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SALT LAKE CITY As pandemic relief for small businesses slows and programs like the Paycheck Protection Program and the Restaurant Revitalization Fund come to an end, the Utah Small Business Administration wants to remind business owners that the programs that are still available.
The PPP, an SBA-backed loan program established by the federal CARES Act that helped businesses keep their workforce employed during the COVID-19 crisis, expired at the end of May. The RRF, a program that gave economic aid to restaurants struggling to pay rent or pay employees because of the pandemic, ended July 2, and the application platform will officially be disabled on July 14.
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Editor’s note • This story is available to Salt Lake Tribune subscribers only. Thank you for supporting local journalism.
A temp agency, a mysterious entertainment company and a medical clinic are among the Utah businesses that last year snagged federal relief loans of $10 million, maxing out on the funding available to them through the Paycheck Protection Program.
More than 52,000 Utah companies received an infusion of cash during the first round of the small-business lending program, with 824 of those employers getting more than $1 million from the government.
For some of these businesses, the forgivable loans served as a financial life raft to get through COVID-19, helping them stave off employee layoffs or insolvency even though their profits were tanking. The payments could be used for costs from payroll to rent and utilities to interest due on existing loans.
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SALT LAKE CITY As scores of small businesses across the nation struggle to stay afloat, some desperately needed financial help is finally on the way.
Congress late Monday approved the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act a $325 billion aid package that was part of overall COVID-19 relief spending and is aimed at providing long-awaited additional assistance to the worst-suffering local businesses, not-for-profit organizations and entertainment facilities that continue to struggle to rebound from the effects of the coronavirus pandemic. Last time, it was a huge help. I was able to keep my staff on for another month-and-a-half. Unfortunately after that funding ended I had to let most of them go, said Molly Kohrman, owner of Brownies! Brownies! Brownies! in Sugar House, who applied for loans from the Coronavirus Aid, Relief, and Economic Security Act in the fall. I had seven staff pre-pandemic. I m now down to two and I ll probably be down to one
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