Salt Lake City

Economic Development

Phone: (801) 535-7200 | Email: ed@slcgov.com

Salt Lake City’s Emergency Loan Program

Salt Lake City’s Emergency Loan Program

The purpose of this loan program is to provide financial relief to small businesses that will most likely see a downturn in business due to an unforeseen emergency.

The program is intended to help businesses keep their employees and stay afloat during a time of economic hardship. It is meant to bridge the gap for what may be a shortened financial hardship period.

The city aims to provide as much relief as possible, but loan approvals will be limited during a high-volume application period. If the business owner should need further financial assistance in the form of a larger loan and payback period, they will be directed to the U.S. Small Business Administration’s Economic Disaster Assistance Program.

We’re encouraging businesses to apply for this funding to help make payroll, to pay bills and to keep their operations going (available later this week).

The second round application period will be open until Thursday, April 2nd at 11:59 p.m.  We will evaluate completed applications only. Applications will be reviewed based on the criteria below.

ONLY COMPLETE APPLICATIONS WILL BE REVIEWED. PLEASE, TAKE CAREFUL CONSIDERATION OF THE APPLICATION CHECKLIST BEFORE SUBMITTING IT.


Loan Program Guidelines:

  • Business must be within Salt Lake City Limits (see map)
  • Maximum loan amount: $20,000
  • Interest: 0%
  • Terms: 5 years
  • Loans can be used for ONLY:
    • Working Capital ( i.e. payroll, rent etc.), Marketing, Inventory
  • Applying for this loan will NOT disqualify you for additional funds from the SBA Emergency Loan Program.
  • Repayment will be deferred approximately 90 days following the expiration of the local emergency connected to the COVID-19 outbreak.
  • The funding for the Emergency Loan Program will be disbursed in two separate $500,000 rounds. The first application period deadline was Monday, March 23rd, 2020 at 11:59pm. Completed applications submitted before this deadline will be considered, reviewed and business owners will be notified of their approval status by Thursday, March 26th, 2020. Funds will be disbursed by the end of the week ending on March 27th, 2020.
  • All incomplete applications will be considered and reviewed for the second round of funding. Staff will contact applicants and assist them to complete their applications by the next deadline for consideration.
  • The next application deadline will be on Thursday, April 2nd at 11:59pm.


START HERE:

STEP 1: DOWNLOAD THE APPLICATION.

  • ENGLISH VERSION HERE
  • SPANISH VERSION HERE
  • VIETNAMESE VERSION HERE
  • SWAHILI VERSION HERE
  • The PDF is meant to be filled in electronically. This is a desktop version. Please make sure PDF application is open and not “locked” when you send for review.

STEP 2: Fill out all required information and sign the document. Email document with required attachments to ELP@slcgov.com.  At this time we are only accepting emailed requests.

  • IF YOU HAVE TROUBLE EMAILING YOUR APPLICATION: Send us a Google Drive or Dropbox link or send separate emails if your email is too large.

STEP 3: Application for the second round period closes on Thursday, April 2nd, at 11:59 p.m.  You will be notified of your approval/denial within 2-3 days after application closes.

A loan officer is available to answer your questions. They can be reached at ELP@slcgov.com.


Required Documents

PLEASE REVIEW THE CHECKLIST AND ENSURE ALL REQUIRED DOCUMENTS ARE INCLUDED IN YOUR APPLICATION. STAFF IS UNABLE TO WORK WITH INDIVIDUAL APPLICANTS TO ADDRESS MISSING ITEMS AT THIS TIME. PLEASE REVIEW THE APPLICATION AND PROVIDE ANY MISSING ITEMS BEFORE THE DEADLINE. ALL ADDITIONAL DOCUMENTS RECEIVED BEFORE THE DEADLINE WILL COLLECTED AND ADDED TO THE APPLICANTS SUBMISSION AND WILL BE REVIEWED.

Here is the list of required documents:

☐ Financial Statement: Profit & Loss, Balance Sheet Statements for previous year, AND most recent quarter or month

☐ Previous year’s business tax returns (2018 or 2019) (Non-profit organizations provide a 990 tax form)

☐ Lease (copy of lease agreement) OR Own (Mortgage statement) for business location.

☐ Copy of your Salt Lake City Business License.

☐ Copy of the front of your driver’s license OR government issued ID

☐ Copy of your completed and signed W9

☐ Previous year personal tax returns (2018 or 2019) for any guarantor (owner with at least 20% equity in business)


Frequently Asked Questions (FAQ)

  • I need to speak with someone on the phone regarding my phone application, what should I do?
    • Due to the high volume of applications we are unable to answer the phone at this time. We encourage you to review all application materials. Following the first round deadline, a loan review team member will respond with instructions for the second round.
  • Where can I get documents scanned to send in with my application?
    • Local print and copy shops may be available to scan your document. You might also have a neighbor who has the capability to scan documents and email them to you. Or you can take a picture of it with your phone, please try to keep it as high resolution as possible.
    • We will accept photos of signed documentation. For example, W-9 and overall application form.
  • Will receiving this loan disqualify me from receiving funds from the SBA emergency loan program?
    • No. Applying for this loan will NOT disqualify you for additional funds from the SBA emergency loan program
  • What is the maximum amount I can receive?
    • The maximum amount is $20,000. There is no set minimum.
  • What is the interest rate?
    • 0%
  • When will payments start?
    • Repayment will be deferred approximately 90 days following the expiration of the local emergency connected to the COVID-19 outbreak.
  • I have more than 50 employees. Am I eligible?
    • Currently, the program is restricted to 50 or fewer employees. If we make changes we will keep the business community updated.
  • What can I use the loan for?
    • The loan can only be used for working capital (i.e. payroll, rent etc.), marketing, and inventory.
  • The maximum amount does not cover my needs. What should I do?
    • We recommend that businesses apply for the Small Business Association loan program. This program is only intended as gap funding to provide quick relief for a limited financial hardship period. Information on the SBA loan fund can be found at www.slc.gov/ed/COVID19
  • What documentation do I need?
    • You need to provide the signed application via email to elp@slcgov.com, financial information(including signed W-9, last year’s business and personal tax return, personal guarantee of any owner with 19% equity or more in business), location, copy of driver’s license or valid government ID, and possible additional information
  • What year should I submit for tax documents?
    • 2018 tax information if you do not have 2019 tax information
  • I’m a non-profit organization and I don’t have tax documents. What should I submit?
    • Non-profits should submit a 990 form in lieu of business tax returns.
  • I’m a non-profit organization and don’t have a business license. What do I do?
    • Non-profits do not need a business license.
  • My email was too large. How do I upload to Google Drive or Dropbox?
    • GOOGLE DRIVE: www.drive.google.com -> New -> file upload -> upload your file from computer -> open uploaded document and click three dots in upper right hand corner -> click share -> copy link and email to elp@slcgov.com
    • DROPBOX: www.dropbox.com -> log in or create account -> upload files on right hand side -> click share -> enter elp@slcgov.com to send document
  • Do you have further questions or need help with your application? Please email us at elp@slcgov.com