We hope the information here will be helpful to you as you research relief programs designed to help business suffering as a result of the coronavirus pandemic. This information is correct to our knowledge, but the situation is fluid and constantly evolving, and the below does not constitute legal or tax advice. Please contact your business, tax, and legal advisors for the latest information
- CBIZ’s (our accounting firm) Q&A regarding available programs: ensignproperties.com/cbiz-covid-19.pdf
- SBA resources: covid19relief.sba.gov
- SBA Paycheck Protection Program (PPP) information: sba.gov/funding-programs/loans/paycheck-protection-program-ppp This provides a loan of 250% of monthly wages to be used for payroll, rent, and utilities, and can be forgiven
- SBA FAQ regarding PPP applications and interpretation: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdf
- Utah programs: coronavirus.utah.gov/business The state’s program includes a 0% interest loan for up to $20,000 to be used for payroll, rent, and utilities
- Utah’s Rapid Response program to help businesses navigate the available relief programs: https://wtcutah.formstack.com/forms/rapid_response_team_intake
- *NEW* Utah’s new COVID-19 Commercial Rental Assistance Program (announced May 7, 2020): https://business.utah.gov/utah-covid-19-commercial-rental-assistance-program/
- Contact your insurance carrier and make a claim under your business interruption policy (this will likely be denied at first, but there are rumblings in some states that insurers may be eventually required to provide coverage for COVID-19)
- Contact your payroll processor as certain payroll taxes may be refundable and/or deferred
- Contact your tax advisor regarding relaxed NOL limitations
- Bayer Properties, a national landlord, has prepared this resource guide: https://www.bayerproperties.com/news/covid-19-business-resource-guide/
- Forms to apply for various programs (zip file): ensignproperties.com/covid-19-forms.zip