In Utah, 23,085 small business owners and UT companies have received a total of $ 1,831,626,280 in Utah SBA Economic Injury Disaster Loans (EIDLs).
Utah Paycheck Protection Program (PPP) loan data show 32,814 UT small businesses have received a total of $1,840,771,407 worth of Utah PPP loans from the Small Business Administration (SBA).
Utah SBA Loans are a type of loan issued by the Small Business Administration (SBA). It provides either term loans or working capital to qualified small businesses through banks and other private lenders.
Utah was considered a disaster area due to COVID, which allowed Utah small business owners and those UT residents that qualified to apply.
SBA Offers Disaster Assistance to Utah Small Businesses Economically Impacted by the Coronavirus (COVID-19)
The U.S. Small Business Administration 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), SBA Administrator Jovita Carranza announced today. SBA acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, to declare a disaster following a request received from Gov. Gary R. Herbert on March 16, 2020.
What are Utah SBA Disaster Loans (EIDL and PPP) ?
Utah, and all other states, have multiple SBA loan programs, including the popular Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP).
In Utah news, the U.S. Small Business Administration (SBA) announced that the deadline to apply for the Utah Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic UT disaster declaration has been extended to December 31, 2021.
The Utah Paycheck Protection Program (PPP) deadline has already expired. Companies may still claim the Utah Employee Retention Credit as another way to get a tax credit refund for each employee they had on payroll during 2020 and 2021. This tax credit can be claimed until 2024 and 2025 for small businesses with W-2 employees in Utah.
SBA loans are a type of loan given by the US government that must be paid back over a period of time. This is a low-interest debt that the Small Business Administration guarantees. This means that if the borrower defaults on their payment, the federal government will cover it to protect against loss.
These loans are popularly used in business expansion and provide an easy way for a company to receive a loan when they have trouble borrowing from banks or traditional lenders.
What are Utah SBA Grants?
Utah SBA grants, unlike loans, do not have to be repaid with interest fees. These grants come from several sources, including the US Department of Education and state governments / agencies that run specific grant programs designed to give employers money to assist with training and education programs.
The SBA loans are also used to recover from financial losses due to COVID and other natural disasters, such as floods, hurricanes, tornados, storms, fires, earthquakes, and other forms of natural disasters in Utah.
Grants are often awarded to help Utah small businesses offset the cost of employee training, or they can be used for start-up costs, such as new technology and equipment.
How Do SBA Loans Work in Utah?
Utah banks and private lenders provide SBA loans to small businesses that may not qualify for traditional loans. The Small Business Administration guarantees these loans against default, helping the business obtain financing from a place they couldn’t get it before.
As the loan is guaranteed, the interest rates tend to be lower as well as monthly payments. This makes SBA loans very popular with those who need funding fast but don’t want an expensive payment plan.
In Utah, many businesses have received this SBA loan help and were able to grow their companies thanks to this assistance from the SBA in UT.
How Many Utah SBA Loans Can You Have?
Utah and Federal law restricts the number of SBA loans that can be issued. This is to help promote competition in the small business lending market and prevent large companies from swallowing up smaller ones.
With some exceptions, the limit for how many SBA 7(a) loans a company can have depends on how much money it has already borrowed.
How Long Do Utah SBA Loans Take to Process?
The Utah SBA loan process from application to final approval can take anywhere from three weeks to several months. This is because the Utah lenders need to make sure everything is in order before committing this size.
While every Utah company’s situation is different, it typically takes between 7 to 10 days for a company to qualify and be approved for an SBA loan. It is reported that, on average, it takes approximately 9 more days for the funds to go through once you are approved.
How to Apply for Utah EIDL, PPP, or SBA Loans?
In the past, a business owner would have to go through a lengthy application process and meet certain requirements before being approved for an SBA loan. Now, companies can apply online, in some cases taking less than 10 minutes.
Once you’re approved, it takes about 2 weeks for lenders to fund your account since this is how long it takes for the company’s underwriting department to review everything once they receive all of the necessary documents about you and your Utah business.
You’ll also need to allow time for any additional documentation that may come up during the approval process, which can add another week or more to this period.
How to Qualify for Grants for a Small Business in Utah?
Grants are given to companies through both state and federal agencies for several reasons, and based on fund availability. Most commonly, they are employed in matching grants where the company must provide some funding themselves.
Utah’s small businesses qualify based on their revenue, employees, or even employees that work within specific minority groups or low-income areas.
How to Apply for Small Business Grants in Utah?
A company can apply for SBA grants by filling out an application for Utah. In addition, the US government has a listing of all their available grants, including those provided through the SBA.
You’ll need to compose a proposal that explains why you qualify for the money and how much will be used to assist with your business goals. This proposal can include written proposals, presentations, or other presentation material depending on what requires.
The total amount you receive depends on how much money is available for distribution each year, and there may be different rules depending on if it’s federal or state funding.
Utah Local SBA Office Address and Contact Information
In Utah, there is one office:
Salt Lake City, UT
Main SBA Assistance Office:
Salt Lake City, Utah SBA Office
Address:
125 South State Street Room 2227
Salt Lake City, UT
Utah SBA Telephone and Email Contact Information:
Phone Number:
801-524-3209
Website:
https://www.sba.gov/offices/district/ut/salt-lake-city
Salt Lake City – Utah District Office
The Utah District Office assists hundreds of small businesses each year by providing financial assistance through SBA’s loan programs.
Utah SBA Summary and Conclusion
Utah SBA loans and grants can be a great resource for any company looking to expand its operations, and many Utah businesses have benefited from this type of SBA financing. Do you think your small business could benefit from an SBA loan? Did you already apply for one? Or, were you turned down for a PPP, EIDL, or other SBA disaster loan in Utah?
Share your thoughts in the comment section below.
Utah Small Business Help: Get Loan Assistance for Your Business in Utah
Did you know you can request additional SBA EIDL loan funds in Utah?
Did you know you can request an SBA loan reconsideration if you have been turned down for an SBA loan?
Whether your UT business is classified as a sole proprietorship, independent contractor, LLC, C-Corp, S-Corp, landlord, property investments, rental property owner, or other type of qualifying small business entity in Utah, we may be able to help you.
Schedule Your Free Disaster Loan Consultation call to see if we may be able to help with your Utah business situation.
Cover Image Credit: SBA.gov Utah website.