Resources For Utahns, Startups, and Small Business Communities To Combat The Economic Downturn
“Flattening the Dip” has now been said to me several times in the last 24-hours, as it’s the new theme among the business leaders on what we must do. This brilliant catchphrase originates from Derek Miller, president and CEO of the Salt Lake Chamber, who was appointed to Utah’s Economic Response Task Force, leading a COVID-19 subcommittee. They focus on mitigating the economic impact of the coronavirus in Utah.
There are many other organizations that are forming, that are sharing a wide variety of resources. Our contribution to Flattening the Dip will be to collect, assess, and publish information to the public on a daily basis.
All of this is to support entrepreneurs, small business entities, and startups because these entities are critical to the future of the American economic fabric. If you have any content suggestions or support, please complete this form and THANK YOU for sharing. This article will be updated as needed.
TOPICS
Business Financial Support
RED BACKPACK FUND – Backed by Sara Blakely and Masterclass
Fashion and feminist philanthropy find a new intersection with The Spanx by Sara Blakely Foundation. In response to COVID-19’s impact on woman-owned small businesses, the Foundation donated $5 million to GlobalGiving to establish the Red Backpack Fund.
1,000 female entrepreneurs, majority women-owned businesses, and nonprofits in the United States will receive a $5,000 grant, totaling $5 million in funding from The Spanx by Sara Blakely Foundation. Funds go toward majority women-owned small businesses’ immediate needs in the face of coronavirus, as well as supporting their long-term recovery once the crisis has passed.
192+ INVESTORS STILL WRITING CHECKS
Many founders want to know is who is still out there writing checks and it seems a lot of people are, at least according to a list compiled by Laurent Grill, lead investor at corporate backed early stage fund, Luma Launch. Grill feels the results from his query are encouraging and he wants to publicize the fact that there are still plenty of opportunities amidst the doom and gloom. However, just because most everyone says they are still investing does not mean it is not going be a lot harder to get capital. Review his updated list of investors who are still investing here.
FINANCIAL RELIEF PROGRAMS SUMMARIZED
The following summarizes three major relief programs: SBA Loans, Tax Provisions and Unemployment Benefits. These summaries are provided by the professionals at Assure and Clark Rasmussen Taylor, CPAs.
SBA Loans
- SBA 7(b) Emergency loans (known as EIDL)
- $10,000 grant with 72 hours of receipt of your application. Must qualify by having economic damages to your business. This is a grant, not a loan and does not need to be paid back.
- Disaster loans up to $2M
- First phase of loans up to $500,000, 3.75 fixed rate, 10-30 yr loan
- Processed through the SBA website
- SBA 7(a) Paycheck Protection Plan loans
- Processed through local banks approved by the SBA
- You apply for the loan at a bank using the criteria established by the SBA
- Loans will be forgiven if used for payroll, lease payments, utilities
- Payroll taxes deferred up to two years
- Total amount of loan equal approximately 2.5 times your monthly average payroll
- Estimated start to the loan origination is May 1. Contact your lender as soon as possible to get an appointment.
Tax Provisions
- Dependent care and sick employee payroll tax credit
- If more than 50 employees, you must pay employees for sick leave or dependent care time off for up to 10 days.
- The payroll tax credit is up to $2,000 per employee for taking care of a child, $5,110 for caring for a sick relative or if employee is sick.
- Rebate checks
- The IRS estimates the checks will be sent about three weeks after the bill is passed, so they should start arriving around the middle of April.
- The check amount will be $1,200 for adults (so married couples will get $2,400) plus $500 per child.
- The rebate amounts phase out at $75,000 for single filers or $150,000 for married filers.
- The rebate check is based on your 2019 tax return. If you have not filed a 2019 tax return yet, the check will be based on your 2018 tax return.
- The bill itself does not have much detail on the specifics of how the checks will be disbursed, so Google will be a good resource as more details are known. Here is a good article from a reliable resource that answers some questions about the checks.
- Suspension of 10% penalty for early withdrawal from retirement plans
- To help with those needing money during this time, the tax law temporarily waives the 10% penalty for early withdrawals from qualified retirement plans up to $100,000 for those impacted by coronavirus-related issues. Here is a good article with more information.
Unemployment Benefits
- Unemployment benefits to those not traditionally eligible for unemployment benefits (self-employed, independent contractors, seeking part-time employment, those with limited work history, and others) who are unable to work as a direct result of the coronavirus public health emergency. The bill provides an additional $600 per week payment to each recipient on top of the normal benefits.
- Here is a good article with more information
OPEN as of April 3, 2020

https://disasterloan.sba.gov/ela/
Questions? Join this LinkedIn Group
1-800-659-2955 (TTY: 1-800-877-8339)
ECONOMIC INJURY DISASTER LOAN (EIDL) – SMALL BUSINESS ADMINISTRATION
The Economic Injury Disaster Loan (EIDL) is offered by the SBA to help small businesses meet working capital needs caused by a natural disaster.
The EIDL can be used for:Sick leave to employees unable to work due to COVID-19
Payroll costs and employee commissions or similar compensations
Rent or mortgage payments
Increased material costs due to interrupted supply chains
Repaying obligations that cannot be met due to revenue losses
Key Benefits of the EID Loan:
Any qualified small business, nonprofit organization, veterans organization, or tribal business is eligible to review a loan if the business employs 500 or less people
- Emergency Advance – Borrows can receive an immediate influx of funds as fast as three days after the SBA receives the application This advance is forgivable and does not need to be paid back.
- Low Interest Rate – Maximum rate of 3.75%.
- 30-Year Maturity Available – Businesses can receive terms up to 30 years
- Apply for an SBA EID Loan directly from the Small Business Association.
OPEN as of April 3, 2020

https://disasterloan.sba.gov/ela/
Questions? Join this LinkedIn Group
1-800-659-2955 (TTY: 1-800-877-8339)
PAYCHECK PROTECTION PROGRAM – SMALL BUSINESS ADMINISTRATION
The Paycheck Protection Program is a recently added SBA loan program that provides federally guaranteed loans to eligible small businesses, to help them retain employees during the COVID-19 crisis.
The PPP covers operational exposes for an 8-week period, beginning Feb. 20 2020 to June 30, 2020.
Key Benefits of the PPP Loan:
Any qualified small business, nonprofit organization, veterans organization, or tribal business is eligible to review a loan if the business employs 500 or less people
- 100% Loan Forgiveness – For qualified loan uses like payroll costs and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made
- Low Interest Rate – Maximum rate of 1% fixed rate for the entire life of the remaining loan amount that isn’t forgiven
- 6 Month Payment Deferral – All payments are deferred for 6 months
- To apply for an SBA-backed PPP loan, contact an SBA qualified bank.
OPEN as of March 19, 2020

https://disasterloan.sba.gov/ela/
Questions? Join this LinkedIn Group
1-800-659-2955 (TTY: 1-800-877-8339)
SMALL BUSINESS ADMINISTRATION – DISASTER LOAN ASSISTANCE
- Three-step, online process.
As a business of any size, you may borrow up to $2 million for physical damage. - As a small business, small agricultural cooperative, small business engaged in aquaculture, or private non-profit organization, you may borrow up to $2 million for economic injury.
- As a small business, you may apply for a maximum business loan (physical and EIDL) of $2 million.
SHEA MOISTURE MINORITY/WOMEN-OWNED BUSINESS FUND
SheaMoisture will award minority-owned businesses that are finding creative ways to support their communities through COVID19.
TAX FILING DEADLINE EXTENDED
The Internal Revenue has announced a filing deadline to July 15, 2020. The IRS said the deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
STATE OF UTAH ANNOUNCES SMALL BUSINESS LOANS
The Governor’s Office of Economic Development announced the implementation of a loan program for small business. Applications will be taken beginning Tuesday, March 31, and the first round of application will be closed on April 3.
Preliminary conditions of the loan will be:
Available for companies with less than 50 employees
0% interest with a 5 year term.
No payments the first 12 months
$5,000-20,000 loan amount
Limited to 3 months operating expenses
Must be a business in place as of 1.1.2020
Will require some documentation such as business license and tax returns
Some due diligence to assure not a fraudulent application
SAVE SMALL BUSINESS FUND FROM US CHAMBER OF COMMERCE
The Save Small Business Fund is a grantmaking initiative offering short-term relief for small employers in the United States and its territories.
These grants have been funded by corporate and philanthropic partners, and is a collective effort to provide $5,000 grants to as many small employers as possible.
CARES ACT- US CHAMBER OF COMMERCE
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
The Chamber is currently preparing to accept applications. Meanwhile, download the PDF which outlines the guidelines and eligibility for these loans.
WORLD TRADE CENTER UTAH COVID-19 GRANT FUNDING
WTC Utah is working with grant partners to offer support to Utah’s small businesses.
Eligible Utah companies can apply funds to the following activities:
- Fees for shipping sample products
- Cost of compliance testing an existing product for entry into an export market
- Export research tool subscriptions
- Website translation into foreign language, search engine optimization, and localization services
- Design of marketing media
- Export conferences, meetings, symposium or training programs–either live or via webinars
Utah Business Resources
STATE OF UTAH ANNOUNCES SMALL BUSINESS LOANS
The Governor’s Office of Economic Development announced the implementation of a loan program for small business. Applications are currently being taken.
Preliminary conditions of the loan will be:
Available for companies with less than 50 employees
0% interest with a 5 year term.
No payments the first 12 months
$5,000-20,000 loan amount
Limited to 3 months operating expenses
Must be a business in place as of 1.1.2020
Will require some documentation such as business license and tax returns
Some due diligence to assure not a fraudulent application
OGDEN BUSINESS DEVELOPMENT
Ogden City’s Emergency Loan Fund is available to help companies immediately affected by COVID-19 (coronavirus).
Loans up to $10,000 are available for working capital to help businesses with expenses such as rent and payroll. General loan terms are provided below:
- Loans amount: Up to $10,000
- Interest rate: 0%
- Term: 10 years
- Deferred payment: Up to 12-month deferral on payment
ST. GEORGE AREA CHAMBER OF COMMERCE
The Greater Together Small Business Resilience Fund provides short-term bridge funding for small businesses in Washington County experiencing economic hardship due to the COVID-19 outbreak.
- March 25, 2020 FOUNDATION CAPITAL: HOW TO SURVIVE A PANDEMIC Living Google Document outlining 50+ resources according to a well-respected Silicon Valley Venture Capital.
- March 24, 2020 SOFTWARE INSIDER WITH R RAY WANG Tech Vendors Take On Corona Virus. How IBM, ServiceNow, Facebook, Zoom and Apple are donating resources to the public to fight the virus impact. By R Ray Wang
- March 15, 2020 STAR TRIBUNE What businesses need to do now because of coronavirus
Designate someone to think ahead and develop a cohesive, consistent communication plan. By Jackie Crosby - March 10, 2020 GEEKWIRE Startup advice for coronavirus turmoil: curb expenses; assess hiring; don’t panic; be human. By Taylor Soper.
- March 17, 2020 UTAH DEPARTMENT OF WORKFORCE SERVICES Unemployment support and COVID-19 and Unemployment Insurance FAQs
Frequently Asked Questions for Employees - Utah DWS Unemployment insurance, child care, food assistance, energy assistance, unemployment centers https://dps.utah.edu/coronavirus/
- State of Utah Corona Virus resources https://coronavirus.utah.gov/
- Center for Disease Control COVID-19 resources and advisement https://www.cdc.gov/coronavirus/2019-ncov/index.html
- Washington Post Corona virus stimulus check calculator https://www.cdc.gov/coronavirus/2019-ncov/index.html
KICKSTART JOB RESOURCE
Kickstart has a job opportunity board for those seeking employment within its network companies.
TAX FILING DEADLINE EXTENDED
The Internal Revenue has announced a filing deadline to July 15, 2020. The IRS said the deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
Impact Surveys
Impact surveys are the easiest ways for individual companies or entities to directly tell governing officials their state of business. If you haven’t yet, please complete these surveys if relevant to your business or location. Policy makers need to hear from you.
SILICON SLOPES WANTS YOUR INPUT
Silicon Slopes is collecting your thoughts regarding current challenges and putting them in front of our national and state leaders. Please take he survey below to help guide the economic relieve efforts.
Additionalyl, Silicon Slopes continues to update resources. For answers to basic COVID-19 Business Assistance questions:
- Visit SiliconSloopes.com/COVID19
- Text “Felix” to 45426 to start chatting
CRUSH THE CURVE Test Utah Challenge
TestUtah is a new initiative sponsored through Silicon Slopes and in partnership with our state leaders and private corporations. Our goal is to dramatically increase the rate of COVID-19 testing so Utahns can have better access to testing and help stem the spread of COVID-19, to get us back to normal as quickly as possible.
Answer a few questions to determine your current risk and provide the Utah State Health Department and government leaders insight into our collective health. You’ll also receive accurate, evidence-based information on COVID-19. We can’t test everyone, but we’ll prioritize testing for those who currently have symptoms, have interacted with someone who has already tested positive, or have recently visited places where COVID-19 is more widespread. We’ll confirm a time slot for your test and direct you to a drive-through testing location. If you’ve tested positive, we’ll ask you to answer some questions to help isolate the infection rate; for example, who you might have been in contact with and where you have traveled recently.
OPEN as of March 17, 2020
SALT LAKE CITY ECONOMIC DEVELOPMENT IMPACT SURVEY
NEW: Business Impact Survey for any potential earthquake damage and potential revenue loss. We’re asking all SLC businesses to take this new survey.
CENTERS FOR DISEASE CONTROL AND PREVENTION
Plan, prepare, and respond to coronavirus disease 2019. Interim guidance for businesses and employers, cleaning and disinfection recommendations, OSHA/ HHS Guidance, and dozens of other resources available and continuously updated.
COVID-19 Business Resource Center
HELLO ALICE – COVID-19 RESOURCE CENTER
This website is update daily and includes real-world funding, resources, and support for small business owners.
The MILL and MILLER BUSINESS RESOURCE CENTER
Phone: 801-957-5232
SALT LAKE COMMUNITY COLLEGE MILLER BUSINESS RESOURCE CENTER
Emergency Financial Checklist for Businesses Impacted by COVID-19. Read this blog created and updated daily by LedgerGurus dedicated to emergency preparation and resilience during this time. They have useful checklists, webinars, and small business advice.
STOEL RIVES COVID-19 RESOURCES
Stoel Rives has an interdisciplinary team of lawyers across practices, industries and offices to provide organizations with timely, practical and industry-specific legal advice. We offer organizations the tools and resources they need to respond with confidence to the commercial and legal ramifications of this rapidly developing global pandemic.
VISIT WEBSITESTATE OF UTAH Utah Leads Together
Utah’s plan for a health and economic recovery. Prepared by the Economic Response Task Force
Utah Division of Multicultural Affairs
https://multicultural.utah.gov/covid-19-resources-information/
UTAH DIVISION OF MULTICULTURAL AFFAIRS
As public health emergencies intensify around the coronavirus (COVID-19), the Utah Division of Multicultural Affairs is working closely with other state and local agencies to elevate the unique concerns and impacts that the outbreak has on underserved, underrepresented, and vulnerable populations. We want to ensure that all of our communities understand the current recommended precautions to keep Utahns safe and mitigate the risk of exposure.
SALT LAKE CITY ECONOMIC DEVELOPMENT IMPACT SURVEY
ELC ED streamlined COVID-19 (and now, earthquake) resources for Salt Lake City’s business community to plan, prepare, and respond to the COVID-19 virus outbreak. There will be updates. As we follow public health guidelines and common sense, we will give Salt Lake City the best opportunity to stay resilient during this challenging economic time.
Please visit the Economic Development website as it has dozens of resources including Emergency Loan Program information, Economic Injury Disaster Loan (EIDL), Earthquake and COVID-19 Impact Surveys, Mayor Mendenhall’s State of Local Emergency advisement, U.S. Small Business Administration Loan information, Unemployment and WIC information, Employers’ Unemployment Insurance, State Legal Guidance, SLC Area Restaurant Association, COVID-19 Affected Events, Arts Info, Additional Small Business Assistance from Utah SDBC, Suazo Business Center and Utah SCORE, Salt Lake Chamber, K-12 and Higher Ed, Child Care Resources, Salt Lake County, Department of Labor, Office of Tourism, Utilities and Internet Connectivity, and more.
PROVO COMMUNITY SAFETY PLAN
The Provo police, fire and rescue, and municipality has organized a very impressive online guide for people and businesses to prepare and safely respond to COVID-19. They have a four-step program that has videos, PDFs, checklists, and many other online resources that can help the local community.
SCORE
For over 50 years, SCORE has served as America’s premier source of free business mentoring and education. As a resource partner of the U.S. Small Business Administration (SBA), SCORE has helped more than 11 million entrepreneurs through mentoring, workshops and educational resources since 1964.
“How Small Businesses Can Prepare for the Corona Virus Outbreak” blog article has several helpful tips.
SMALL BUSINESS DEVELOPMENT CENTERS – UTAH
Business Survival Tips to Weather the COVID-19 Storm.
There are a wide array of opinions predicting what may or may not happen in the future. While we can’t predict the future, the quip that “The market can remain irrational longer than you can remain solvent” is something we should keep in mind. It is quite possible that the impact of the COVID-19 virus could go on for months. Regardless if we believe that or not, it would be prudent for any businessperson to prepare for any possible lengthy impact this may have on your business.
Read this very helpful article by Jared T. Turner, Regional Director of the Small Business Development Center of Box Elder County.
OPEN March 19, 2020
https://uw.org/covid19-community-fund/
Need help? Dial 2-1-1
Questions? 801-736-8929
UNITED WAY COVID-19 COMMUNITY FUND
- Tax-deductable, any donations are appreciated from either a company or an individual
- Also offering support to families who need help
SILICON SLOPES SERVES
COVID-19 Utah Community Response Fund
Responding to urgent needs across the Beehive State, Silicon Slopes has established the COVID-19 Community Response Fund. This new fund will be used exclusively to alleviate the devastation already being experienced as a result of this pandemic, such as:
- FDA-approved COVID-19 test kits to accelerate the diagnosis of fellow Utahns
- Medical supplies for those health professionals and nonprofit workers in contact with potentially infected individuals
- Public health and K-12 education efforts
SLC Alliance Tip Your Server
SLC BUSINESS ALLIANCE – TIP YOUR SERVER
Organized by Salt Lake City, Downtown Alliance, and Ty Burrell.
EVERY DAY, 1 p.m. MDT
UTAH DEPARTMENT OF HEALTH – Facebook Live
Watch now
EVERY Monday, Wednesday, and Friday at 4 p.m. MDT
SILICON SLOPES TOWN HALL – YouTube Live
View Town Hall Meeting (Live and recorded sessions)
Questions? Contact Or join the Silicon Slopes Slack Community