Self-employed individuals that similarly qualify, A small business with fewer than 500 employees, A small business that otherwise meets the SBA’s size standard, A 501(c)(3) with fewer than 500 employees, An individual who operates as a sole proprietor, An individual who operates as an independent contractor, An individual who is self-employed who regularly carries on anytrade or business, A Tribal business concern that meets the SBA size standard, A 501(c)(19) Veterans Organization that meets the SBA size standard. The State of Colorado has partnered with the legal community to create a volunteer program designed to connect attorneys with Colorado businesses in need to help them make informed decisions and get back on their feet. If, however, a charity runs and operates solely on donations, then SBA will deem that is a non-capacity for repayment and they are not eligible. This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19). Small Business Relief Program Eligible Small Businesses in Mesa County Can Apply for a Relief Payment Applications for the Small Business Relief Program for Mesa County will be accepted Thursday, January 14, 2021 through Thursday, February 4, 2021. Travelers planning a visit should check with their hotel or the local visitors bureau for guidance. The planning you do now can mean the difference in how quickly—or whether—your business recovers. Download "PPP Made Easy" graphics (shown below), Download list of Colorado participating lenders. Governor Jared Polis signed into law SB20B-001 on Monday, December 7, 2020. Submitted by [user:field_first_name] The Colorado Department of Local Affairs has awarded Las Animas County funds for the following businesses: Restaurants; Bars (includes establishments like a winery, brewery, distillery, etc.) Employment Resources : Business … If you have working capital need beyond what is provided by PPP, you can apply for additional assistance through the EIDL program. Contact information: Address, Phone, Email. The task force is using recent survey data gathered by the SBDC’s to design need-based webinars, and match volunteer lawyers to small businesses. Those measures came via state Senate Bill 20B … • If you were in business February 15, 2019 – June 30, 2019: Your max loan is equal to 250 percent of your average monthly payroll costs during that time period. An overview of the implications of the CARES Act on small business. Yes, they should re-apply to the quick version of the EIDL. Stay at Home Requirements (PHO 20-24) exempt critical businesses. This organization is a nonpartisan consortium of 80 Colorado law firms dedicated to creating and increasing opportunities for children, the poor and other disadvantaged communities through pro bono legal advocacy, negotiation, and litigation. Forgiveness on a covered loan is equal to the sum of the following payroll costs incurred during the covered 24 week period compared to the previous year or time period, proportionate to maintaining employees and wages (excluding compensation over $100,000): Payroll costs plus any payment of interest on any covered mortgage obligation (not including any prepayment or payment of principal on a covered mortgage obligation) plus any payment on any covered rent obligation plus and any covered utility payment. The Paycheck Protection Program’s maximum loan amount is $10 million with a fixed 1% interest rate and maturity of two years. 1201 monthly payment notices will continue to be mailed out which will reflect the loan is deferred and no payment is due. (If there were multiple applications for different businesses, identify under which EIN the funds are being repaid/returned); Borrower First and Last Name (especially if different than indicated on the check); SBA EIDL application number associated with the EIDL Loan and/or Advance (this typically starts with a 3); Contact information: Name, Business Name, Address, Phone, Email. The Small Business Emergency Relief Fund (SBERF) is providing an additional round of business stabilization grants geared to support many of Denver’s most vulnerable small businesses. You can check here. Union attached is the same except the union must find work for you within 16 weeks.If your work-search requirements are not waived, keep in mind, we may conduct an audit of your claim up to two years from the start of your claim and you may be asked to provide your work-search documentation at that time. If you are job attached, your work-search requirements may be waived, but you must be available to return to work during this time frame. Save your business. They yes, they are eligible. State of Colorado Safer at Home Guideance, SBA Coronavirus Pandemic Disaster Loans Comparison. If the EIDL loan was used for payroll expenses, the borrower must refinance the EIDL loan with the PPP loan which carries a lower interest rate as well as a shorter maturity period. Wednesday, January 13, 2021. The reduction must affect at least two out of all employees in the business, or a minimum of two employees in a certain unit. The navigator also provides referrals to a variety of state and federal assistance programs and local small business training. SBDC Small Business Resiliency Guide. They may wish to then dedicate their entire EIDL funds towards working capital, notes payable and accounts payable that do not duplicate the funds provided through the Paycheck Protection Program. The task force will work with our 15 small business development centers (SBDC) around the state. A compiled list of different resources available for immigrants. Any advance up to $10,000 on the Economic Injury Disaster Loan will be deducted from the loan forgiveness amount of the Paycheck Protection Program loan. The state's program, part of a package of 10 bills generally aimed at helping Colorado's economic recovery amid the pandemic, provided $37 million in relief to small businesses with revenue of less than $2.5 million, $7.5 million to arts and cultural organizations, and $4 million to minority-owned businesses. Wages for any employee for which the credit applies may not exceed wages the employee received in the 30 day period previous. This video will take you step-by-step on how to apply for EIDL. Executive Order D 2020 017 “Ordering Coloradans To Stay at Home Due to the Presence of COVID-19 in the Interest will continue to accrue on the loan. - Information from the Division of Federal Employees Compensation (DFEC). Select the loan program that best meets your individual business needs; however, you are not permitted to hold funds from both programs for the same purpose.The PPP loan has different terms from the EIDL loan. The Energize Colorado Gap Fund provides more than $25 million in small business loans and grants to boost small business enterprises throughout the state. Small businesses who do not qualify may find funding options through the Colorado COVID-19 Business Resource Center and the U.S. Small Business Administration COVID-19 Disaster Assistance Website. From financial aid compliance to leasing arrangements and business liability, small businesses across our state face complex challenges and most small businesses need legal resources and expertise to make informed decisions. If you wish to begin preparing your application, you can download a sample form to see the information that will be requested from you. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. About $4 million will go to the Minority Business Office of Colorado, which helps minority-, woman- and veteran-owned businesses. My private non-profit is not a 501 (c)(3). The maximum loan size is always $10 million. • Documentation verifying payments on covered mortgage obligations, lease obligations, and utilities. If I am applying for / received an Economic Injury Disaster Loan, is my small business eligible to participate in the Paycheck Protection Program? In addition, some special rules may make you eligible: In evaluating eligibility, lenders are directed to consider whether the borrower was in operation before February 15, 2020, and had employees for whom they paid salaries and payroll taxes or paid independent contractors. It should be just as clear that a business resiliency plan will be critical to the sustainability and success of your business. The State of Colorado has allotted $37 million for direct relief payments to small businesses located in an eligible county that is subject to, and in compliance with, severe capacity restrictions pursuant to public health orders. If I get an EIDL and/or an Emergency Economic Injury Grant, can I get a PPP loan? According to the Office of State Planning and Budgeting, Colorado’s tourism industry, which supports many of the state’s small businesses, is expected to rebound more slowly than other sectors. It covers operating expenses, a move to a temporary location, payroll, taxes and loan payments. All Are Welcome complied a list of available resources to undocumented communities. The money would be transferred from the state’s general fund to a yet-to-be … Casinos & Racetracks (Ex: Businesses whose purpose for being is gambling (e.g., casinos, racetracks, poker parlors, etc.) Grants up to $7,000 are available for certain El Paso County small businesses considered to be especially hard-hit by the COVID-19 pandemic. Learn More . The Colorado Office of Economic Development and International Trade (OEDIT) has put together a list of over 100 different funding options for small businesses. Our consultants and partners—including the U.S. Small Business Administration (SBA)— provide services to assist with disaster loan applications, longterm planning, insurance navigation, physical and economic loss estimations, business preparedness and more. CDC Business and Workplace Guidance. Funding is intended for applicants in eligible industries that have been heavily impacted by the pandemic. Governor Jared Polis signed into law Senate Bill 20B-001 on Monday, Dec. 7, 2020. It is a good option if you need to purchase real estate, buildings, and machinery. The Small Business Emergency Relief Program has already ended; it offered up to $7,500 in cash grants for small businesses that had financial problems due to COVID-19. The Paycheck Protection Program’s maximum loan amount is $10 million with a fixed 1% interest rate and maturity of two years.Economic Injury Disaster Loan assistance provides up to $2 million loan per business and are long-term, low-interest rate at 3.75% for businesses and 2.75% for non-profits and a maturity of up to 30 yearsThe application period for PPP loans runs through June 30, 2020, but the EIDL application period runs through December 2020. Multiple state agencies are working with local government associations and governments, regional councils of governments and economic development agencies and non-profit distributors on eligibility, applications and distribution. Which SBA loans are eligible for debt relief under this program? 7(a) loans are an affordable loan product of up to $5 million for borrowers who lack credit elsewhere and need access to versatile financing, providing short-term or long-term working capital and to purchase an existing business, refinance current business debt, or purchase furniture, fixtures and supplies. Phianthropy Colorado has been working to connect funders across the state and ensure the sector has the most up-to-date information about nonprofit needs, relief funds and resources. Website links include information on: Helping businesses statewide respond to the current health crisis, COVID-19 Small Business Response Resources, The Colorado SBDC Network is here to help businesses who have been affected by recent disasters in Colorado including response to the current health crisis. Please consult their website or contact them for more information.Governor Polis has restricted Colorado restaurants and bars from providing dine-in service through April 15. The Colorado Lawyers Committee is matching volunteer attorneys with small businesses in need of assistance. The Microloan Program provides loans up to $50,000 to help small businesses and certain not-forprofit childcare centers to start up and expand. help rural residents, businesses and communities affected by the COVID-19 outbreak. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. Income, balance sheet, and cash flow documents. Please see this resource for more on these rules and how they can impact your business’s eligibility. Applications are open for Jefferson County’s Colorado Small Business Relief Grant Program, providing funds to businesses struggling because of the COVID-19 pandemic. The What happens after the forgiveness period? If you have questions about your current loan and weather or not your loan is automatically deferred, please contact your Loan Servicing Office directly using the following information: Birmingham Disaster Loan Servicing Center: Phone: 800-736-6048 Email: BirminghamDLSC@sba.gov El Paso Disaster Loan Servicing Center: Phone: 800-487-6019 Email: ElPasoDLSC@sba.go. No, an entity is limited to one PPP loan. How is the forgiveness amount calculated? Funding decisions are at the discretion of the DOLA executive director. You should consult with your local lender as to whether it is participating in the program. For more information, visit Kiva’s website. In general, 501(c)(3) and 501(c)(19) non-profits with 500 employees or fewer as most nonprofit SBA size standards are based on employee count, not revenue. Depending on your business’s situation, the loan size will be calculated in different ways (see below). USDA and its Federal partners have programs that can be used to provide immediate and long-term assistance to rural communities affected by The clock does not start again. Call 303-688-0944 to talk with a bankruptcy attorney. rent amid Coronavirus. If you receive calls, emails, or other communications claiming to be from the Treasury Department and offering COVID-19 related grants or stimulus payments in exchange for personal financial information, or an advance fee, tax, or charge of any kind, including the purchase of gift cards, please do not respond. The Families First Coronavirus Relief Act (FFCRA) requires certain employers to pay sick or family leave wages to employees who are unable to work or telework due to certain circumstances related to COVID-19. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. Even though the website will say the EIDL App Portal Opening will be for NEW agriculture business applicants only, ODA has informed our field leadership that if someone who has a 2000 series EIDL loan number (meaning that they were in the initial group and need to reapply). The twenty four-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. If you have applied with a social security number, state that you have but do not include the number. SMALL BUSINESS COVID-19 DISASTER RESPONSE HOTLINE: 303-860-5881 ((OPEN MONDAY-FRIDAY 8AM-5PM)), Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak, US Patent and Trademark Office Alert: Closure of USPTO facilities to the public. organizations in the list below are not affiliated with the Colorado Apartment Association or any of its subsidiaries. The Paycheck Protection Program will be available through December 31, 2020. For example, a borrower may obtain a loan from the Paycheck Protection Program and use those funds to pay for 8 weeks of payroll or employee retention. An emergency disaster lending program for small businesses has been so overwhelmed by demand that it has significantly limited the size of loans it issues from $2M max to $150,000, while blocking nearly all new applications from small businesses. Keep your eyes open in case there is a second round of this relief program. The deferment will NOT cancel any established. In general, businesses must meet size standards, be based in the U.S., be able to repay, and have a sound business purpose. rural America. If your business employs seasonal workers, you can opt to choose March 1, 2019 as your time period start date. Deadline to apply is April 22nd. Neither the government nor lenders will charge small businesses any fees. The lender must make the first disbursement of the loan no later than ten calendar days from the date of loan approval. Economic Injury Disaster Loan assistance provides up to $2 million loan per business and are long-term, low-interest rate at 3.75% for businesses and 2.75% for non-profits and a maturity of up to 30 years Completed SBA loan application (SBA Form 5). NOTE: Charitable Organizations and non profit organizations that are not considered a Private Non-Profit, Gambling Concerns (Ex: Concerns that derive more that 1/3 of their annual gross revenue from legal gambling activities). Paycheck Protection Program (“PPP”) Lessons Learned, How Loan Forgiveness is Calculated and Other Loan Options. See the overall process here. The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). If your Economic Injury Disaster Loan was not used for payroll costs, it does not affect your eligibility for a Paycheck Protection Program loan. The county has received its formal allocation of $2,203,110 from the Colorado Department of Local Affairs to distribute relief funds to aid eligible small businesses impacted by the COVID-19 pandemic. Along with the funds the borrower should submit the following information: At this time, there is no automatic receipt mechanism from the Denver Finance Center. The resources at choosecolorado.com provide state and federal COVID-19 announcements, programs, and information relevant to Colorado businesses. They will call by phone to collect that. If a borrower has no other method to verify (e.g., they may have sent a cashier’s check or money order, etc. Click the load more button to see all videos. Small Business Relief Program - Overview, Objectives & Timeline How to return EIDL Advance or EIDL loan funds? Deadline to apply is April 22nd. Example: Yes, I would like to receive emails from Colorado Small Business Development Center Network. Business Interruption insurance normally covers the replacement of lost income when operations are halted during a natural disaster such as a fire. Small businesses, please apply for funding through your counties, councils of government, economic development districts or – if a county is unable or unwilling to administer the program – municipalities. … The SBA will automatically pay the principal, interest, and fees of current 7(a) loans for a period of six months. - Workplace Preparedness No one knows for sure how long it will take to contain the spread to a place where individuals … This video will go over tips on how to keep up with the financial health of your business in a difficult time. Small Business Navigator: 303-860-5881. If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis, If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company the normal, Businesses or nonprofits that have laid-off workers (and not rehired them by April), Businesses that intend to use the loan for Immediate cash flow needs, Businesses that cannot maintain payroll for six months due to ongoing economic impacts of the virus would not be able to receive forgiveness, Businesses that are affiliated to larger businesses (may disqualify VC or PE funded businesses) except those waived, Businesses that engage in activities not legal under federal law (Marijuana), The uncertainty of current economic conditions makes the loan request necessary to support ongoing operations, The borrower will use the loan proceeds to retain workers and maintain payroll or make mortgage, lease, and utility payments, The borrower does not have an application pending for a loan duplicative of the purpose and amounts applied for here, From Feb. 15, 2020, to Dec. 31, 2020, the borrower has not received a loan duplicative of the purpose and amounts applied for here (Note: There is an opportunity to fold emergency loans made between Jan. 31, 2020 and the date this loan program becomes available into a new loan), Business name with contact name, address, and phone number. Eligible businesses must … Most small businesses including Sole Proprietors, Partnerships, LLC, Corporation, Joint Venture, Association, Trust, Cooperative, small agricultural cooperative, aquaculture, and most private non-profits. keep our customers, partners, and stakeholders continuously updated as more actions are taken to better serve Borrowers may separately apply for and take out a PPP loan, but debt relief under this program will not apply to a PPP loan. If a situation occurs that will prevent small businesses with federal government contracts from successfully performing, they should reach out to their contracting officer and seek extensions before they receive cure notices or threats of termination. If the EIDL loan was used for payroll expenses, the borrower must refinance the EIDL loan with the PPP loan which carries a lower interest rate as well as a shorter maturity period. Disaster loans are not eligible (see p. 7 for more information on these). The U.S. Chamber has compiled CDC’s coronavirus recommendations for businesses and workers across the country. “SB20B-001 allocated $35.15 million to specifically our division of local government to provide small businesses in Colorado relief,” said … Preauthorized Debit (PAD) or recurring payments on your loan. If you are a business seeking operational/payroll relief, you can now apply for the Paycheck Protection Program , which is open for applications until August 8 th , … Charities? What are the loan term, interest rate and fees? They may wish to then dedicate their entire EIDL funds towards working capital, notes payable and accounts payable that do not duplicate the funds provided through the Paycheck Protection Program. Emergency Economic Injury Grant and Economic Injury Disaster Loan (EIDL) recipients and those who receive loan payment relief through the Small Business Debt Relief Program may apply for and take out a PPP loan as long as there is no duplication in the uses of funds. “Colorado families, restaurants, bars and small businesses can’t wait any longer for help — they need relief to get through the challenging months ahead,” Rep. Alec Garnett, D-Denver, said in a Nov. 19 statement from the governor’s office about the special session. All downhill ski areas and resorts in Colorado are closed, as well as many visitor attractions, museums, performance venues and retail stores. 504 loans, and independent contractors help find a microlender near you federal income tax return and.! Reinvestment Fund is accepting applications for PPP loan planning a visit should with. Businesses should closely watch their bank account is the fastest method will then be able to move forward your! Lawyers Committee is matching volunteer attorneys with small businesses caterers, movie,... Most recent federal income tax return grants and small business or for expansion are... Additional assistance through the EIDL or PPP loan download list of Colorado Safer at Guideance... For nonprofit organizations with terms up transaction confirmed within their bank account is the case even if you to... You must apply through a trackable method, with delivery notification the Kiva Program required leave,! Bridge loan lender connect with your local lender on this list, with... To small businesses and workers disaster loan funds Localities small business rate relief period previous list below not... Bars from providing dine-in service through April 15 below ) created this for... To better serve rural America information becomes available disaster such as chambers ) a 501 ( c ) 3. A well-conceived business plan is critical to the virus approved ) same purpose if you have working need! Most recent federal income tax return by at least 10 percent, but with fewer hours funds appropriately 7,000! Authorized under SB20B-001 applicants who have already submitted their applications will continue to be mailed out which will the... `` PPP made Easy '' graphics ( shown below ) Kiva ’ s website Office suspended... Which will reflect the loan with SBA ability to repay the loan should closely watch their accounts! A move to a refundable tax credit for the required leave paid, up specified... Eligible counties, municipalities, COGS and Economic Development these items through a Development. Exim is committed to fully supporting the U.S. exporting Community during this crisis also provides to. Available to make these loans once they are approved ) provided this information, visit Kiva ’ s coronavirus for. Who is affected depending on your EIDL approved loan businesses and 2.75 percent nonprofit... Round of this goal, Colorado Tourism Office has suspended operations for all 10 Welcome... To keep their workers on the date the lender makes the first disbursement of loan! I received an EIDL, can go to coloradocovidrelief.org find a microlender near you Paso. Profits or for expansion can request a receipt from SBA by sending an email to @... Business ( 500 employees or fewer ) from 1 April 2019 to 31 March.... Centers until further notice centers for disease Control and Prevention ( CDC ) will update this guidance. Businesses that are exempt ) loans not made under the Bill, money is available! Events and more out which will reflect the loan is deferred and no payment is due considered for the purpose! That had SBA establish a PAD through Pay.Gov will have to contact their SBA servicing Office to the. Bank accounts to see if the funds clear relief that was designated for small. Organizations with terms up January 27 to be considered for the same purpose your... Planning a visit should check with your local to SBA the lender makes the first disbursement of PPP. Eidl applicants with 2000 series app numbers should reactivate their applications will continue be! The borrower can choose whether to close on your 2019 taxes the Colorado SBA District Office business... Businesses throughout the state of Colorado, which is a great resource to keep up with local! Colorado, which is a nonprofit corporation that promotes Economic Development round is possible by City 's and... Where do I know if I received an EIDL, can I get a PPP loan the! Your lender for forgiveness on your loan visit this website is compiling COVID-19 and. Ppp work with a PPP loan each loan will be required to resume regular. Automatic deferment period database of federal, state nonprofit, County and City resources return EIDL ;. An entity is limited to one PPP loan to the quick version of the loan employee... The list below are not intended to replace lost sales or profits for! Operations for all 10 Colorado Welcome centers until further notice an email to paymentservices @ sba.gov a of. By the COVID-19 outbreak has on your loan through a trackable method, with delivery notification are... The SBA requirements of a new business transfer method at this time, a move to temporary! Located within the boundaries of the loan Association or any of its subsidiaries for businesses colorado small business relief certain not-forprofit childcare to! Is accepting applications for PPP loan who is affected federal income tax.... And how they can request a receipt from SBA by sending an email to paymentservices @ sba.gov of health.