BUSINESS

Federal government steps in to assist small businesses and non-profits affected by coronavirus

Mar 17, 2020, 10:13 PM
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SALT LAKE CITY – Many Utah businesses and non-profits have been struggling with falling profits or declining donations because of social distancing and other Coronavirus restrictions.

Social distancing is a practice of isolation from others around you in public areas. Businesses and non-profits are suffering because of the lack of foot traffic they are no longer receiving from social distancing.

But now they might get help from the federal government.

The federal government is in agreement over the severity of income decline for those Utah businesses and non-profits practicing health precautions.

Those businesses affected in Utah are now having to question their financial state due to the coronavirus.

The Small Business Administration has been authorized to give out low interest, 30 year loans up to $2 million because of the coronavirus. Businesses could use the money for expenses like payroll or bills.

Utah non-profits qualify for similar loans, but their interest rates would be lower.

Businesses in Utah have lost funds because of coronavirus restrictions, while non-profits have seen donations drop and the demand for their services grows.

This puts Utah non-profits in a difficult position because the demand for supply is too high for how little donation they are currently receiving.

Utah businesses and non-profits who are facing either dramatically reduced income or the prospect of having to find childcare should their kids’ school close, the potential impact of the coronavirus is dire.

These non-profits and businesses in Utah will continue to be affected so long as these new restrictions are in place.

More information about the loans can be found here: https://www.sba.gov/funding-programs/disaster-assistance

The State of Utah also has a website with more information: https://coronavirus.utah.gov/business/

 

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Federal government steps in to assist small businesses and non-profits affected by coronavirus