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Disaster Recovery Booklet

Wednesday, June 20, 2018

     

The drought in Elbert County that began this April prompted the SBA to offer eligible small nonfarm businesses in Arapahoe, Douglas, El Paso, Elbert and Lincoln counties low interest federal disaster loans.  See previous blog.

Prepare, Respond, RecoverObtain a "Disaster Recovery and Continuity Guide for Colorado Businesses" produced by the Colorado SBDC under the Disaster Relief Program.  It includes helpful assessment, action and financial projection worksheets.  Just call or drop by the Aurora-South Metro SBDC (Aurora office -- 303-326-8686).

Disaster Recovery

Wednesday, June 20, 2018

 

Disaster Field Operations Center West

Release Date:  June 12, 2018

Contact:  Richard A. Jenkins, (916) 735-1500

Release Number:  CO 15561-01

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 SBA Economic Injury Disaster Loans Available to Colorado Small Businesses

 SACRAMENTO, Calif. – Small nonfarm businesses in Arapahoe, Douglas, El Paso, Elbert and Lincoln counties are now eligible to apply for low‑interest federal disaster loans from the U.S. Small Business Administration, announced Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West. These loans offset economic losses because of reduced revenues caused by drought in Elbert County that began April 10, 2018.

“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Garfield said.

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.

“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 3.58 percent for businesses and 2.5 percent for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship,” Garfield said.

By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on June 5, 2018.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Service Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration. However, nurseries are eligible for SBA disaster assistance in drought disasters.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

The deadline to apply for economic injury is Feb. 5, 2019.

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 About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Errors in Tax Cuts and Jobs Act of 2017

Friday, June 15, 2018

Two errors in the Tax Cuts and Jobs Act of 2017 have retailers and restaurant owners up in arms because they are inadvertently costing them money.  The bill was marred by typos and drafting errors, but passed in December.

One provision specifies that certain renovations to retail and restaurant space must be written off over a period of 39 years instead of one year. As a result, only 2.5% of the cost of renovation can be deducted in a single year, instead of all of it, as the law actually intended.

The other error imposes a retroactive tax increase on businesses that are losing money and already facing liquidity issues...

Read the full article here at www.bisnow.com...

Connecting Aurora's Immigrants-Refugees with Health

Tuesday, June 12, 2018

Health Powers Life campaign for immigrants and refugees in Aurora receives international accolades

AURORA, Colo. – Health Powers Life, an outreach campaign targeting better health outcomes for Aurora’s immigrant and refugee communities, has been recognized by the Academy of Interactive and Visual Arts with three Communicator Awards.

“One in five residents in Aurora was born outside the United States, and Health Powers Life is an important tool in the city’s strategic plan to connect immigrants and refugees with important services and ensure they are able to be their best, healthy selves,” said Ricardo Gambetta, head of Aurora’s Office of International and Immigrant Affairs. “We are excited to hear about the recognition for how well the campaign has been promoted, and we are even more excited to see that translate into healthy outcomes for all our residents.”

See Press Release here (June 12, 2018)

Farewell to Aurora Mayor Stephen Hogan

Thursday, May 17, 2018

It is with deep sadness that we inform the small business community that Stephen D. Hogan, Mayor of Aurora, passed away on May 13, 2018.  He was 69 years old.  Mayor Hogan honorably served as mayor of Aurora from 2011 until his passing.  His time as mayor was preceded by 24 years on the City Council.

The Hogan family has asked that, in his honor, donations be made to the Mayor Stephen D. Hogan Memorial Fund via this link on the city’s Web site.  Donations will be distributed to the following causes important to Mayor Hogan:

    University of Denver Stephen D. Hogan Scholarship Fund
    7/20 Memorial Fund
    Aurora Korean Memorial Fund
    Aurora History Museum

The community-wide memorial service to honor and celebrate the life of Aurora Mayor Stephen D. Hogan will be held on Saturday, May 19, 11AM, at the Heritage Christian Center in Aurora, located at 14401 E. Exposition Ave.  Doors will open at 10AM.  There is limited parking at the Heritage Christian Center, if you are attending, please plan to arrive early and park in one of designated lots off church property.  Details are still being finalized, so you will need to watch for Police Explorers guiding people to parking.  Please allow time to walk a little ways to the church.

We at the Aurora-South Metro SBDC consider Mayor Hogan to have been the 'voice of reason' over the years in his support of the small business community.  He will be greatly missed! 

Mayor Hogan is pictured below at the Small Business Saturday event, November 25, 2017, at Stanley Marketplace, with (from left) Frances Padilla, SBA Colorado District Director, Denver Mayor Michael Hancock, Aurora Mayor Hogan, and Kevin Hougen, President, Aurora Chamber.