To help support Utah’s small businesses, nonprofits and other organizations, $15 million has been designated for the 2021 Impacted Small Business Catalyst Grant. The program, managed by the Governor’s Office of Economic Development (GOED), begins accepting applications on April 20.
The purpose of the grant is to assist entities that experienced a high level of revenue decline in a consecutive four-month period in 2020 compared to the same period in 2019; began operations after Jan. 1, 2020; and can demonstrate the effects of COVID-19 on the business. Businesses must provide evidence of continuing solvency to qualify for the grants.
“We’re excited to help once again businesses impacted by the COVID-19 pandemic,” said Dan Hemmert, GOED’s executive director. “We invite all businesses who qualify to apply for the Impacted Small Business Catalyst Gran, and we hope this will help make an impact on small businesses, nonprofits and organizations who are in need during this time.”
The first tranche of funds will be awarded to applicants that demonstrate a revenue loss of 90 percent or greater. If funds are still available, the application will then open to businesses that demonstrate an 80 percent or greater loss.
To be eligible for the Impacted Small Business Catalyst Grant, businesses, nonprofits and organizations must be registered with the Utah Division of Corporations and Commercial Code (if required), have fewer than 250 employees, claim Utah as its principal place of business, have not ceased operations, have not initiated bankruptcy proceedings and have incurred a high level of revenue loss or been operating at a net loss due to the public health emergency related to COVID-19. Government entities do not qualify.
If they haven’t already participated in a GOED COVID-19 grant program, companies are encouraged to set up a GOED grant application account at utahgoed.info/login. The application process closes April 27 at 5 p.m.
