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:
Aurora Economic Relief Program — www.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!)
Littleton — https://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: email@example.com | 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
= = =
* 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.
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.
= = = = =
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.
Business Navigator Hotline: 720-665-7439 or firstname.lastname@example.org
Stay current at www.coloradosbdc.org/covid.
Colorado SBDC Preparedness & Continuity – COVID-19 Guide
Pandemic Unemployment Assistance (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
Frequently Asked Questions: https://www.colorado.gov/pacific/cdle/covid-19/employer-faqs
Downloadable PDFs from Arapahoe/Douglas Works! Business Resources | Job Seeker Resources
= = = = =
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.
= = = = =
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.