LOGAN – It is no secret that the shutdown surrounding the coronavirus pandemic has affected the economy and business, even locally. Last week, Congress approved and the President signed into law the CARES Act, which provides relief for both individuals and businesses affected by the COVID-19 situation’s impact on the economy. After a segment last week on KVNU’s For the People program, a lot of business owners emailed and said they don’t know who to call or where to start. On Monday’s For the People program, Mike Young, the director of Utah State University’s Small Business Development Center (SBDC) said they have received many calls.
“Our phones have been going crazy. I mean, everybody is just kind of lost as far as where to start. Fortunately, from the programs that have been coming out, they seem to have some very good options for business owners. The problem is we’re dealing with the federal government, their gears just don’t always turn that quickly. They’ve tried to bring these loan programs to people as quickly as they can,” Young said.
But he said there is still a lot of confusion out there and many are struggling to get their applications through.
“There are quite a few different programs that have been coming out. Two of the main ones that most people have heard about by this point are the Paycheck Protection Program, as well as the EIDL, or Economic Injury Disaster Loan, and both of those programs are coming through the (Small Business Administration).”
He said looking at what options are available to fund your business during the downturn is important, but Young recommends taking a little bit of a step back before that and look at your business operations, where you’re at and make some contingency plans. The SBDC has quite a bit of contact information and is a resource to get some of your questions answered at SBDC.usu.edu.