The Economic Aid Act
The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act is a $325 billion aid package providing additional assistance to the hardest-hit small businesses, nonprofits, and venues struggling to recover from the impact of the COVID-19 pandemic.
The act provides funding for a second round of forgivable loans through the Paycheck Protection Program for small businesses and nonprofits experiencing significant revenue losses, implements programmatic improvements to PPP, funds grants to shuttered venues, and enacts emergency enhancements to other U.S. Small Business Administration lending programs.
What To Do
Utah small business owners (including independent contractors) and nonprofits will be required to submit financial documentation and prove a revenue loss due to the coronavirus pandemic.
PPP funds are available on a first-come-first-served basis starting Jan. 13, so plan now to be ready to apply for assistance as soon as possible.
Teams at the organizations listed below are standing by to provide assistance, answer questions, and help with non-English-speaking resources.
Contact your existing bank to see if they are participating in the Paycheck Protection Program. If so, they can help you understand the program and get an application started as soon as possible.