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Business Conversations

Pivoting and Reopening Your Business for Success  
Recommended:   Take each of the one-hour “Business Conversations” webinars for a complete look at how to pivot your business and reopen during the pandemic.  Bring your best practices and questions.  There will be plenty of time for discussion.  Titles include:

  • Are You Financially Prepared for Best and Worst Case Pandemic Scenarios?
  • What Should I Avoid in Digital Marketing?
  • How Do I Transition to a Virtual Workplace?
  • Is My Blog Bringing Me Paying Customers?
  • Beyond Increasing Sales, How Can I Save My Business?
  • How Do I Get Over My Fear of Video Marketing?
  • How Do I Lead and Manage During a Pandemic?

 

En Español:
Conversaciones de Negocios:
 — Estas vendiendo COMO tus clientes están comprando?
 — 
Estás preparado para los mejores y peores escenarios financieros
 — Qué debes evitar cuando haces Mercadeo Digital?

Resiliency Series:  Marketing Strategies
1) Creating Your Marketing Message
2) Marketing Tactics and Tools
Two webinars to give you a more complete marketing plan — followed by virtual consulting!
 
Who Should Attend: Those in business one year or more

Register today:  https://bit.ly/2HmPaDJ 

PPP Flexibility Act and EIDL

 

NOTE:  The EIDL loan application must be submitted by December 31, 2020:
SBA – Disaster Loan Assistance (https://covid19relief.sba.gov)

SBA Coronavirus Pandemic Disaster Loans Comparison (click here)
PPP / EIDL comparison chart (click here).
The EIDL and Advance is open for all small businesses again: www.sba.gov/disaster.

Paycheck Protection Program (www.sba.gov/ppp)(updated) — Application Deadline: August 8th.
Applications  are closed.

  • Recent changes (summary from SBA June, 9, 2020):
    * Extends the maturity for loans made on or after June 5, 2020 from two years to five years.
  • * Extends the covered period from June 30, 2020 to December 31, 2020 for forgiveness of PPP loans.
  • * Extends the covered period for the use of loan proceeds from eight weeks to 24 weeks.
  • * Provides a safe harbor for small businesses from the rehire requirements if the business owner can document their inability to hire employees for unfilled positions by December 31, 2020 or their inability to return to the same level of business activity because of federal COVID requirements pertaining to social distancing, sanitation, and worker safety.
  • * Allows borrowers to use 60 percent of the loan amount for payroll costs and up to 40 percent for debt obligations, including interest on a mortgage, rent payment, or utility payment.
  • * Extends the deferment period for loans retroactively until the amount of forgiveness is remitted to the borrower by the lender (the deferment period ends for all borrowers 10 months after the end of the covered period).
  • * Delays the payment of employer payroll taxes until January 1, 2021 for PPP borrowers.
    Journal of Accountancy (click here for more information)

Notes: 
* Independent contractors: submit documentation that will assist in proving how you ‘pay’ yourself:  draws, 1099’s, Schedule C of the 1040, etc.  Ultimately, the decision to approve the funds is with the processor.
* The forgiveness portion of the PPP is taxable; the balance that is either returned or retained as a loan is not taxable.
* SBA Loan Comparison Chart | EIDL / PPP Q&A

Economic Injury Disaster Loan (EIDL)
The EIDL and Advance is open for all small businesses again: www.sba.gov/disaster.

EIDL SBA Customer Service Contact (email is best): disastercustomerservice@sba.gov | 1-800-659-2955. Please use your application # in the correspondence. Operators do not have access to loan information. They can place notes on the callers file, and callers can request to speak to a Loan Officer for assistance. Businesses should send an email if they are interested in additional EIDL funds, if they become available, so that the request is on record. Contact information should include: business name, business contact name, email, phone, address, EIN and EIDL Loan Number.

  • The EIDL Advance is no longer available.
  • To receive updates from the SBA, go to www.sba.gov, then click on NewsRoom.  It takes you a page with instructions which allows individuals to self-subscribe. To report fraud: https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general.
  • The SBDC does not process loans; the SBDC is partially funded by the U.S. Small Business Administration (SBA), but is not the SBA, a federal agency.

See information about SBA’s Express Loan Pilot Program if eligible.

Alternative Funding Sources (requires a little research but may prove beneficial).
Keep an eye on the state site for more opportunities: https://choosecolorado.com.
Stay up-to-date here: www.ColoradoSBDC.com/covid.

Unemployment Assistance
Colorado’s Unemployment home page:  https://www.colorado.gov/pacific/cdle/unemployment
* Unemployment is taxable income.

Direct link to reopen a claim  (https://smartfile.coworkforce.com/Start)
If you have already filed for benefits, you do not need to contact CDLE to receive supplement unemployment insurance benefits.

* Contact form for Claim questions (only) here.
* Return to work guidance here.

Return To Work – The New Normal

Alternative Funding Sources (requires a little research but may prove beneficial).
Keep an eye on the state site for more opportunities:
https://choosecolorado.com.
Stay up-to-date here:
www.ColoradoSBDC.com/covid.

Tri-County Health Department Guidance for Businesses: link here
Reopen Your Business Energize Colorado link
Purchase PPE and other SuppliesEnergize Colorado link
SCORE’s Checklist for reopening a general business during the COVID-19 pandemic
Colorado Department of Public Health and Environment contact page link
CDC’s Signage (free downloads).

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SBA Coronavirus Pandemic Disaster Loans Comparison (click here)
PPP / EIDL comparison chart (click here).
Economic Injury Disaster Loan (EIDL)
The EIDL and Advance is open for all small businesses again:
www.sba.gov/disaster.
See next blog for SBA loan updates.

Alternative Funding Sources: click here
Aurora‘s business grant program (Aurora Economic Recovery Grant Program): click here
Englewood‘s business grant program: click here
Centennial‘s business grant program (Centennial CARES Small Business Grants): click here

Virtual Coffee with the SBDC Director

Join the SBDC Executive Director, Marcia McGilley, for a cup of “Virtual Coffee” at 9AM (specific dates at the link below). Bring your business questions and small business assistance needs during this challenging time. Discussion topics will be announced. Instructions for the online connection will be sent in advance of the call.
Please pre-register for all webinars at www.Aurora-SouthMetroSBDC.com/training.
Remember that the SBDC offers virtual webinars and consulting, too.

“Cares Act and Alternative Funding Sources” – April 30th webinar
Presenters: David Benavides with the U.S. Small Business Administration (SBA) Colorado District, Mike O’Donnell, Executive Director with Colorado Lending Source, and Marcia McGilley, Executive Director with the Aurora-South Metro SBDC.
Link to the recording here.

Watch the these video from Virtual Coffee with the SBDC Director: April 3rd video | April 6th video
Webinar with Colorado Lending Source and the Colorado SBDC Network: April 6th ‘deep dive’ in to the PPP.

As new webinars become available in other areas of the Colorado SBDC Network, they will be posted at www.coloradosbdc.org/training.

SBA – CARES Act Programs, COVID-19 Resources

The Colorado SBDC Network is monitoring information about COVID-19. Business-related information is below, as well as trusted information about Coronavirus (COVID-19), please scroll and review the links:

The Colorado SBDC — Stay current: www.coloradosbdc.org/covid.
Alternative Funding Sources — A resource list compiled and updated by the Colorado Office of Economic Development and International Trade (OEDIT): Click here for the resource list — updated regularly.

CARES Act and Alternative Funding webinar with David Benavides with the U.S. Small Business Administration (SBA) Colorado District, Mike O’Donnell, Executive Director of Colorado Lending Source, and Marica McGilley, Executive Director of the Aurora-South Metro SBDC (4/30/20) — link to webinar recording here.
Colorado Lending Source Response to COVID-19 — https://info.coloradolendingsource.org
Colorado Enterprise Fund COVID-19 Resources
Centennial Business Loan Fund with Colorado Enterprise Fund:
https://www.centennialco.gov/Business/Centennial-Small-Business-Loan-Fund
Aurora Economic Relief Programwww.auroragov.org/aef
(Application process has closed. Thank you, City of Aurora!)
Englewood Businesses — Relief Funding: www.englewoodco.gov/business-resources/business-resources
(Application process has closed. Thank you, City of Englewood!)
Littletonhttps://www.littletongov.org/business-resources
(Business relief funding application process has closed.. Thank you, Littleton!)

Stimulus Package Provides Economic Relief
Businesses are encouraged to continue to apply for the Paycheck Protection Program (PPP — scroll down for info).

SBA Economic Injury Disaster Loans (EIDL) — now open for agricultural businesses.
This program is managed by regional offices of the U.S. Small Business Administration (SBA). Click here for all the details: https://www.sba.gov/disaster.

  • If your Applicant number begins with a #2, you must reapply when program opens. It is a short, 3-page application.  Be sure to check the “Advance box” to receive up to $1,000 per employee, a total of $10,000.  When you reapply, the SBA will match your SS# with your previous application and financial documents. 
  • If your Applicant number begins with #3, you applied on the short (3-page) application form and are in the que/line and simply need to wait to hear from the SBA Loan Officer via email to submit additional financial documents.

NOTE: The Economic Injury Disaster Advance Loan is up to $10,000 @ $1,000/employee. This advance will not have to be repaid.

To check your application status (You will need your application #):
SBA disaster programs contact: disastercustomerservice@sba.gov | 1-800-659-2955

  • Note: To receive updates from the SBA, go to www.sba.gov, then click on NewsRoom. It takes you a page with instructions which allows individuals to self-subscribe.

Paycheck Protection Program: see overview | PPP Made Easy (download the PDF) —
Paycheck Protection Program Application (most current)
Purpose: Funds to pay for 8 weeks* of payroll and employee retention.
To apply: 1) Gather documents, such as payroll reports and tax filings; keep a file on proof of lease, mortgage interest, and utility payments; 2) Contact your accountant and/or the service that pays out your payroll; 3) Ask your local lender if it is authorized to process your PPP loan; 4) If you are not connected to an authorized lender, you can search for an eligible SBA lender here or see this list of SBA Colorado Lenders:
* Colorado Lending Source Response to COVID-19, including taking applications for the PPP — https://info.coloradolendingsource.org
* Also, watch the video from “Virtual Coffee with the SBDC Director” here (April 3rd) and here (April 6th)
* Colorado Enterprise Fund — CODVID-19 resources, including taking applications for the PPP — Link here.
* DreamSpring will consider taking new customers for the PPP: www.DreamSpring.org
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* How to calculate loan amount for the PPP application based on business entity: click here.
* PPP Calculator for loan amount — link here for Excel spreadsheet.
* PPP Loan Forgiveness Calculator link here for the Excel spreadsheet.
* “The eight-week period for the PPP begins on the date the lender makes the first disbursement of the PPP loan to the borrower. The lender must make the first disbursement of the loan no later than ten calendar days from the date of loan approval.”
* EIDL loan funds awarded are deducted from the amount disbursed under the PPP if refinancing the EIDL.
* Currently processing EID Loans cannot be rolled into PPP balances; only EID Loans that have already closed may be rolled into the PPP balance.
* Questions for the SBA related to the PPP? Call 1-800-347-0922.

NOTE: Graphic comparing the EIDL vs PPP

Colorado Enterprise Fund compares the EIDL and the PPP at this link.

Additional Resources:
The Express Bridge Loan (EBL) Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. Learn more here.

Small Business Guidance SBA Loan Resources: see list of SBA disaster resources here.

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How the Treasury Department is Taking Action: https://home.treasury.gov/cares

Small Business Owners Guide to the CARES Act from the U.S. Senate Committee on Small Business & Entrepreneurship (download the PDF)

State of Colorado business resources:
Those with questions about COVID-19 can call the CO HELP Hotline: 303-389-1687 or 1-877-462-2911.
Email: COHELP@RMPDC.org.

Business Navigator Hotline:  720-665-7439 or oedit_sbnavigator@state.co.us
Stay current at www.coloradosbdc.org/covid.
Colorado SBDC Preparedness & Continuity – COVID-19 Guide

Pandemic Unemployment Assistance (PUA)
https://www.colorado.gov/pacific/cdle/covid-19/pua

Site includes Q&A | See, also, downloadable PDF Q&A from Arapahoe/Douglas Works!
Pandemic Scenarios & Unemployment Benefits Available (download PD).
* Independent contractors are eligible to file for unemployment under the CARES Act.
* There are resources for employers to be able to temporarily layoff or reduce hours for people and they will be eligible for UI benefits.
* If the layoff is temporary due to the crisis than the layoffs will not count towards UI rates.
* For those previously eligible for regular unemployment and have already filed a claim, continue to request payment every two weeks.

For Employers & Employees from the Colorado Dept. of Labor and Employment
https://www.colorado.gov/pacific/cdle/information-and-resources-coronavirus
Frequently Asked Questions: https://www.colorado.gov/pacific/cdle/covid-19/employer-faqs
Downloadable PDFs from Arapahoe/Douglas Works! Business Resources | Job Seeker Resources
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Governor orders Colorado non-critical-workplaces to reduce in-person workforce by 50% due to the presence of COVID-19 in the State. Download the Executive Order here.
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Governor’s Stay-at-Home order. Link to Executive Order here.

A new small business grant program just came to our attention: Verizon Small Business Recovery Fund, deadline is April 4th: https://www.lisc.org/covid-19/verizon-small-business-recovery-fund
Facebook Small Business Grants Program — Read about eligibility here: http://bit.ly/2TZ9qPo

Remember, the Aurora-South Metro SBDC is here to assist you during this health and economic pandemic. Attend a webinar on “How to Apply for the SBA Economic Injury Disaster Loan”, or, join us for “Virtual Coffee with the SBDC Director” to ask your business questions. Check our website to register and for updates:  www.Aurora-SouthMetroSBDC.com/training.

The SBDC has recorded one of the most recent webinars on How To Apply for the SBA EIDL loan, including current updates on the CARES Act programs. Note that the SBA is the best source of up-to-date information as details are finalized: visit www.sba.gov/disaster. Overview of the SBA Disaster Loan Programs: April 1st video

Virtual consulting–free and confidential–is available by appointment: www.Aurora-SouthMetroSBDC.com/consulting.

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