The Utah Governor’s Office of Economic Development (GOED) has announced that, with the Legislature’s approval, that the Commercial Rental Assistance Program has changed requirements a third time to adapt to businesses’ needs.
As part of SB3006, SB5005 and SB6009, the COVID-19 Commercial Rental Assistance Program (ComRent) includes $30 million in commercial property assistance. GOED is currently administering the grants providing rental and now, newly added, mortgage relief to Utah small businesses that have lost revenue due to measures taken to minimize the public’s exposure to COVID-19. Small businesses are defined as having fewer than 250 full-time employees and can be a nonprofit, sole proprietor, independent contractor or self-employed individual.
Approximately $15 million of the funds have been expended on versions 1 and 2, leaving roughly $15 million for Version 3.
As approved by the Legislature, the program has been modified to include mortgage payments, has changed from two months to three months, has been increased to $5,000 maximum monthly award per location and now includes start-up business that began operating after March 1 and can demonstrate a net operating loss. In addition, the employee maximum increased from 100 full-time employees to 250.
“We hope these new changes will help businesses receive the money they need to help assist them during this COVID-19 pandemic,” said Val Hale, GOED’s executive director. “This is a great opportunity for businesses to take advantage of these federal CARES Act funds, and we hope that all who qualify will apply for assistance.”
Companies will have to reapply to receive additional funds. Details can be found at utahgoed.info/comrent. Applications for commercial rental assistance are accepted on a first-come, first-served basis while funds are available.