ChamberWest Leaders Communication - Legislation - Funding - Congressman McAdams on Thursday
Change is again exciting as kids go back to school, another opportunity for a ‘COVID’ shift indeed. The Utah State Legislature called themselves into session last week to address continuing issues such as allocation of remaining CARES Act fund, exempting forgiven PPP loans from state income tax, and more. A couple of the 22 bills addressed include SB6009 CARES Act and COVID-19 Assistance and Recovery Amendments. This bill makes several technical changes to the economic recovery programs the state created in response to COVID-19, including: Agricultural Operations Grant Program, Cultural Assistance Grant Program, residential housing assistance, Commercial Rental Assistance Program (adds a provision for commercial mortgages, given that some businesses own their commercial property rather than solely leasing), Impact Businesses Grant Program (establishes the grant limits and parameters for eligibility), and the PPE Support Grant Program. It also creates the Oil, Gas, and Mining Grant within the Governor’s Office of Economic Development. The full bill is available for review at: https://le.utah.gov/~2020S6/bills/static/SB6009.html.
Senator Wayne Harper sponsored SB6005 Income Tax Amendments which provides that certain amounts received from a forgiven loan under the Paycheck Protection Program are exempt from state corporate franchise and income tax. You can access that bill at: https://le.utah.gov/~2020S6/bills/static/SB6005.html.
You can address the full list of passed bills from this special session at: https://le.utah.gov/asp/passedbills/passedbills.asp?session=2020S6 .
As a heads up, several of the State programs being administered by GOED are on hold as changes made during the session are implemented. For continually updated information, please visit: https://business.utah.gov/coronavirus/
Emergency Injury Disaster Loan (EIDL) information and an easy application are available at: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources .
Main Street Lending Program information is available at: https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm.
If you qualify but have not yet taken the time to apply, funds are still available for the Salt Lake County Small Business Impact Grant (SBIG). This grant program, which offers up to $35,000, will close on November 1st or when funding runs out. You can learn more about the grant program and the eligibility criteria at: https://slco.org/covid-19/economy/grants/?ref=frontSlider
Qualifications can be viewed at: https://app.smartsheet.com/b/form/aec6ae565e1a4222b1c3d298a4fe88bb.
If you haven’t already, please be sure to register to attend ‘An Update From Washington D.C. with Representative Ben McAdams’ – Zoom – 12:00 noon. Event is being offered on a complimentary basis but registration is required. Register at: https://us02web.zoom.us/meeting/register/tZMkce2tpjwvHtRmFdjhQNxhjsXtYnFerVoX.
Please feel free to reach out if you have any questions or if we can be of service. Hope you all have a great weekend! Be positive, find and embrace the good, and stay safe. I hope you have a very successful week! Thanks much!
Barbara S. Riddle, CMP