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DIVIDENDS
• NASDAQ has set the ex-dividend date for Overstock.com Inc.’s digital dividend. Overstock, an online retailer and technology company based in Salt Lake City, announced that its Series A-1 preferred digital stock dividend has an ex-dividend date of April 24, a record date of April 27, and a distribution date of May 19.
ECONOMIC INDICATORS
• Utah is ranked No. 35 among “States with the Most Affected Small Businesses Due to Coronavirus,” a list compiled by WalletHub. To identify the states in which businesses are hit hardest by COVID-19, WalletHub compared the 50 states and the District of Columbia across 12 key metrics. Our data set ranges from the share of small businesses operating in highly affected industries to small-business credit conditions and the state’s small-business friendliness. Hawaii is ranked as the most-affected state. The District of Columbia is the least-affected. The report indicates Utah has the highest share of eligible small businesses receiving SBA loans, at 16.27 percent. For comparison, South Carolina has 4.63 percent. WalletHub also ranked Utah No. 28 among states with the biggest increases in unemployment due to coronavirus. It compared the 50 states and the District of Columbia across two key metrics: comparing initial unemployment claim increases for the week of March 30, 2020, to both the same week in 2019 and the first week of 2020. In Utah, there was a 3,123.78 percent increase in unemployment claims compared to the same week a year earlier and a 2,078.92 percent increase over the first week of this year. The state with the largest increase was Louisiana. The lowest increase was in Connecticut.
• Utah is No. 24 among states most at-risk for online romance scams, according to rankings compiled by SocialCatfish.com, using data from the FBI from 2019. Nationally, online daters were scammed out of $362 million in 2018, a 70 percent increase from the previous year. Utah had 228 reported victims. Vermont reported the fewest victims of all 50 states, with just 23 cases. California had the most, at 2,206.
INSURANCE
• AAA Utah has announced that its auto policy customers will receive premium refunds reflecting fewer claims as a result of people driving less due to widespread stay-at-home orders. Refunds totaling $100 million will benefit insurance customers at AAA Utah and other AAA clubs that partner with CSAA Insurance Group. Customers with an active policy as of April 30 will receive a 20 percent refund for two months of auto premiums. Customers do not need to take any action to receive their refund, and they can expect to receive it by May 31. The refund program will continue to be evaluated based on the length of shelter-in-place orders.
INTERNATIONAL
• An official state trade mission originally scheduled for April 14-24 to Saudi Arabia and the United Arab Emirates has been converted to a virtual trade mission to the U.A.E. taking place April 27-28. The trade mission was an undertaking of World Trade Center Utah, in partnership with the Governor’s Office of Economic Development, and the virtual trade mission is being hosted by World Trade Center Utah and the U.S.-U.A.E. Business Council. This two-day event provides Utah companies with an opportunity to forge strong business ties in the Middle East without leaving home. Focusing on the current U.A.E. business environment, the agenda includes briefings on opportunities for U.S. companies to conduct business in the U.A.E and the U.A.E’s response to COVID-19. Additionally, breakout sessions will be offered for the following industries: oil and gas/energy, healthcare and life sciences, aerospace and defense, and tech and entrepreneurship.
INVESTMENTS
• Podium, a Lehi-based customer messaging platform company, has raised $125 million in Series C funding. The funding round was led by YC Continuity, a startup fund based in Mountain View, California, with participation from Sapphire Ventures, Alkeon Capital, Recruit Co. Ltd., IVP, Accel, Summit Partners and GV. The company said the funding will allow it to “provide operational stability to local businesses to safely and conveniently communicate with their customer base.” Founded in 2014, Podium has 45,000 businesses across the United States, Canada and Australia utilizing its platform.
PHILANTHROPY
• Homie, a Salt Lake City-based real estate technology company, has partnered with United Ways in Utah, Arizona and Southern Nevada to help provide relief to those most impacted by coronavirus through a new Homie Fund. The fund is an ongoing commitment to each of the markets where Homie currently operates. Homie’s goal is to contribute $100,000 to support each local community. The Homie Fund is part of funds set up by local United Ways to assist those impacted by COVID-19. Donations to the Homie Fund will be directed to help people stay in their homes by helping them pay for their rent, mortgage and utility bills. Homie has seeded the funds with a cash donation and is committing $500 for homes bought or sold with Homie over the next 90 days, depending on the market.
• Young Living, a Lehi-based essential oils company, has announced it will begin donating hand sanitizer from its Thieves line to help combat the COVID-19 health crisis. The company is dedicating products each week to a number of organizations within the community that are on the frontlines of the pandemic, including fire departments, police departments, school districts, healthcare workers and other vital members of the community. Already, the company has committed hundreds of 7.6 fluid-ounce bottles of hand sanitizer to organizations including the Salt Lake Education Foundation, the Salt Lake Police Department, Davis County Sheriff Office and West Valley City Fire Department. The company will continue to make the product available to organizations for the foreseeable future until demand due to COVID-19 has subsided.
RECOGNITIONS
• Five Utah companies are among 11 listed as “Best Places to Work” in the direct selling industry by Direct Selling News. The list is determined through surveys completed by thousands of employees within the industry. These surveys measure traits like employee engagement and satisfaction, workplace culture, and how well the company vision resonates with its workforce. Making the list for the fifth time is Nu Skin, Provo. Making the list for the fourth time is LifeVantage, Sandy, and Xyngular, Lehi. A three-time honoree is USANA Health Sciences, Salt Lake City. Modere, Springville, made the list for the first time.
RURAL UTAH
• The Governor’s Office of Economic Development (GOED) board, at its April meeting, endorsed four Rural Fast Track grants. All Electric Plus Inc., of Paragonah in Iron County, was endorsed for a $50,000 grant to help the company buy a building, allowing it to have a shop area, do services on customer products, storage and office space. The $350,000 project is expected to result in one new full-time position. Mountain West Logistics LLC, of Nephi in Juab County, was endorsed for a $50,000 grant to help the company buy an industrial saw and window bucks, which are forms for creating window spaces in concrete pours of residential and commercial buildings. The $120,000 project is expected to result in one new full-time position. Sierra Restoration LLC, of Smithfield in Cache County, was endorsed for a $50,000 grant to help the company construct a building. The $450,000 project is expected to result in two new full-time positions. Loa Builders Supply, of Loa in Wayne County, was endorsed for a $36,500 grant to help the company purchase a high-pressure foam insulation machine. The $73,000 project is expected to result in two new full-time positions. All of the projects had been approved by the Governor’s Rural Partnership Board.