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
SCORE’s Checklist for reopening a general business during the COVID-19 pandemic
Colorado Department of Public Health and Environment contact page link
SBA Coronavirus Pandemic Disaster Loans Comparison (click here)
Paycheck Protection Program (www.sba.gov/ppp).
Local SBA-approved participating lenders are accepting Paycheck Protection Loan (PPP) applications for small businesses, the self-employed and independent contractors. The SBA will forgive the PPP loan if all employees are kept on the payroll for eight weeks* and the money is used for payroll (at least 75% of loan), lease, mortgage interest, or utilities payments (no more than 25%).
- Three nonprofit lending partners are currently accepting PPP applications: Colorado Enterprise Fund, Colorado Lending Source and DreamSpring. For the complete SBA Colorado Lenders list, click here.
- FAQs found here: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses
- See document “How to Calculate Loan Amounts” by business entity
- SBA information for PPP Forgiveness (click here).
PPP Forgiveness Calculator (click here).
* 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 eight-week period 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.
* The forgiveness portion of the PPP is taxable; the balance that is either returned or retained as a loan is not taxable.
- 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 SBA has hired many new customer service reps and are answering emails as quickly as they can. This is an unprecedented disaster and they are doing their best to staff up and meet the demand.
EIDL SBA Customer Service Contact (email is best): firstname.lastname@example.org | 1-800-659-2955. Please use your application # in the correspondence.
* 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.
Pandemic Unemployment Assistance (PUA)
* The above link includes links to FAQs.
* Unemployment is taxable income.
* Contact form for Claim questions (only) here.
* Return to work guidance here.