COVID-19 Economic Roundup for the Week of June 8
ICYMI - To help our investors keep track, we’ve compiled some of the top COVID-19 business and Economic Response Task Force news of the past week.
The Paycheck Protection Program (PPP) Flexibility Act was signed June 5. It lowers the requirements of PPP funds that need to be used for payroll costs from 75% to 60%. This and additional information can be found here: www.sba.gov
The Federal Reserve Board announced last week revisions to the Main Street Lending Program that will make it possible for more small and midsize businesses to receive financial support once the program opens. More here.
Salt Lake County is funding the Small Business Impact Grant, that will be open for applications June 16 at 9:00 am. The $40 million grant program is a COVID-19 relief program for small businesses in the county. Grants will be awarded through one-time payments up to $35,000 to eligible businesses that apply, More here.
EDCUtah’s Theresa Foxley was part of a panel during the Kem C. Gardner Policy Institute’s monthly Newsmaker Breakfast this past Wednesday. The panel focused on Utah’s response to COVID-19 and moving forward towards reactivating the state’s economy. Read the Deseret New’s coverage of the breakfast here.
The Site Selectors Guild has a number of informational videos online, including one posted last week entitled “Doing Deals During COVID-19.” The discussion dug into topics including best practices for hosting virtual site tours, capitalizing on reshoring opportunities and programs and incentives that would make communities more competitive in this new environment. More here.
Two good news stories out of Utah’s outdoor products industry:
- Coalatree, Blacksmith International, WANDRD, Wolfgang Man & Beast, Noyse, and the Utah Outdoor Association raised enough money to produce 10,000 face masks and donate them to the town of Boulder to help combat the spread of COVID 19 in a rural community. More here.
- And an uplifting montage about the PPE pivot by DPS Skis, Petzl, and others. Video by Underbelly.