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With the passage of the CARES Act there is a substantial amount of assistances for businesses to help with Payroll, Rent and Utilities to keep workers employed. This Section outlines resources available to help businesses keep their employees on the job:

Business Financial Assistance Websites and Information

> Webinar on a Deep Dive with Experts on PPP Loan Forgiveness

> US Department of Treasury: CARES Act Provides Assistance to Small Businesses
Excellent site for information on SBA loans and forgivable loans for small businesses (less than 500 employees) and Economic Impact Payments to individuals.

> Webinar on a Deep Dive with Experts on Cutting the Red Tape and Obtaining a PPP Loan

> Webinar by Fisher Phillips on How to Access the New SBA Small Business Assistance Programs

  • Click here for the US Chamber of Commerce Guide to SBA Forgivable Loans .
  • Click here if you’re interested in applying for a Small Business Administration Economic Injury Disaster Loan.
  • Click here or call 801-593-2299 if you need assistance applying for an Economic Injury Disaster Loan or have questions.
  • Click here if you need to establish temporary childcare for your employees.
  • Click here before considering closures or layoffs for your business.

Utah GOED Small Business Emergency Bridge Loan Program

  • Click here for information and application on the Utah Governor’s Office of Economic Development (GOED) Small Business Emergency Bridge Loan Program that you can make application for. If selected, this loan may help mitigate the adverse impact that COVID-19 has on your business. This loan program is for Utah small businesses with no more than 50 employees.

U.S. Small Business Administration Low-Interest Federal Disaster Loans

The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to Utah small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). ALL 29 counties in Utah are eligible for these loans. We recognize this loan program will not solve all of today’s economic challenges, but it will be a useful tool for businesses affected by COVID-19.

Terms of the SBA loans are as follows:

  • 3.75% interest rate for small businesses
  • 2.75% interest rate for nonprofits
  • Loan amounts up to $2 million per entity
  • Repayment terms up to 30 years

Click here to learn the steps to apply. Links to the disaster loan applications and requirements are below:

Any business who is interested in applying should visit sba.gov/disaster. You’ll need to select “Economic Injury” and “COVID-19” options. The Utah disaster number is UT00066. The process requires several financial documents and may take over an hour to apply. The deadline to apply for an Economic Injury Disaster Loan is Dec. 17, 2020.

Utah Job Service – Impact of COVID-19 on Employers

The Department of Workforce Services is closely monitoring the COVID-19 pandemic and are here to help during these challenging times. Visit their website at https://jobs.utah.gov/ to find information and resources regarding our services and COVID-19, including:

While the Utah Department of Workforce Services is maintaining operations at their offices, they are also shifting some employees to work from home when possible. We strongly encourage the use of telephone and online tools as much as possible, including live online chat during business hours.

IRS guidance for employers offering mandatory Paid Leave and obtaining tax credits

> IRS Announcement

The Families First Coronavirus Response (FFCRA) Act provides financial assistance to nearly every U.S. Citizen. This section describes that assistance and provides other resources for individuals and families.

Personal Financial and Additional Assistance

What about tax refunds?

Secretary Steven Mnuchin also stated, “What remains unchanged after Friday’s announcement is that taxpayers who expect a refund can file right now and get their payments once the return is processed.” In a follow-up tweet, the Treasury Secretary encouraged taxpayers to do just that. “I encourage all taxpayers who may have tax refunds to file now to get your money.”

What are we hearing about the tax deferrals due to Coronavirus?

Treasury Secretary Steven Mnuchin announced on Friday, March 20, 2020, that tax day will be delayed from April 15 to July 15. He made the announcement on Twitter on Friday, days after announcing a deferral on tax payments but not on filing day. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties,” Mnuchin tweeted. At President Trump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties. Taxpayers may be able to get a further extension with a form 4868, which in normal years gives taxpayers until Oct. 15 to file a return. It was not immediately clear how the delay in tax day would change the extension process.

While we are not accountants and recommend you receive guidance from your tax advisors, we understand individual taxpayers can defer up to $1M in tax payments for 90 days beyond April 15th, and C-Corporation taxpayers can defer up to $10M in tax payments.  Many States are apparently following suit for state income tax. It is important to note the April 15th tax filing deadline had not been extended as of the writing of this Q&A.

Utah Job Service Resources for Employees

The Department of Workforce Services is closely monitoring the COVID-19 pandemic and are here to help during these challenging times. Visit their website at https://jobs.utah.gov/ to find information and resources regarding our services and COVID-19, including:

While the Utah Department of Workforce Services is maintaining operations at their offices, they are also shifting some employees to work from home when possible. We strongly encourage the use of telephone and online tools as much as possible, including live online chat during business hours.

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