Thank you to all the businesses who assisted in San Juan County securing Small Business Assistance (SBA) Disaster Relief funding by completing an estimated disaster economic injury worksheet.
The program and next steps for SBA assistance will be as follows:
Small Business Assistance (SBA) Coronavirus Loans.
Gov. Herbert has established Utah as a beneficiary of this program by providing the necessary examples of financial emergencies our businesses are experiencing.
- A link should be available from the SBA within the next few days for businesses to apply. Once an application is complete, it will take about 10 to 15 days for a loan to be available. Information on the application link will be provided by the Governor’s Office of Economic Development as soon as it is available from the SBA (we will be sure to forward and post this link as well).
- Loans up to $2 million will be available to small businesses and private non-profit organizations with interest rates set at 3.75% and 2.75% respectively.
- Loans may be repaid for up to 30 years. Terms are determined on a case-by-case basis based on the borrower’s ability to repay.
- Loans may be used to cover business operating expenses, including payroll.