Current SBA Loan Information 3/31/2020

Posted by on Mar 31, 2020 in News | 0 comments


COVID-19 Update 15.1
San Juan County – Utah’s Canyon Country
Tuesday, 31 March 2020
Dear Partner,
Please note changes in SBA Economic Injury Disaster Loan Advance below. In order to qualify for the Advance, you must submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing EIDL application.
Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
Below we have outlined local, state, and federal resources where funding is available. We recommend that businesses act quickly if they are interested.
  1. Local Funding Options
  • SEUALG Emergency Loan Program
  1. State of Utah Options
  • GOED Bridge Loan
  1. Federal Options
  • SBA Economic Injury Disaster Loans (EIDL)
  • SBA Loan Advance
  • SBA Paycheck Protection Program (PPP)
  • USDA
Additional resources can be found by following:
1 – Local Funding Options
Emergency Loan Program
Applications: Open
The purpose of this loan program is to provide financial relief to small businesses in Carbon, Emery, Grand, and San Juan counties that are likely to experience a decrease in business due to an unforeseen emergency. These funds will be made available through the Revolving Loan Fund (RLF) that has been established prior to this.
All funding available through this program will be distributed on a first come, first served basis. Applications should be submitted as soon as possible.
The program is intended to help businesses retain their employees and remain financially stable during a time of economic hardship. The loans provided by this program are intended to bridge the gaps for what may be a shortened financial hardship period.
Loan Program Guidelines:
  • Loan Maximum: $10,000
  • Loan Minimum: $5,000
  • Interest Rate: 4%
  • Loan Term: 3 year Term with 3 Months Deferred Payments, 9 Months Interest Only Payments, 2 Years Amortized Payments
  • Businesses Must be Able to Prove a Need for Emergency Funds
  • Business must be current on all business taxes (ie: TRT, sales, payroll)
  • Loan Funds May Only Be Used For:
  • Working Capital
  • Marketing
  • Inventory
Repayment for loans received from The Southeastern Utah Association of Local Governments (SEUALG) Emergency Loan Program will be deferred for approximately 90 days following the expiration of any state or federally approved crisis.
Directions to Apply for the SEUALG Emergency Loan Program:
  • Fill out application
  • Include items requested on application
  • Sign application, there is a digital consent.
  • Submit the completed application for review.
The Program Manager for the Revolving Loan Fund will be available to answer questions regarding the application process. Dawna Housekeeper can be reached at 435-613-0031 or
2 – State of Utah Options
GOED Bridge Loan (Phase 1)
Applications: Open 3/31/20 (8AM) –
Closes Friday, 4/3/20 (noon)
Tomorrow, Utah-based small businesses with 50 or fewer employees impacted by the COVID-19 pandemic may apply for a new bridge loan program offered by the Utah Governor’s Office of Economic Development (GOED).
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.
There are guidelines, eligibility requirements and required information that must be submitted with applications.
The following are some highlights, but please refer to for complete details.
  • Criteria Highlights
  • Businesses must be established and licensed before January 1, 2020, and in good standing with the Utah Division of Corporations and Commercial Code (will be verified here).
  • Applicants must have employees on their payroll for whom they have had payroll taxes withheld (i.e., W-2 employees).
  • Applicants must provide six months pro-forma of estimated lost revenue or other documented loss evidence.
  • Eligibility Highlights
  • Businesses that have experienced severe economic impact due to the COVID-19 pandemic.
  • Businesses that can demonstrate a multiplier impact on other industries.
  • Businesses that play a key role within a strategic state supply chain.
  • GOED will determine the eligibility of applicants. Applying is not a guarantee of funding.
  • Requirement Highlights
  • Financial statements: profit and loss, and balance sheet statements for the previous year, and most recent quarter or month.
  • Last year’s business state of Utah tax returns (2019 or 2018).
  • A copy of the business lease agreement or mortgage statement for the business location.
Utah small businesses can apply for the Utah Leads Together Small Business Bridge Loan starting on March 31, 2020, closing April 3, 2020.
This will be a 2-phase program, possibly 3-phase. Phase 2 information will be forthcoming.
3 – Federal Options: SBA EIDL, SBA PPP, SBA Loan Advance, & USDA
SBA Economic Injury Disaster Loans (EIDL)
Application: OPEN
If you are considering to apply for SBA disaster relief funding we understanding the process can be somewhat daunting. We’ve linked SBA’s 3-step application process as well as a loan assistance application guide (as a note, we continue to add helpful tips to this guide as local businesses are applying–if there is anything you would recommend we add please let us know).
  • Applicants must meet the SBA requirements of a small business (500 employees or
  • fewer)
  • Businesses directly affected by COVID-19
  • Businesses that offer services directly related to the businesses in the declaration
  • Other businesses indirectly related the industry that are likely to be harmed by losses in their community (Example: Manufacturer of widgets may be eligible as well as the wholesaler and retailer of the product)
  • Small non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture
  • Religious Organizations
  • Charitable Organizations
  • Gambling Concerns (Ex: Concerns that derive more than 1/3 of their annual gross
  • revenue from legal gambling activities)
  • Casinos & Racetracks (Ex: Businesses whose purpose for being is gambling (e.g., casinos, racetracks, poker parlors, etc.) are not eligible for EIDL assistance regardless of 1/3 criteria above.
  • Cannabis Industry
SBA Loan Advance: $10,000 EIDL Advance
Application: OPEN
We know you are facing challenging times in this current health crisis. The U.S. Small Business Administration is committed to help bring relief to small businesses and nonprofit organizations suffering because of the Coronavirus (COVID-19) pandemic.
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides additional assistance for small business owners and non-profits.
Included in the CARES Act is the opportunity for small business owners in all U.S. states, Washington D.C., and territories to apply for an Economic Injury Disaster Loan advance of up to $10,000.

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