OGDEN — After 4 months of operating a industrial rental help program, the state nonetheless has greater than $15 million to present to small companies which were financially impacted by the COVID-19 pandemic.
Tony Younger, media relations director on the Governor’s Workplace of Financial Improvement, mentioned two earlier iterations of this system have run their course, with the state divvying out $14.three million to companies in want. Administered by the Governor’s Workplace of Financial Improvement, the cash for this system got here from the federal CARES Act and was included in State Invoice 3006 and appropriated throughout a particular legislative session in Might.
The fund began with $30 million and parts of the cash have already been distributed to 1000’s of Utah small companies — together with nonprofits, sole proprietors, unbiased contractors and the self-employed — which have misplaced income as a result of measures taken to attenuate the general public’s publicity to the virus.
Younger mentioned the third model of this system, with it is remaining $15 million in funding, will broaden by including mortgage aid to Utah small companies. Beforehand, funds have been solely obtainable to enterprise house owners who wanted assist overlaying hire.
The state has obtained 1,630 complete functions for the funding in this system, based on Younger, with essentially the most requested sectors being retail, meals and beverage, and well being care. He mentioned the common test despatched to companies is $8,783.
Younger mentioned different modifications to this system, which have been permitted by the Utah Legislature in late August, embrace a $5,000 most month-to-month award per enterprise location, the eligibility inclusion of start-up enterprise that started working after March 1 if they’ll exhibit a web working loss, and a change to the definition of what constitutes a small enterprise. Below the earlier iterations of this system, eligible companies have been allowed to have a most of solely 100 full-time workers, however the brand new modifications have elevated that quantity to 250 full-time workers.
Eligible companies can obtain the $5,000 award for as much as three months.
“We hope these new modifications will assist companies obtain the cash they want,” mentioned Val Hale, GOED’s government director, in an announcement. “It is a nice alternative for companies to make the most of these federal CARES Act funds, and we hope that each one who qualify will apply.”
Younger mentioned firms which have already obtained cash from this system are eligible for extra funds, however must reapply. To study extra about this system, go to utahgoed.info/comrent. Based on the GOED web site, functions are accepted on a first-come, first-served foundation whereas funds can be found.