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The original item was published from 5/8/2020 11:15:00 AM to 5/8/2020 11:16:52 AM.

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Draper News

Posted on: May 8, 2020

[ARCHIVED] Business Update: New Rent Assistance Program

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Beginning Monday, May 11 at 9 a.m., on a first-come, first-served basis, Utahns can apply for the COVID-19 Commercial Rental Assistance Program, which helps small businesses, nonprofits, tribal businesses, sole proprietors and others pay rent.

The COVID-19 Commercial Rental Assistance Program was created on April 30, 2020, when Gov. Herbert signed S.B. 3006. The program grants $40 million in rental relief to Utah small businesses that have lost revenue as a result of measures taken during the pandemic to minimize the public’s exposure to COVID-19.

Application Process

The application process will remain open until all grant funds are used. A request for a grant is not a guarantee of funding. The Governor’s Office of Economic Development will begin mailing grant checks on May 15. To learn more, review criteria and apply, visit the program’s website.

Qualifications

To be eligible for the Commercial Rental Assistance Program, applicants must:

  • Have a current lease on commercial property in the state of Utah
  • Claim Utah as their principal place of business
  • Be in operation with fewer than 100 employees on Feb. 15, 2020
  • Demonstrate at least a 50% loss of gross monthly revenue after March 1, 2020, as a direct result of the COVID-19 pandemic
  • Not received funds from the COVID-19 Agricultural Operations Grant Program (funded with federal CARES Act monies)

An applicant determined to meet eligibility requirements will receive an amount, not to exceed $10,000, between 25% and 100% of a single month of its business lease amount. The percentage will be based on a formula that takes into account the company’s loss of gross revenue and whether the company received funds from the CARES Act Paycheck Protection Program (PPP) managed by the U.S. Small Business Administration.

  • Did Not Receive PPP Funds: For applicants that did not receive PPP funds, grant amounts will be the lowest of 1) $10,000, 2) 100% of monthly rent with a monthly gross revenue loss of 71% or more, or 3) 50% of monthly rent with a monthly gross revenue loss between 50% and 70%.
  • Did Receive PPP Funds: For applicants that did receive PPP funds, grant amounts will be the lowest of 1) $5,000, 2) 50% of monthly rent with a monthly gross revenue loss of 71% or more, or 3) 25% of monthly rent with a monthly gross revenue loss between 50% and 70%.

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