The Governor's Office of Economic Development (GOED) has unveiled three relief programs over the past two weeks aimed at stimulating sales, upgrading safety, and relieving the burden on businesses with leases or rents. These programs operate on a first-come, first-served basis, and officials note that funding is available until it is exhausted.
The Shop in Utah program is a $25 million initiative created by the State Legislature to respond to pandemic-related business interruptions. The legislature required that 75% of these funds be directed toward small businesses with fewer than 250 employees. To qualify, businesses must provide profit and loss statements comparing March through June of 2019 to the same period in 2020. Eligible businesses can receive a grant equal to their revenue decline, with half of the grant intended to fund discounts to entice consumers. This program is also applicable to health professionals, such as dentists, who may discount services.
The Safe in Utah grant program utilizes $5 million in federal CARES Act funds to assist businesses with COVID-19 prevention and compliance. The program covers costs for items like PPE and upgrades necessary for social distancing. Applications opened on July 20. To be eligible, a business must have been operating on March 1, 2020, have employees physically located in Utah, and show a revenue decline related to the pandemic. The program allows for retroactive reimbursement for expenses incurred after March 1, 2020, provided businesses submit a W-9 and evidence of expenses or estimates of costs to be incurred before December 31, 2020.
The Commercial Rental Assistance Program, also known as ComRent, consists of $40 million in total funding, with nearly $30 million currently remaining. Created following a bill signed by Governor Herbert in April, the program provides rental relief to Utah small businesses that lost revenue due to pandemic-related measures.
To qualify for ComRent, businesses must have a current commercial lease in Utah, claim Utah as their principal place of business, and operate with fewer than 100 full-time employees. Applicants must document a loss of 30% or more in gross monthly revenue after March 1, 2020, and must not have received funds from the COVID-19 Agricultural Operations Grant Program. Required documentation includes profit and loss statements for specific periods, a current lease or rental agreement, proof of the most recent rental payment, and a signed W-9.
