Salt Lake City has unveiled an emergency loan program for small businesses so they can keep going in the beginning days of the COVID-19 crisis.
The maximum amount offered would be $20,000 with zero interest over a five-year term. All payments would be deferred until 90 days past the expiration of the Mayor’s emergency declaration.
One long-time local business owner, Stacey Maxwell of Millcreek Coffee Roasters, says she thinks it’s a great idea.
“It'll be a lifesaver for some businesses to try to make it through this hard time,” said Maxwell.
She doesn’t plan to apply for the loans, thinking they can make it through a lean month or so, even though business is down dramatically.
“We overnight lost about 75 percent of our business,” said Maxwell.
She said the most painful part of the experience is that losing business means having to lay off employees and cut back hours for others.
“It's so important to get the word out that local businesses need help, and if people have the means to do so to step up and do what they can,” Maxwell said.
