RESOURCES FOR OREM BUSINESSES AFFECTED BY

COVID-19

The City of Orem is committed to providing you with accurate information and resources as Utah transitions into a new phase of battling COVID-19. Orem is currently in the “Moderate Level of Transmission”, consistent with the state’s Utah Leads Together Plan IV. The plan has been in effect since June 17, 2020, and is designed to protect lives and livelihoods. The most up-to-date information will likely always be found on coronavirus.utah.gov/business. We are doing all we can to provide you with timely information and tools to help your business during this difficult time. Please reach out if you have questions, we are here to help.
 
Sincerely,
 
Kathi Lewis
Economic Development Division Manager- kmlewis@orem.org – 801-229-7079
Nate Prescott
Economic Development Analyst – nmprescott@orem.org – 801-229-7114

 

Current Funding Options

The Paycheck Protection Program is back open!
 
SBA is reopening the Paycheck Protection Program (PPP) for First Draw Loans the week of January 11, 2021. First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
 
Full Forgiveness Terms
First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
  • Employee and compensation levels are maintained;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs.
 
Who Can Apply
Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—can apply. Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.
 
Reapplying and Loan Increases
Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020 may: (1) reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or (2) under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible.
 
How and When to Apply
Borrowers can apply for a First Draw PPP Loan until March 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP. All new First Draw PPP Loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found HERE.
 
Ensuring Access for All
SBA continues to call upon its lending partners, including Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), to redouble their efforts to assist eligible borrowers in underserved and disadvantaged communities. At least $15 billion is being set aside for First Draw PPP loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods. To promote access for smaller lenders and their customers, SBA will initially only accept loan applications from community financial institutions starting on January 11, 2021. The PPP will open to all participating lenders shortly thereafter.
 
Visit www.sba.gov or www.treasury.gov for more information and details, including the comprehensive program rules.
 
 
Visit your current lending source (bank, credit union, etc) to apply/reapply for the Paycheck Protection Program

Apply Here!

Mountainland Association of Governments (MAG) is providing financial assistance to qualifying restaurants, bars, and cafes in Utah County, Utah who have been impacted by the COVID-19 pandemic. Businesses are eligible to receive up to $10,000 for the following purposes:

  • Reimbursement for materials and equipment to facilitate outdoor and alternative dining spaces, such as outdoor patio heaters, tables and chairs, and awnings. 
  • Reimbursement for protective equipment such as physical barriers and air circulation equipment.
  • Reimbursement for other materials and equipment purchased during the pandemic to make your business more compliant with COVID-related health guidelines.

Business Eligibility

  • Licensed bar, restaurant, or similar business legally owned and operated in Utah County, Utah with no more than 20 full-time equivalent employees.
  • Business was established and in operation on or before March 6, 2020.
  • Business is complying with all federal, state, and local COVID-19 related guidelines.
  • Business has not previously received funds from any MAG restaurant assistance program.

Eligible Reimbursements

All awards from this program will be made in the form of reimbursement for prior, pandemic-related purchases. Materials and equipment must have been purchased on or after March 6, 2020 and proof of purchase must be provided in the application.

MAG may reimburse a portion of expenses for equipment and materials purchased to offer a dining experience that is safe, comfortable, and compliant with health guidelines. This includes outdoor dining equipment and related materials.

MAG will not reimburse any other business expense, including payment of debt, payroll, rent, or utilities. Construction of any type, including activities which alter the natural or built environment, is not eligible for reimbursement. Placing equipment such as tables, awnings, and heaters outdoors is permitted as long as these do not alter the space itself.

Income Requirements

In order to qualify for this program applicants must certify that an award will enable the creation or retention a job held by a low- or moderate-income individual that would be otherwise unavailable without assistance. This includes any job held by an individual with an annual salary of $45,050 or less; the salary threshold for low- or moderate-income individuals increases with household size.

Apply HERE!

OFFICE LINE

1.800.555.6789

EMERGENCY

1.800.555.0000

WORKING HOURS

9:00am – 6:00pm