Economic Recovery Resources for Utah Communities
As a resource to local economic developers in Utah, below is a list of programs that various Utah communities are implementing to rise to the economic challenges of COVID-19.
Please note: This compilation is not an endorsement of any one policy or referenced source, but a place to share any ideas that can be implemented at the community level. Consider this a bulletin board for sharing best practices and lessons learned.
NEW CONTENT FOR THE WEEK OF JUNE 1
The Salt Lake Region Small Business Development Center has created a streamlined worksheet to help businesses track and determine forgiveness of PPP loans. Read more and download the worksheet here. You can also watch a tutorial on using the worksheet here.
Does your organization have a PPP loan? The Salt Lake Chamber invites you to join us for the Utah Leads Together: PPP Loan Forgiveness webinar on June 3 at 10:00 am. Register here.
EDCUtah is partnering with the Utah Clean Air Partnership (UCAIR) and other organizations in an effort to learn from this historic and large-scale telework period. UCAIR is surveying business leaders and employees about their policis, attitudes, and experiences with telework. Take the five-minute survey here.
We have re-opened the COVID-19 Business Impact Survey. The Utah Economic Recovery Task Force would like to check in again with the business community to see how conditions are evolving. We ask businesses to respond whether or not they took the first survey a month ago. This updated survey should take less than five minutes to complete. As we did last month, we encourage you to use your community networks to get this survey in front of as many businesses as possible. Find the survey here: https://edcutah.az1.qualtrics.com/jfe/form/SV_5ndzPhPyZOqRivz
Follow all Federal and State health guidelines for your city employees and offices.
We think Utah is going to prove to be a port in the storm for companies looking to expand in the next several years. Both Salt Lake City and Provo make the top ten in a Moody’s Analytics report that examines the potential to recover from coronavirus among the top 100 metro areas in the U.S.
Gray Swoope is the president & CEO of VisionFirst Advisors, a site selection consulting group in Florida. In addition to his work in site selection, Gray spent numerous years working in economic development, including as Florida’s Secretary of Commerce. In April, Gray joined EDCUtah for a virtual town hall on COVID-19’s impact on the site selection process. We captured the highlights of his conversation with EDCUtah COO Mike Flynn during the virtual meeting.
On May 16, most of Utah moved to "Yellow" risk protocols. Here's a good overview.
On April 30, Governor Herbert issued an executive order placing Utah under "Orange" moderate risk protocols.
GOED has announced the COVID-19 Commercial Rental Assistance Program - a $40 million program to help small busineses and non-profits. More here.The State released the "Utah Leads Together" health and economic recovery plan on April 17, 2020. More here.
The Utah Economic Response Task Force held a webinar April 28 on "Reactivating Your Business." You can view it at the SL Chamber Facebook page.
GOED's Utah Leads Together Small Bridge Loan Program for small businesses is currently fully subscribed. More here.
The state's clearinghouse for all COVID-19 information is coronavirus.utah.gov
The Department of Workforce Services held its first-ever, statewide virtual job fair April 16. Watch this space for future events.
The Utah State Legislature convened April 16, in an historic virtual Special Session to address COVID-19 issues and the impacts upon the Utah economy. Both the Deseret News and Salt Lake Tribune are providing coverage of the special session.
Declare a State of Emergency to provide more budget and procedural flexibility to respond to COVID-19. See Riverton City as an example.
Loosen regulations on signage for local business to help them attract more customers.
News from EDCUtah public sector investor Beaver County - As communities begin staged reopening to customers and tourists, it's a trusted partnership between all. Businesses will provide a safe environment and hope that visitors will reciprocate by following healthy practices and guidelines. Watch the video.
Consider a 90-day holiday on permitting fees, etc.
Consider a micro loan program. See Salt Lake City as an example.
The Cedar City Chamber of Commerce put together a useful matrix of federal and state loan programs.
Consider delaying local tax due dates (following Fed and State to at least July 15).
Six County Association of Governments is contacting the U.S. Economic Development Agency (EDA) to recapitalize its Revolving Loan Fund, to make additional dollars available to small business.
Consider putting capital projects on hold to reserve funding for local COVID-19 relief efforts.
Support your local businesses via email blasts, blog or social media. See Davis County as an example.
Communicate clearly and frequently to your citizens about COVID-19 related changes to Federal, State and Local policy.
Consider a dedicated COVID-19 update page on your city or county website. See Provo City as an example.
Follow the collaborative efforts of public and private sectors in the St. George area in creation of a small business gap funding program, details at www.greatertogetherfund.org
Carefully monitor your local COVID-19 cases and transmission rates. If necessary, issue a local Stay At Home order. See Summit County as an example.
Conference or video calls regularly with local community partners (i.e. Chamber, DWS, SBDC, Tourism, AOG, etc.) to develop plans and build community strength. See Box Elder County as an example. https://event.webinarjam.com/register/2/9vkxyh
Because of Facebook's Eagle Mountain presence, Utah County small businesses may apply for a Facebook Small Business Grant through May 6. More here.
On the lighter side, Kane County is stepping back in time to go forward with recovery. Remember drive-in movies and dragging Main St.? Both are alive and well in Kanab. Friday and Saturday nights are sold out as the town uses the airport tarmac for film-watching.
Read about two new consumer confidence and awareness campaigns collaboratively developed by Kane and San Juan Counties. "Above and Beyond" and "San Juan Strong Promise."
Familiarize yourself with the CDC's guidelines on Mitigation Strategies for Communities.
Consider applying for an EDA RLF grant from the Economic Development Administration (EDA) Revolving Loan Fund (RLF).
Review the CARES Act resources.
The CARES Act included much-needed federal eviction moratoriums for tenants in federally-supported properties. National Low Income Housing Coalition (NLIHC) created a searchable database and map to help renters know if they are protected. It includes data on housing supported by the Low Income Housing Tax Credit, HUD, and USDA programs, properties with mortgages insured by FHA or securitized by Fannie Mae or Freddie Mac. While the database is not yet exhaustive of all covered properties, NLIHC will continue to update it as new data become available. View the database here.
Round two of federal funding was approved for the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP). EIDL is modified to only accept applications from agricultural businesses with 500 or fewer employees. More here. Una versión en español está aquí.
The Federal Reserve on April 30 expanded the scope and eligibiity for the Main Street Lending Program, developed to help small to mid-sized businesses that were in a sound financial condition before the COVID-19 pandemic. More here.
Sometime after the April 16 comment period closes, we expect Treasury to release the final parameters of the Main Street Business Lending Facility. Here's an overview of what we know to date.
ASSOCIATION RESOURCES AND EVENTS
EDCUtah’s COVID-19 Business Impact Dashboard is now available. At the beginning of the COVID-19 pandemic, the Utah Economic Recovery Task Force commissioned EDCUtah to conduct a survey to determine business impacts statewide. The survey received over 1,200 responses. Findings have been used to gauge business impacts and identify appropriate funding sources, and identify companies able to produce PPE for first responders. Early on, we received requests from local communities and counties asking if the data could be localized. We listened. Our research team, through this dashboard, has illuminated issues faced by local businesses for communities to provide the best local aid. The dashboard provides the tools to select any Utah county, and determine, by industry, the impact upon and needs of the respondents. We are confident the dashboard will give you insights to help you better understand the needs of your businesses, as you continue to build programs of support in the economic stabilization and recovery phases of the pandemic. Find it here: https://edcutah.org/covid19-dashboardIEDC conducted a webinar as part of Economic Development Week on May 6, 2020 entitled "COVID-19: Rethinking BR&Ein the COVID-19 Era." Business Retention & Expansion programs are an important part of many community economic development efforts. An executive summary may be found here.
Some 45% of corporate expansion projects are moving forward despite uncertainty around when employees can return to work. This and other top findings from Site Selectors Guild are here.
The Salt Lake Chamber and the David Eccles School of Business at the University of Utah, in partnership with the George S. and Dolores Doré Eccles Foundation, are providing an ongoing series, "Navigating COVID-19: How to Save Your Business," with a variety of topics addressed to help navigate the COVID-19 health and economic crisis. Find information and register here.
For IEDC members, there are two upcoming training sessions. Register here
- Rebuilding Municipalities Around the Globe, April 27, 1:00-2:30 p.m. MDT
- Future Scenarios, Near-Term and Far, April 30, 1:00-2:20 p.m. MDT
Stay up-to-date on news and resources for Chambers and Economic Developers at Restore Your Economy (a partnership of the US EDA and IEDC.)
Site Selection Group has posted a detailed summary of the benefits of the CARES Act. The items specifically noted are to help companies keep individuals employed and earning wages.
Review IEDC's Leadership in Times of Crisis Toolkit.
Review the Destination Development Association (DDA) webinar on COVID-19 ideas for communities.
Review county response efforts and priorities from the National Association of Counties (NACo).
Review COVID-19 resources from the National Association of Regional Councils (NARC).
Follow COVID-19 updates for the retail and real estate industry, provided by International Council of Shopping Centers (ICSC) at www.icsc.com.
ICSC highlights "Seven Ways Landlords Are Helping Small-Business Tenants."
To submit an idea, please email Alan Rindlisbacher, EDCUtah Director of Community Strategy.