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SBA – CARES Act Programs, COVID-19 Resources

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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.
Colorado Lending Source Response to COVID-19 — https://info.coloradolendingsource.org

Stimulus Package Provides Economic Relief
The $2 trillion legislation recently passed by Congress is the largest U.S. stimulus package ever to help provide economic relief to businesses and workers affected by the COVID-19 outbreak. Learn more here…

SBA Economic Injury Disaster Loans (EIDL)
Apply for a low-interest business loan if your business is impacted by the COVID-19 virus.
This program is managed by regional offices of the U.S. Small Business Administration (SBA).

How To Apply:
1) SBA EIDL – Eligibility and Criteria to Apply for the Loan
2) SBA EIDL – Prepare to Apply: Overview (webinar) of the SBA Disaster Loan Programs: April 1st video or attend a How To Apply webinar)
* Also, watch the video from “Virtual Coffee with the SBDC Director” here (April 3rd) and here (April 6th)
3) Link to NEW SBA site for the streamlined online application: www.sba.gov/disaster | https://covid19relief.sba.gov/#/

NOTE: If you have already applied for EIDL and are interested in receiving the Economic Injury Disaster Advance Loan of up to $10,000, log back in and complete a streamlined application to make sure you receive the advance. This does not slow or change your previous application. Funds will be made available within three days of a successful application. This advance will not have to be repaid. You will need your application #.

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

  • We recommend you gather key financial information, if you plan to apply for a loan:
  • 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.

Additional resources and Relief Funding:

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 the necessary materials such as payroll tax filings, proof of lease payments, proof of mortgage payments, and proof of utility payments; 2) Contact with 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.
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* The Paycheck Protection Program is retroactive to February 15, 2020 through June 30, 2020.
* Also, watch the video from “Virtual Coffee with the SBDC Director” here (April 3rd) and here (April 6th)
* NOTE: Three questions related to the Paycheck Protection Program and how it interacts with the SBA EIDL: Click here for the Answers

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)

Englewood Businesses — Relief Funding: www.englewoodco.gov/business-resources/business-resources

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

For Employers & Employees from the Colorado Dept. of Labor and Employment https://www.colorado.gov/pacific/cdle/information-and-resources-coronavirus
Downloadable PDFs from Arapahoe/Douglas Works! Business Resources | Job Seeker Resources
Unemployment — Important notice:
* For those previously eligible for regular unemployment and have already filed a claim, continue to request payment every two weeks.
* For those who are self-employed, independent contractors, nonprofit employees, and gig-economy workers, or are requesting an extension of benefits, check back with Unemployment for the latest information.

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.

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