To help support Utah’s small businesses, nonprofits, and organizations, $15 million is 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, 2021, at 9 a.m. (MDT).
The purpose of the grant is to assist small businesses, nonprofits, and organizations that experienced 1) a high level of revenue decline in a consecutive four-month period in 2020 compared to the same period in 2019, or 2) began operations after Jan. 1, 2020, and can demonstrate the effects of COVID‐19 on the business and 3) provide evidence of continuing solvency.
“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 Grant, 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% or greater. If funds are still available, the application will open to businesses that demonstrate an 80% 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
- 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
Note: Government entities do not qualify.
Impacted Small Business Catalyst Grant amounts will be awarded based on:
- For a business entity that began operating before Jan. 1, 2020, the sum of the monthly revenue for a consecutive four-month period during 2019 compared to the same consecutive four-month period in 2020.
- Actual revenue loss not to exceed $100,000
- For businesses that began operating on or after Jan. 1, 2020, the company has to have incurred expenses and establish solvency.
- Actual net loss
- Awards may not exceed $25,000
If they haven’t already participated in a GOED COVID-19 grant program, companies are encouraged to set up a GOED grant application account now at utahgoed.info/login. Creating an account before applications are due enables businesses to submit applications as soon as the program opens. If companies wait to create an account, they may experience a 24-hour delay before they can apply.
The application process will open on April 20, 2021, at 9 a.m. and close on April 27, 2021, at 5 p.m. (MDT). This is not a first-come, first-serve grant. All eligible applications will be reviewed. Awarded grant recipients will be notified between May 24 and May 28, 2021, and begin receiving checks within a few days of notification.
The following documentation will be required to apply:
- Signed W-9
- Current Balance Sheet
- For a business entity that began operating before Jan. 1, 2020
- Profit & Loss Statement for the four consecutive month period in 2019
- Profit & Loss Statement for the same four consecutive months in 2020
To learn more about eligibility, required documentation, additional program details, and submit applications, visit this page. Any questions or inquiries about the Small Business Catalyst Grant may be directed to firstname.lastname@example.org.