Commercial Property Rental Assistance Program for Small Businesses
We have great news for small businesses that rent commercial property; you may receive pandemic relief from the Utah Legislature. As part of S.B. 3006, the COVID-19 Commercial Rental Assistance Program includes $40 million in commercial property rental assistance.
The Utah Governor’s Office of Economic Development (GOED) will administer the grants providing rental relief to Utah small businesses — including nonprofits, sole proprietors, independent contractors and those that are self-employed — that have lost revenue as a result of measures taken to minimize the public’s exposure to COVID-19.
To be eligible for the Commercial Rental Assistance Program, applicants must:
- Have a current lease on commercial property in the state of Utah
- Claim Utah as their principal place of business
- Be in operation with fewer than 100 employees on Feb. 15, 2020
- Demonstrate at least a 50% loss of gross monthly revenue after March 1, 2020, as a direct result of the COVID-19 pandemic
- Not received funds from the COVID-19 Agricultural Operations Grant Program (funded with federal CARES Act monies)
An applicant determined to meet eligibility requirements will receive an amount, not to exceed $10,000, between 25% and 100% of a single month of its business lease amount. The percentage is based on a formula that takes into account the company’s loss of gross revenue. The formula also considers whether the company received funds from the CARES Act Paycheck Protection Program (PPP) managed by the U.S. Small Business Administration.
Qualifying businesses and nonprofits could apply beginning May 11, 2020.The application process will remain open until all grant funds are used. A request for a grant is not a guarantee of funding. GOED will begin mailing grant checks on May 15.
For information on how to apply for the rental assistance, go to:
business.utah.gov/utah-covid-19-commercial-rental-assistance-program/
