The Utah Economic Response Task Force has announced that its Rapid Response Team (RRT) had provided one-on-one assistance to more than 2,000 Utah small businesses in their efforts to benefit from federal COVID-19 stimulus programs.
With a goal to level the economic dip within the state by helping Utah companies navigate federal resources, the RRT was developed by the Utah Economic Task Force federal committee, which is comprised of Utah’s congressional delegation, federal partners and key state business and government entities. The task force is chaired by Salt Lake Chamber president and CEO Derek B. Miller.
“The Economic Response Task Force understood early on that federal resources would be a key component of combating the coronavirus pandemic,” said Miller. “Our federal resource committee overseeing the RRT has done a phenomenal job of working with Utah businesses to resolve concerns and remove roadblocks between our businesses and the capital they need to remain viable. We will continue to work with applicants and our federal partners to ensure adequate resources meet the needs of our employers and employees they support.”
As of May 1, the U.S. Small Business Association reported that more than 40,000 Utah businesses have received SBA Paycheck Protection Plan (PPP) loans valued at approximately $5.4 billion. PPP loans were designed by the Small Business Administration (SBA) to provide a direct incentive for small businesses to keep their workers on the payroll during the economic crisis caused by the COVID-19 pandemic. The SBA will forgive the loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities.
“The SBA Utah District is incredibly grateful to all of the Rapid Response Team members for their time, dedication, and willingness to support our office in providing critical resources to small businesses throughout the state,” said District Director Marla Trollan. “Their work has helped thousands of small-business owners navigate the complex requirements and processes of our disaster relief programs. We are very appreciative of the World Trade Center for co-leading this effort. This partnership truly serves as a national model in how federal and local resources can quickly come together and collaborate during crisis situations,” she said.
