Restaurant Revitalization Fund
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) (Grant) to provide funding to help restaurants and other eligible businesses keep their doors open. See this website to see who is eligible, how to apply, what you can use the money for, and who to contact for additional questions.
A few things to note:
The first 21 days (starting May 3rd) will be prioritizing women, veteran, and socially (minorities) or economically disadvantaged individuals.
Inns qualify for this grant
Food trucks, snack shacks, bars qualify for this grant
Gross receipts will not include PPP loans and other help received
Can be used for outdoor seating areas, new construction for outdoor seating
This money will go quickly - apply fast!
Restaurants.sba.gov or call 844-279-8898 (longer wait).
Look up Youtube video on the application process. Search "Restaurant Revitalization Fund: How to Apply" from the SBA channel.
Impacted Small Business Catalyst Grant
Governors Office of Economic Development grant for businesses that have suffered a loss from COVID-19. See information here.
Shuttered Venues Grant
The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. For theaters, venues and venues promoters, live arts, museums, etc.
Small Business Quarantined Employee Grant
The Small Business Quarantined Employee Grant uses federal CARES Act funds and state funds as part of Utah’s response to the coronavirus pandemic. It provides reimbursement to small business employers (Less than 50 employees) who pay employees to stay home during quarantine or isolation for maximum of 40 hours per week for a period of up to two calendar weeks
Live Events Grant
Unsure if this grant is still open.
Please see the following links for information on accessing the second round of COVID-19 relief funding. The funding portal is open now.
PPP information: https://coronavirus.utah.gov/business/paycheck-protection-program
SBA site with information for all funding options: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
Also, GOED will host, with help from WTC Utah and the Utah SBA District Office, a webinar on Jan. 11 at 5 p.m. to provide information on round two of the program. It can be viewed on GOED’s Facebook and YouTube channels live or following the webcast.
The Economic Aid Act
The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act is a $325 billion aid package providing additional assistance to the hardest-hit small businesses, nonprofits, and venues struggling to recover from the impact of the COVID-19 pandemic.
The act provides funding for a second round of forgivable loans through the Paycheck Protection Program for small businesses and nonprofits experiencing significant revenue losses, implements programmatic improvements to PPP, funds grants to shuttered venues, and enacts emergency enhancements to other U.S. Small Business Administration lending programs.
What To Do
Utah small business owners (including independent contractors) and nonprofits will be required to submit financial documentation and prove a revenue loss due to the coronavirus pandemic.
PPP funds are available on a first-come-first-served basis starting Jan. 13, so plan now to be ready to apply for assistance as soon as possible.
Teams at the organizations listed below are standing by to provide assistance, answer questions, and help with non-English-speaking resources.
Contact your existing bank to see if they are participating in the Paycheck Protection Program. If so, they can help you understand the program and get an application started as soon as possible.
Utah SBA Office
Business owners and nonprofit organizations should subscribe to the SBA Utah District Office newsletter and follow them on Twitter to receive the new programs’ latest information. You may also contact the Utah District Office at (801) 524-3209 or by email at firstname.lastname@example.org.
Utah’s COVID-19 Rapid Response Team
If you need assistance to understand and apply for a PPP or Disaster Loan, you can reach out to Utah’s COVID-19 Rapid Response Team. The team is trained to assist business owners, including sole proprietors and independent contractors, as they prepare for and navigate the new PPP application process. They can also provide referrals for professional services that can assist companies as they prepare their financials for a loan. Contact the Rapid Response Team by filling out this form in English or Spanish.
Utah Bankers Association
Applications for PPP support are available through corporate bankers. If you’re a nonprofit or small business and don’t work with a company banker, you could reach out to your personal banker to see what assistance their bank can provide. The Utah Bankers Association website provides resources and links to banks participating in the new PPP assistance program.
Learn more at coronavirus.utah.gov/business.
Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19.