Helping Utah's small businesses to overcome the affects of COVID-19
The COVID-19 Commercial Rental Assistance Program was created on April 30, 2020, when Gov. Herbert signed S.B. 3006. The program grants $40 million in rental relief to Utah small businesses that have lost revenue as a result of measures taken during the pandemic 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)
Required Information and Documentation
Company legal name, address and contact information
Legal company representative’s name and contact information
Disclose whether or not you have applied for or received funds from the CARES Act Paycheck Protection Program managed by the U.S. Small Business Administration
Profit & Loss statement for February 2020
Profit & Loss statement for the 4 week period of revenue loss
Two most recent state or federal tax returns
Profit & Loss statement for 2019 and the four months immediately preceding the day of application submission
Current lease/rental agreement
Documentation of most recent lease/rental payment
Grant Funds Available
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 will be based on a formula that takes into account the company’s loss of gross revenue and whether the company received funds from the CARES Act Paycheck Protection Program (PPP) managed by the U.S. Small Business Administration.
Did Not Receive PPP Funds
For applicants that did not receive PPP funds, grant amounts will be the lowest of 1) $10,000, 2) 100% of monthly rent with a monthly gross revenue loss of 71% or more, or 3) 50% of monthly rent with a monthly gross revenue loss between 50% and 70%.
Did Receive PPP Funds
For applicants that did receive PPP funds, grant amounts will be the lowest of 1) $5,000, 2) 50% of monthly rent with a monthly gross revenue loss of 71% or more, or 3) 25% of monthly rent with a monthly gross revenue loss between 50% and 70%.
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