Utah approved for SBA loans for businesses impacted by coronavirus

The Utah Governor’s Office of Economic Development, along with Utah’s congressional delegation, the state Emergency Management Division and the governor’s office announced last week that businesses impacted by coronavirus in all 29 counties in the state are now eligible to apply for low-interest loans through the Small Business Administration. 

“While we recognize this loan program will not solve all of our economic challenges, it will serve as an effective tool for businesses affected by COVID-19,” GOED said in a release.

The release said that Gov. Gary Herbert has also convened an economic council to discuss additional strategies to support local businesses.

The terms of the SBA loans include a 3.75 percent interest rate for small businesses and a 2.75 percent interest rate for non-profits. Repayment terms for the emergency loan program are  up to 30 years. 

Small businesses can apply for loans at https://www.sba.gov/funding-programs/disaster-assistance. For help in accessing the loan program, business can contact the SBA Customer Service Center at 1(800)659-2955 or disastercustomerservice@sba.gov.

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing, the SBA said. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the virus' impact. Actual terms of individual loans are determined on a case-by-case basis, based upon each borrower’s ability to repay.