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ULCT Members:
Today, Governor Herbert announced an enhanced effort to connect Utah businesses with federal resources. That effort will be spearheaded by a Rapid Response Team composed of volunteers from The Utah Economic Response Task Force, World Trade Center Utah, and the SBA Utah District Office. That organization will be supporting the SBA as they respond to inquiries about and applications to new federal assistance in the CARES Act.
You as city and town leaders can make a difference for the businesses in your community! Please use your communication channels to share the following information with your businesses. ULCT is also working with EDCUtah, economic development directors, and the Utah Business Licensing Administration to circulate this information as well.
- Paycheck Protection Program
The Paycheck Protection Program (PPP) is a cornerstone of aid offered to provide small business loans on favorable terms to borrowers impacted by the current state of economic uncertainty. The national demand for funding in this program will outstrip the supply, so it is imperative that businesses reach out to their banks this week to qualify for loans. Utah banks and credit unions are working around the clock to provide aid to small businesses.
- Economic Injury Disaster Loan Program
The Small Business Administration’s Economic Injury Disaster Loan Program (EIDL) provides small businesses with working capital loans of up to $2 million 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.
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Utah Leads Together Small Business Bridge Loan
The Utah Leads Together Small Business Bridge Loan provides short-term loans ($5,000 - $20,000) to businesses with 50 or fewer employees to bridge the gap until federal funding is disbursed. Applications for the first cycle of the Bridge Loan Fund are currently being evaluated. The next cycle for applications begins on April 13, 2020.
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 to this URL (https://wtcutah.formstack.com/forms/rapid_response_team_intake) or contacting the SBA disaster assistance customer service center by phone (1-800-659-2955) or by email (disastercustomerservice@sba.gov).
You can also contact ULCT staff at keilers@ulct.org for additional information.
To view today's briefing from Governor Herbert, click here.
Lt. Governor Cox addresses additional local government concerns
ULCT, in partnership with UAC, hosted our weekly conference call with Lt. Governor Spencer Cox. He gave local leaders a brief update on the COVID situation, and answered questions about state directives, the upcoming special session, and resources available to local governments. To view the entire conversation click here.
In summary, here in the information he shared.
1. Possible "Stay at Home" Directive extension: The COVID-19 data from the Utah Health Department is evaluated each day and that data is driving the directive to residents. While Governor Herbert's initial directive for Utahns to stay at home expired Monday, April 13, the Lt. Governor indicated that it will likely be extended as we move through the urgent place of the Utah Leads Together plan. The announcement will come from the Governor.
2. Special Session Priorities: The special session of the Utah State Legislature will be convened soon-- likely next week-- and is expected to address budgetary concerns and COVID-19 related policy changes. ULCT submitted a list of priorities to legislative leadership and the Governor today for consideration next week and in future special sessions this spring. For more information, contact Victoria Ashby at vashby@ulct.org.
3. Distribution of CARES Act Funds to Local Governments: Guidance is still awaited from the US Treasury Dept. on how money coming to Utah as part of the CARES Act will be distributed. ULCT Executive Director Cameron Diehl sent a joint letter from ULCT and the Utah Association of Counties to the Treasure Dept. urging guidance. It is imperative that municipalities keep accurate records during this time to document local government expenditures that may be reimbursed. The ULCT COVID-19 fiscal task force worked on a non-exhaustive list of potential expenditures that are contained in the letter to the Treasure Dept. If you have questions, contact Wayne Bradshaw at wbradshaw@ulct.org.
Important survey for League members:
Our ULCT COVID-19 fiscal task force created a three-part survey to understand the impacts of COVID-19, budgetary assumptions for next fiscal year, and an overall needs assessment (in partnership with Utah State University). This information and data will help justify ULCT’s request for the State to share the $562 million, and create useful information for the larger membership.
For questions about what your municipality should be tracking, ULCT worked with a number of municipal administrators, finance directors, and attorneys to create a list of direct and indirect costs to COVID-19. If you have not already, we recommend you begin tracking these items, especially the direct costs that could qualify for CARES Act reimbursements. The list can be found HERE.
Please have your city or town complete the survey by the close of business on April 10, 2020. A link to the survey can be found HERE. Please take the time to submit the survey!!!
Team ULCT
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