Forty-million dollars has been made available to Utah businesses who were unable to pay their commercial rent due to COVID-19.
Val Hale the executive director of the Governor’s Office of Economic Development outlined aid that came from the recent special session of Utah’s legislature. The bill is made up of three components. One part provides $20 million to help agricultural operations in the state being administered by the department of agriculture, another $20 million is being made available for residential housing with more information coming from the department of workforce services in the coming days.
Hale spoke about the third component of the bill which will provide $40 million in grants to renters of commercial properties in the state.
“Applicants must have a current lease on commercial property in the state of Utah,” Hale continued. “Claim Utah as their principle place of business. Have been in operation with fewer than 100 employees on February 15th. They must demonstrate at least a 50% gross loss of monthly revenue after March 1st as a direct result of the COVID-19 pandemic. They must not have received funds from the agricultural grant program that I previously mentioned.”
Beneficiaries of the grant will receive between 25% and 100% of a single month of its business lease amount not to exceed $10,000.
“The grant percentage is based on a formula that takes into account two things,” Hale explained. “The company's loss of gross revenue, and whether the company received funds from the paycheck protection program managed by the US Small Business Administration. There really are two categories of grant funds those entities that did not receive PPP funds, and those that did”
Commercial renters can submit applications starting Monday May 11 at 9:00 am. Hale recommends businesses look at business page of the state’s coronavirus website as applications will be accepted on a first come, first serve basis.
