If you missed our prior updates, visit our
website
.
The UMA’s Center for Business and Continuous Improvement is gathering information to help Utah manufacturers deal with the latest COVID-19 related information. UMA’s Center exists to directly help Utah manufacturing companies enhance their competitiveness, productivity, and performance.
If you have any questions you would like addressed in future updates, or feedback about this information, please contact the UMA Center Director, Ryan Mecham at
ryanm@umaweb.org
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Deadline: Friday, April 3, 2020 at 12:00
Utah Small Business Bridge Loan Program
Utah-based small businesses with 50 or fewer employees impacted by the COVID-19 pandemic may apply for a new
bridge loan program
offered by the Utah Governor’s Office of Economic Development (GOED).
The Utah Leads Together Small Business Bridge Loan program uses approximately $8 million in repurposed state economic development funds. Additionally, the Utah Department of Workforce Services has contributed $500,000 to the program.
Loan amounts range from $5,000 to $20,000 with 0% interest for up to a 60-month period. Loans cannot exceed three months of demonstrated operating expenses. Loan payments are deferred for 12 months, and GOED will use at least 25% of the program funds to support rural Utah businesses.
There are guidelines, eligibility requirements and required information that must be submitted with applications. Please refer to utahgoed.info/loan for complete
details
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The U.S. Chamber of Commerce Publishes “Coronavirus Emergency Loan: Small Business Guide and Checklist”
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 (PPP), the initiative provides 100% federally guaranteed loans to small businesses.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The administration has released initial guidelines; they are available at www.treasury.gov. The U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals check eligibility and prepare to file for a loan.
Small businesses and sole proprietors can begin applying on April 3. Independent contractors and self-employed individuals can apply beginning on April 10.
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The Economic Injury Disaster Loan (EIDL) Program vs. The Paycheck Protection Program (PPP)
Two federal programs exist to help Utah businesses, but companies can’t use both programs for the same business purpose.
Here is a short review
of the differences between the two programs. .
Paycheck Protection Act
The Paycheck Protection Program(“PPP”)authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.
The loan amounts will be forgiven as long as:
- The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
- Employee and compensation levels are maintained.
Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. Loan payments will be deferred for 6 months.
Read the full guidelines
here
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Salt Lake County Creates a Economic Impact & Recovery Team and a Hotline
Their site states:
Our Economic Impact & Recovery team has been formed to
- Minimize the current and future impacts on local businesses and retain as many jobs as possible
- Educate businesses on how they can continue to operate during the epidemic as well as educate consumers on how to safely interact with businesses, and
- Serve as a conduit of information and resources for businesses, community stakeholders, and residents suffering hardship during this time.
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Addressing the Critical Health Care Supply Shortage Related to COVID-19.
Business Roundtable and the NAM are calling on business and manufacturers to join us—to identify medical supplies and equipment, including personal protective equipment (PPE) and test kits, and production capabilities to save lives and address this pandemic. The data, which we will continue sharing with the federal government and key agencies, will help us locate new sources of existing supplies as well as where new manufacturing capacity can be tapped to address shortages nationwide.
Some of the questions they will ask include:
- What inventory do you have that you would consider making available to health care workers? (It lists PPE, diagnostics and testing, Disinfection consumables, Home equipment, Drugs and medical consumables, and Medical equipment.)
- Which items do you currently manufacture? (It lists PPE, diagnostics and testing, Disinfection consumables, Home equipment, Drugs and medical consumables, and Medical equipment.)
- What are the barriers / obstacles you face to significantly increase your production output of the items listed above?
- For which of the items listed above could you reconfigure operations to produce in the coming medium term (10 to 90 days).
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Virtual Session
Friday, April 3 - 11:00 a.m. – 1:00 p.m.
Join us for an urgent and compelling forum that will provide clear and actionable direction to help local businesses navigate the COVID-19 health and economic crisis.
The George S. and Dolores Doré Eccles Foundation is generously underwriting this lecture series so it can be offered free of charge to all interested business participants.
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Experts from the Marriner S. Eccles Institute at the David Eccles School of Business will join with Mike Leavitt, former US Health and Human Services Secretary and former Utah Governor, to provide actionable insights for businesses of every size throughout Utah. Sen. Mitt Romney and Gov. Gary Herbert will also take place in the forum.
This unprecedented forum is provided free of charge to business leaders through the generosity of the George S. and Dolores Doré Eccles Foundation.
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Mike Leavitt | Former Secretary, United States Health and Human Services; Former Utah State Governor; President and CEO, Leavitt Partners
Mike Leavitt is the founder of Leavitt Partners where he helps clients navigate the future as they transition to new and better models of care. In previous roles, Mike served in the Cabinet of President George W. Bush (as Secretary of Health and Human Services and Administrator of the Environmental Protection Agency) and as a three-time elected governor of Utah.
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Intermountain Healthcare Opens 20 New COVID-19 Testing Sites Open as of April 1
To meet the demands of COVID-19 testing and to protect our patients and caregivers by practicing safe social distancing Intermountain Healthcare opened 20 new COVID-19 testing sites. When should you visit a testing site? Well, understanding the signs and symptoms of COVID-19 is an important first step to finding the right point of care. If you have very mild cold or flu-like symptoms, please stay home, self-isolate, and rest.
Find the testing locations
here
. Before visiting one of our testing locations, please call the COVID-19 Hotline at 844-442-5224. Calling ahead allows a medical professional to assess your symptoms over the phone and determine if you should be tested for COVID-19. Please don’t visit a testing site if you aren’t experiencing symptoms.
When to Stay at home: If your symptoms are not apparent or mild, which is most cases, stay at home and recover. Rest, drink fluid, stay six-feet away from others, and wash your hands and surfaces often.
Click
here
for Intermountain Healthcare's evaluation of COVID-19 symptoms and what you can do.
Intermountain Healthcare also provides a
chat feature
to learn about your symptoms.
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If you would like to learn how UMA's Center can help you, please contact
Ryan Mecham, Director of UMA's Center for Business and Continuous Improvement, at
ryanm@umaweb.org
or 801-557-9105.
To receive future communications from the Utah Manufacturers Association please
Click Here
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Utah Manufacturers Association
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