POLITICS + GOVERNMENT

Live Mic: Lifeline for Utah small businesses trying to stay afloat during pandemic

Apr 1, 2020, 3:29 PM | Updated: 5:43 pm
Utah small businesses...
103.5 The Arrow's Jon Smith shared this photo of the mostly-empty toilet paper aisle at Target in Salt Lake City.

SALT LAKE CITY — Utah small businesses are eligible to receive assistance during the pandemic after President Trump signed the CARES Act, allotting $2.2 trillion in aid for the American people.

Miles Hansen, President & CEO of World Trade Center Utah, joined Lee Lonsberry on his show, Live Mic, to explain how Utah small businesses can take advantage of federal money to bounce back from the effects of COVID-19.

How loans to Utah small businesses will work

“Tell us about this CARES Act, specifically how it’s relevant to Utah,” Lee said.

“What this package is designed to do,” Hansen said, “is over the next eight weeks or so as we pause many aspects of our economy …. provide cash and liquidity to as many businesses and families as possible to help make it easier [so] that when we come out of this thing, people are able to jump back into work, and in the meantime, keep paying the rent, utilities and payroll as much as possible.”

Hansen said the CARES Act (Coronavirus Aid, Relief, and Economic Security) is built around five different pillars:

  1. Health care: “$340 billion for hospitals, health care providers, suppliers and public health officials,” he said.
  2. Individuals and families: American taxpayers earning up to $75,000 will receive $1,200. Couples earning up to $150,000 will receive $2,400. Every child in single- and two-parent households earning less than $198,000 will also receive a $500 payment. That feature is included in the expansion of unemployment insurance.
  3. Tax code: “This will provide a surge of liquidity and cash for companies,” Hansen said.
  4. States and industries: $500 billion for state and local governments and companies, of which “Utah should expect to see about 1.5 billion,” he said;
  5. Workers: $350 billion in loans and assistance for small businesses — much of that will go to businesses to pay workers, mortgage interest and rent.

Payroll protection for Utah small businesses

“Where do [businesses] find information if they are facing payroll and the various expenses? What ought to be their first step to engage the benefits made available in this package?” Lee asked.

Hansen said there are two types of loans for small businesses.

The first is the payroll protection loan, which allows small businesses with fewer than 500 employees to borrow 2.5 times their average monthly payroll cost.

“If they use the loan for what it’s designed to do, which is to cover payroll, pay your rent, cover other fixed costs,” Hansen said, “for the first eight weeks, from when you take out the loan, that would be entirely forgiven.”

Disaster loans for Utah small businesses

Hansen said the other loan program is the Emergency Disaster Loan, which is being expanded. As soon as a company applies for the loan, it is immediately given a $10,000 up-front payment on the loan, he said.

“Companies can keep that advance even if they end up not being accepted for the loan or not taking the loan,” Hansen said.

The intent behind the advance is to inject cash as quickly as possible into small businesses to jump-start the local economy.

Small businesses in Utah should find out if their lender is SBA approved. If so, Hansen said, reach out to your bank right now as these programs are likely to open up Friday.

 

How To Prevent the Spread of COVID-19 Coronavirus

COVID-19 coronavirus is transmitted from person to person. It is a virus that is similar to the common cold and the flu. So, to prevent it from spreading:

  • Wash hands frequently and thoroughly, with soap and water, for at least 20 seconds.
  • Don’t touch your face.
  • Keep children and those with compromised immune systems away from someone who is coughing or sneezing (in this instance, at least six feet)
  • If there is an outbreak near you, practice social distancing (stay at home, instead of going to the movies, sports events, or other activities.)
  • Get a flu shot.

State of Utah

Utah State Board of Education

Utah Hospital Association

The Church of Jesus Christ of Latter-day Saints

Utah Coronavirus Information Line 18004567707

Centers for Disease Control and Prevention

Commonly asked questions, World Health Organization

Cases in the United States

Live Mic with Lee Lonsberry can be heard weekdays from 12:30 p.m. to 3:00 p.m. on KSL NewsRadio. Users can find the show on the KSL NewsRadio website and app.

 

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Today’s Top Stories

Politics + Government

The Chinese national flag is seen at the entrance to the Zhongnanhai leadership compound in Beijing...
By Zachary Cohen, CNN

A look at China’s history of spying in the US

The suspected Chinese surveillance balloon that violated American airspace this week has fueled a diplomatic crisis with the postponement of Secretary of State Antony Blinken's planned trip to Beijing.
1 day ago
A balloon flies in the sky over Billings, Montana, U.S. February 1, 2023, in this picture obtained ...
Zachary Cohen, CNN

US military has shot down the Chinese spy balloon off US East Coast, US official says

The US military has shot down the suspected Chinese surveillance balloon over the Atlantic Ocean off the Eastern Seaboard, a US official said Saturday.
1 day ago
Martin Gold, a visiting scholar with the Orrin G. Hatch Foundation, says the Filibuster is critical...
Mark Jones

Filibuster is critical if country is to maintain compromise, expert says

A visiting scholar to the Orrin G. Hatch Foundation told Inside Sources Friday how important the filibuster is to compromise.
2 days ago
defraud...
Britt Johnson

Utah County men facing charges for defrauding the United States

The claims state that Zachary Bassett and Mason Warr used a fraudulent tax scheme to receive COVID-19-related relief funds.
2 days ago
Rep. Kera Birkeland, R-Morgan, sponsor of HB297 Victim Services Amendments, poses for a portrait at...
Katie McKellar, Deseret News

A Utah lawmaker and her sister at odds: Should rape victims need to contact police before getting an abortion?

Rep. Kera Birkeland says her bill focuses on rape victim services and holding rapists accountable. But her sister, a rape survivor, says it strips away choices.
2 days ago
Two temporary federal pandemic emergency assistance programs are coming to an end in the coming mon...
Waverly Golden

As two federal pandemic emergency-assistance programs near an end, Cox has solutions

Two temporary federal pandemic emergency assistance programs are coming to an end in the coming months due to more job opportunities.
2 days ago

Sponsored Articles

Banner with Cervical Cancer Awareness Realistic Ribbon...
Intermountain Health

Five Common Causes of Cervical Cancer – and What You Can Do to Lower Your Risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer, the tests that can warn women about potential cancer, and the importance of vaccination.
Kid holding a cisco fish at winterfest...
Bear Lake Convention and Visitors Bureau

Get Ready for Fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy. This year the event will be held from January 27-29 at the Utah Bear Lake State Park Marina and Sunrise Resort and Event Center in Garden City, Utah. 
happy friends with sparklers at christmas dinner...
Macey's

15 Easy Christmas Dinner Ideas

We’ve scoured the web for you and narrowed down a few of our favorite Christmas dinner ideas to make your planning easy. Choose from the dishes we’ve highlighted to plan your meal or start brainstorming your own meal plan a couple of weeks before to make sure you have time to shop and prepare.
Spicy Homemade Loaded Taters Tots...
Macey's

5 Game Day Snacks for the Whole Family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The Best Tools for Deaf and Hard-of-Hearing Workplace Success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
Live Mic: Lifeline for Utah small businesses trying to stay afloat during pandemic