vest-pocket-icon-newsUtah Independent Business Coalition (UIBC) News

COVID-19 Action: Proclamation Requesting Relief For Small Businesses in Utah

The Board of Utah Independent Business Coalition has issued the following Proclamation Requesting Relief For Small Businesses in Utah:

The COVID-19 crisis has hit Utah’s small business community especially hard. Facing weeks or months with limited or no revenue, many companies have been thrown into financial peril. On March 19, more than 100 people participated in the Utah Independent Business Coalition’s town hall web conference expressing fear and looking for answers regarding what they can do to save their businesses. Tens of thousands of small hospitality and retail businesses have been forced to close completely or greatly scale back operations. Yet, the monthly expenses for the businesses (commercial rent, wages, utilities, insurance, etc.) persist. As most small businesses already have loan obligations, non-loan remedies are necessary at this time.

We, the signers of this Proclamation, implore the State of Utah to help small businesses. By offering one-time emergency grants, the state can be instrumental in helping small businesses weather this economic storm.

In Utah, locally-owned, small businesses are the lifeblood of our state. These enterprises include the small stores, restaurants & cafés, manufacturing, and professional services businesses that are at the heart of our communities. According to the Small Business Administration (SBA), small businesses employ a massive 46.3% of the Utah workforce, and 99.3% of Utah businesses are small businesses.

The residents of Utah will benefit greatly from keeping independently-owned, small enterprises in operation because for every dollar spent at a locally-owned business, $.55 stays in the local economy, four times more than if that same dollar was spent at a national retailer. At no previous time have so many Utah small businesses been so suddenly thrown into such peril.

The State of Utah’s rainy day fund currently stands at $550 million, key to what the governor’s budget labeled a few years ago as “an effort to be ready for an economic downturn.” We believe the state should leverage funds from the rainy day fund to help small businesses survive.

Therefore, we request that the State of Utah act without delay to help sustain the small businesses that serve our communities.

-Board of Directors, Utah Independent Business Coalition

UIBC’s Independent Business Forum on COVID-19, Thurs., 3/26

UIBC-COVID-19 Forum

Thursday, March 26, 2020

We want to sincerely thank each and every one of you for attending today’s virtual forum on COVID-19. This was exactly the kind of feedback and participation we were looking for.

As was mentioned on the call, we will be hosting this meeting weekly and would like to continue this conversation throughout the week on our facebook forum:

https://www.facebook.com/groups/142558210460193/

Here are links to various slides, reports, and websites referenced in today’s meeting:

The following graphic is from the The Utah Leads Together Plan:

The following graphic is from the 2016 report “Cash is King: Flows, Balances, and Buffer Days – Evidence from 600,000
Small Businesses”, which can be accessed here.

The Board of Utah Independent Business Coalition has issued a Proclamation Requesting Relief For Small Businesses in Utah. We encourage you to read the proclamation and provide any feedback to us prior to Monday, March 30th when we begin collecting signatures. You can read the proclamation here.

Here are the details on Summit County’s declaration: https://summitcountyhealth.org/public-announcements/3-25-20-summit-county-issues-stay-at-home-order-to-residents/

Info on the US Dept. of Labor’s Families First Coronavirus Response Act: https://www.dol.gov/agencies/whd/pandemic/ffcra-questions

The New Employer Obligations under the Slightly Revised Families First Coronavirus Act (H.R. 6201): https://www.jacksonlewis.com/publication/new-employer-obligations-under-slightly-revised-families-first-coronavirus-act-hr-6201

Contact information for today’s guests:

Representative Mike Winder
District 30
mikewinder@le.utah.gov
801-633-1300

Representative Robert M. Spendlove
District 49
rspendlove@le.utah.gov
801-560-5394

You can watch the video from today’s virtual meeting below:

Special thanks to Salt Lake County Economic Development for the sponsorship of UIBC’s educational events.

The next virtual meeting will be on Thursday, April 2. Click here to register to join the meeting.

P.S. You can support our mission by joining UIBC. Click here for more information: https://utahindependentbusiness.org/join/

UIBC’s Independent Business Forum on COVID-19

UIBC-COVID-19 Forum

Thursday, March 19, 2020

We want to sincerely thank each and every one of you for attending today’s virtual forum on COVID-19. This was exactly the kind of feedback and participation we were looking for. As was mentioned on the call, we will likely be hosting this meeting weekly going forward and would like to continue this conversation throughout the week on our facebook forum:

https://www.facebook.com/groups/142558210460193/

As a summary of what was discussed today, it seems that most everyone is in agreement that loans are not the answer to this problem and that something more needs to be done. That being said, these could be a valuable resource to buy you and your business some time while more permanent solutions are discussed.

The SLC Economic Development Emergency Loan Program:

https://www.slc.gov/ed/elploan/

  1. 0% interest
  2. Up to $20,000 to be used for working capital, Marketing, and inventory
  3. 5 year term
  4. Payments deferred for 90 days following the expiration of the Mayor’s “Proclamation Declaring a Local Emergency”
  5. Max of 50 employees
  6. Applications until March 23rd and notifications of approval/denial will go out 2-3 days following
  7. Only for businesses within the city limits
  8. SBA Disaster Loans

https://disasterloan.sba.gov/ela

  1. 30 Year term Max
  2. Maximum interest rate of 4%
  3. $2,000,000 Limit, however also limited to economic injury determined by SBA
  4. If business is a major source of Employment, $2,000,000 limit may be waived
  5. Must have credit history, and show ability to repay. Collateral may be required for loans over $25,000

Again, we would urge you to please be cautious with any loans you take on to make sure they will have minimal impact on you personally if possible.

There was also some discussion regarding a need to have these types of conversations with lawmakers to address many of the issues that remain unresolved. Some of the key topics needing to be addressed currently are:

  • Rent (and potentially other expense) relief for small businesses
  • Method to get landlords through their loan obligations
  • Clarification on unemployment for any employees that are laid off

UIBC is working on a written proclamation about the importance of relief and support for local, small businesses that we will send to lawmakers and the media. We will invite each of you to sign this proclamation. Please look for more information on this in the next 24 hours. As always, thanks for supporting our mission to advocate for local, independently-owned businesses in Utah.

Wes Dodson
Membership Chair

&

Doug Burton
President

P.S. You can support our mission by joining UIBC. Click here for more information: https://utahindependentbusiness.org/join/

Special thanks to Salt Lake County Economic Development for the sponsorship of UIBC’s educational events.

UIBC Coronavirus (COVID-19) Update

As concerns continue to increase about the spread of novel coronavirus (COVID-19), UIBC is committed to assisting our members in any way we can. This will include sharing best practices as prescribed by the Centers for Disease Control and Prevention (CDC) and the Utah Department of Health. We’ll also offer news and suggestions on how we as business owners might best communicate to our customers how the virus may affect the daily operations of our respective businesses.

In an effort to contain and reduce the spread of the virus, we’ve also decided to postpone all in-person educational and networking events until at least April 15th, 2020. We will continue to monitor the situation and communicate by email and social media regarding events which may be scheduled after mid-April.

We wish you all good health, and thank you for continuing to place your trust in us. Please do not hesitate to reach out with any questions or inquiries.

-Doug Burton, Board President

Utah Independent Business Coalition (UIBC) has a few openings on our board of directors!

Do you love helping local, independent businesses? Utah Independent Business Coalition (formerly Vest Pocket) has select positions to fill on our board of directors. UIBC has a long tradition of providing valuable advocacy, education, mentoring, and social events for the independent business community.

Multiple board positions will be filled this year, and people with finance/accounting, event planning, advocacy, communications, fundraising, and management/administrative skills would help round out the current board members’ diverse backgrounds and skill sets. See who’s on our board.

UIBC Board member candidates should have a passion for local, independent businesses and be familiar with the challenges of running a small business. The UIBC board is a working board – board members are expected to attend monthly board meetings (the first Tuesday morning of each month) and serve on at least one committee (advocacy, education, communications or membership), with a monthly time commitment of approximately 8 hours per month.

Interviews with prospective board members will be conducted in August and persons elected to the board would begin service in October 2019.  To find out more, or to nominate yourself or someone else, please contact board president Doug Burton.

Contact:

Doug Burton, Board President
dburton@saltworksagency.com
801-879-4928

PAST EVENT: UIBC invites you to the 2nd event in the Wasatch Business Series: The 2019 Legislative Wrap-Up Breakfast

Legislative Warm-Up Breakfast

Register Now

The 2019 Utah State Legislative Session was an important session affecting Utah’s independent businesses. Bills concerning tax reform (including business personal property taxes and new taxes on services), transportation, education, and affordable housing were all up for debate. Join us for review of key legislation that was debated and passed in the 2019 session. We will also hear about the critical issue of tax reform that will affect all Utah businesses that our businesses need to understand and prepare for now.  The President of the Utah State Senate, J. Stuart Adams, who is a key figure in tax reform, will be one of the speakers.  This will be one of the first opportunities for business owners to discuss tax reform directly with key legislators. Our legislator speakers need to hear your opinions as they work on tax reform that will affect all Utah businesses.

Speakers will include:

  •  J. Stuart Adams, Utah Senate President and chair of the special tax reform task force
  • Dave Davis, President & Chief Legal Officer of the Utah Retail Merchants Association
  • John Lair, President & CEO of Momentum Recycling
  • Representative Robert Spendlove

This is the second event in the 2019 Wasatch Business Series, a collaborative effort that is focused on bringing impactful networking and educational opportunities to business owners across the Wasatch Front.

The Wasatch Business Series is brought to you by the Utah Independent Business Coalition, Holladay Chamber of Commerce, Sugar House Chamber of Commerce, Millcreek Business Council,  South Salt Lake City Chamber of Commerce, and the Murray Chamber of Commerce.

Event Details:

Location: Holladay City Hall, 4580 S. 2300 E., Holladay, UT

Date & Time: April 18, 2019 – 7:30 AM to 9:30 AM

Admission: $18 (includes breakfast from Midvale Mining Cafe)

Order of Events:

7:30 – Event begins and light breakfast buffet

7:45 – Welcome & Introductions – Doug Burton, President, Utah Independent Business Coalition

8:00 – Dave Davis, Utah Retail Merchants Association – 2019 Legislature Wrap-Up

8:15 – John Lair, Momentum Recycling – The Personal Tangible Property Tax & Tax Reform

8:30 – Sen. Pres. J. Stuart Adams – Why Tax Reform is Needed and Main Considerations

8:45 – Special guest state representative from the Tax Reform Task Force – work and discussions necessary to complete tax reform planning

9:00 – Q & A with all four speakers

9:25 – Closing remarks

9:30 – Event finished

Speaker Bios

Senate President J. Stuart Adams:

J Stuart AdamsSenator J. Stuart Adams represents Utah Senate District 22 and resides in Layton, Utah.  Senator Adams, a Republican, was first appointed to the Utah House of Representatives in 2002, and then to the Senate in 2009. In 2012, he was chosen to be Senate Majority Whip.  Most recently, in 2018, he was chosen as the Senate President.  He serves on several legislative committees, including the Executive Appropriations Committee, the Senate Health and Human Services Committee, and the Senate Transportation, Public Utilities, Energy, and Technology Committee.  Senator Adams is a businessman focused on real estate development and property management, and he holds a B.A. degree in Business Finance from the University of Utah.Senate President J. Stuart Adams:

Senator J. Stuart Adams represents Utah Senate District 22 and resides in Layton, Utah.  Senator Adams, a Republican, was first appointed to the Utah House of Representatives in 2002, and then to the Senate in 2009. In 2012, he was chosen to be Senate Majority Whip.  Most recently, in 2018, he was chosen as the Senate President.  He serves on several legislative committees, including the Executive Appropriations Committee, the Senate Health and Human Services Committee, and the Senate Transportation, Public Utilities, Energy, and Technology Committee.  Senator Adams is a businessman focused on real estate development and property management, and he holds a B.A. degree in Business Finance from the University of Utah.

Representative Robert Spendlove

Robert Spendlove

Representative Robert Spendlove proudly serves in the Utah House of Representatives, where he was elected in 2014. He represents District 49, covering parts of Sandy and Cottonwood Heights cities. He is the Vice Chair of the Health and Human Services Committee and serves on the Revenue and Taxation Committee, and the Social Services Appropriations Committee. He is also a member of the Legislative Tax Reform Task Force.

Professionally, Robert is a Senior Vice President and the Economic and Public Policy Officer for Zions Bank. In this capacity he monitors and reports on economic indicators and public policy developments for the bank.


John Lair, President & CEO of Momentum Recycling

John LairJohn Lair is CEO and Co-Founder of Momentum Recycling in Salt Lake City. He has worked to grow Momentum Recycling, founded in 2008, from a local recycling plant to adding a second glass recycling plant near Denver in 2016. John earned his undergraduate degree from Fort Lewis College in Durango, Colorado and his MBA from the University of Utah. After college, he spent his first years in the tech industry, including as IT director for a regional accounting firm in Utah. He also founded and grew an electronics company before later helping to found Momentum Recycling. Momentum Recycling originated from John’s passions for our environment, local community, and personal ethics. In addition, John has been a member of Salt Lake City’s Business Advisory Board since 2013, representing District 2, plus he has served on the Loan Committee for the Salt Lake City Economic Development Loan Fund and was a long-time board member of the Utah Independent Business Coalition.

Dave Davis, President & Chief Legal Officer of the Utah Retail Merchants Association

Dave Davis

Dave Davis is President & Chief Legal Officer of both the Utah Retail Merchants Association and the Utah Food Industry Association. He has served both organizations since 2007 and advocates for interests of hundreds of different small, medium, and large businesses in Utah, including advocating for businesses at the Utah State Legislature. Dave’s prior work included serving as director of human relations and general counsel for both Macey’s Food Stores and Associated Food Stores. He earned his undergraduate degree in Political Science and Government from the University of Utah, and his law degree from Brigham Young University. He has spoken before at other Utah Independent Business Coalition events.

Register Now