apply for a low-interest loan. More information can be found here: https://www.sba.gov/disaster-assistance/coronavirus-covid-19#section-header-3 

Small Business Grants programme

“We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We’ve heard that a little financial support can go a long way, so we are offering USD 100M in cash grants and ad credits to help during this challenging time.”

More information here

If businesses in your community have any questions about these different assistance programs, they’re encouraged to contact Utah’s Rapid Response Team for small businesses by either submitting questions here or contacting the SBA disaster assistance customer service center by phone (1-800-659-2955) or by email (disastercustomerservice@sba.gov). 

IMPORTANT WEBINARS & WEBEVENTS

The Utah Economic Task Force hosts a virtual town hall every Tuesday and Thursday at 4:00 pm. Each session has new and important information that is worthwhile for all Orem businesses. Please tune in and find easy explanations of the most up-to-date news.
 
Tuesdays
4:00 p.m. – 5:00 p.m. MST
 

To support the community during the ongoing COVID-19 pandemic,  Salt Lake Community College is proud to offer a series of free summer workshops designed to help Utahns get through what’s anticipated to be a long season of social distancing.​

“We are extraordinarily grateful for the support we continually receive from the community, and these free workshops are a way for us to give back,” said Jennifer Saunders, SLCC’s Assistant Vice President of Workforce Training and Continuing Education. “Building and empowering everyone through education is especially important to us, and these workshops allow us to do just that and promote the health and well-being of the community.”

SLCC’s Summer Workshop Series includes more than 30 courses, most in the form of one- to three-hour webinars, video conferences, WebEx meetings or Zoom sessions. The college is offering a broad range of workshops from which to choose, including saving energy at home, healthy eating on a budget, HTML coding, being mindful in a time of crisis, genealogy, how to host video conferences, staying safe online, how to patch drywall, event planning, creating perfect soufflés and many more. Workshops on job-related topics, such as resume writing, building your social media brand and starting a business, are also available.

All classes in SLCC’s Summer Workshop Series can accommodate between 20 and 100 students and require advance registration at  slcc.edu/free. Registration opens May 4 and classes begin May 18. Workshops will be offered through July 16. All courses will be taught by the college’s experienced faculty, providing a great opportunity to learn new skills at the hand of expert instructors.

SLCC is Utah’s largest open-access college, educating the state’s most diverse student body in 8 areas of study at 12 locations and online. In 2018, the institution celebrated 70 years of providing students with education and training in fields that contribute to Utah’s vibrant economy and high quality of life. The majority of SLCC graduates transfer to four-year institutions, and thousands more are trained in direct-to-workforce programs.

RESOURCES

The Utah Department of Health is actively monitoring the coronavirus (COVID-19), and Governor Gary Herbert has established the Utah COVID-19 Community Task Force, chaired by Lt. Governor Spencer Cox, to facilitate and disseminate information, marshal resources, and ensure an appropriate response to a potential outbreak in Utah. Find out more below

SMALL BUSINESS LOANS

There are many business loans (and even some grants) available to Orem businesses. Check in here for a running list of available loans
 
 
 
Low-interest SBA(Small Business Administration) loans  please click here.

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