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Do 501 c(6) qualify (such as chambers)? Businesses directly affected by COVID-19 and have suffered or are likely to suffer substantial economic injury, Business must be independently owned and operated, Businesses that offer services directly related to the businesses in the declaration, Other businesses indirectly related the industry that are likely to be harmed by losses in their community (Example: Manufacturer of widgets may be eligible as well as the wholesaler and retailer of the product), Business that is not considered small under SBA guidelines, Lending and investment concerns (except for real estate investments held for rental), Loan packagers who derive more than 1/3 of their annual volume from the preparation of applications seeking financial assistance from the SBA. Colorado Small Business Owners Hurt by COVID-19 | Debt Relief Options. The Small Business Navigator is the first point of contact for new and existing business owners with questions about federal, state and local licensing requirements. We just received word that EIDL applicants with 2000 series app numbers should reactivate their applications now that the portal has reopened for Agriculture. That includes: restaurants, bars, caterers, movie theaters, fitness clubs and cultural, arts and entertainment venues. Complete copy, including all schedules, of the most recent Federal income tax return for principals, general partners or managing members, and affiliates (see filing requirements for more information), If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year, A current year-to-date profit-and-loss statement, Additional Filing Requirements (SBA Form 1368) providing monthly sales figures (This is especially important for Economic Injury Disaster Loans), Small businesses that submit complete loan packages could receive the money within three (3) weeks, Incomplete information and verification of collateral will delay the approval process, Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at, Paper loan applications can be downloaded from, Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339) for the deaf and hard-of-hearing) or by sending an email to, To check the status of your application, please visit this. On March 27, 2020, the president signed the CARES Act into law, which, among other things, provides broad relief for federal student loan borrowers. Borrowers preferring to continue making regular payments during the deferment period may continue remitting payments during the deferment period. If you wish to begin preparing your application, you can download a sample form to see the information that will be requested from you. The state's program, part of a package of 10 bills generally aimed at helping Colorado's economic recovery amid the pandemic, provided $37 million in relief to small businesses with revenue of less than $2.5 million, $7.5 million to arts and cultural organizations, and $4 million to minority-owned businesses. The loans are not intended to replace lost sales or profits or for expansion. Borrowers who accept both loan funds should document the uses of the funds appropriately. It depends on how the chamber is set up to run. “Colorado families, restaurants, bars and small businesses can’t wait any longer for help — they need relief to get through the challenging months ahead,” Rep. Alec Garnett, D-Denver, said in a Nov. 19 statement from the governor’s office about the special session. How do I know if I’m eligible for a 7(a), 504, or microloan? Call 303-688-0944 to talk with a bankruptcy attorney. See the overall process here. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. Depending on your business’s situation, the loan size will be calculated in different ways (see below). Colorado small businesses can apply for a relief loan from the Kiva program. For example, a borrower may obtain a loan from the Paycheck Protection Program and use those funds to pay for 8 weeks of payroll or employee retention. [See FAQs]. Contact information: Address, Phone, Email. SBA will apply those payments normally as if there was no deferment. Grants of up to $7,000 to Colorado small businesses in eligible locations for support during the Coronavirus (COVID-19) health crisis. US Chamber Combating the Coronavirus. Make a statement that the business gives SBA your permission to look into their system to assist in identifying the bank that has the application locked. Statement Requesting to Repay/Return EIDL Loan and/or EIDL Advance; Business Name and EIN(s), if applicable. Credit History: Applicants must have a credit history acceptable to SBA. Travelers planning a visit should check with their hotel or the local visitors bureau for guidance. Check this website for the latest information on Information for Producers, Food Access, Food Industry, Relevant Policies, and Food System Technical Assistance Providers. Cleaning of visibly dirty surfaces followed by disinfection is a best practice measure for prevention of COVID-19 and other viral respiratory illnesses in community settings. Kellogg Foundation, the Annie E. Casey Foundation, Amalgamated Foundation, and others are partnering to create a rapid response fund dedicated to helping the workers, families, and communities most devastated by the COVID-19 pandemic. The Energize Colorado Gap Fund provides more than $25 million in small business loans and grants to boost small business enterprises throughout the state. Visit this website for the latest information for employers and workers. The State of Colorado has allotted $37 million for direct relief payments to small businesses located in an eligible county that is subject to, and in compliance with, severe capacity restrictions pursuant to public health orders. … Our consultants and partners—including the U.S. Small Business Administration (SBA)— provide services to assist with disaster loan applications, longterm planning, insurance navigation, physical and economic loss estimations, business preparedness and more. Disaster loans are not eligible (see p. 7 for more information on these). If you are job attached, your work-search requirements may be waived, but you must be available to return to work during this time frame. Every business will face an unexpected disruption at some point. The Ford Foundation, Schmidt Futures, Open Society Foundations, The JPB Foundation, W.K. In support of this goal, Colorado Tourism Office has suspended operations for all 10 Colorado Welcome Centers until further notice. The Colorado Small Business Development Center Network (SBDC) is here to help businesses affected by recent disasters in Colorado, including how to respond to the current health crisis. Download "PPP Made Easy" graphics (shown below), Download list of Colorado participating lenders. - Workplace Preparedness What happens after the forgiveness period? As the news spreads about Corona Virus (COVID-19), many businesses have questions about whether they can shut down sites where the infection is present or conduct a preemptive shut-down of sites where there is no infection to safeguard the health of their employees. These loans are aimed specifically at businesses facing economic injury as a result of the coronavirus pandemic and range from $10,000 to $15,000. Our consultants and partners including the SBA and the Colorado Office of Economic Development and International Trade provide services to assist with disaster loan applications, long term planning, insurance navigation, physical and economic loss estimations, business preparedness and more. No collateral or personal guarantees are required. Grants up to $7,000 are available for certain El Paso County small businesses considered to be especially hard-hit by the COVID-19 pandemic. If it's a private non-profit that can show the capacity to repay the loan. Where do I check the status of my application? Borrowers may apply for PPP loans and other SBA financial assistance, including Economic Injury Disaster Loans (EIDLs), 7(a) loans, 504 loans, and microloans, and also receive investment capital from Small Business Investment Corporations (SBICs). The All downhill ski areas and resorts in Colorado are closed, as well as many visitor attractions, museums, performance venues and retail stores. Business Interruption insurance normally covers the replacement of lost income when operations are halted during a natural disaster such as a fire. A barbershop owner sued Colorado Gov. Funding decisions are at the discretion of the DOLA executive director. • If you were in business February 15, 2019 – June 30, 2019: Your max loan is equal to 250 percent of your average monthly payroll costs during that time period. They may wish to then dedicate their entire EIDL funds towards working capital, notes payable and accounts payable that do not duplicate the funds provided through the Paycheck Protection Program. Please be sure to mail these items through a trackable method, with delivery notification. They would still be required to meet the eligibility requirements during any weeks they claimed.Job Attached LayoffJob attached means that you are expected to return to your most recent employer after a separation of up to 16 weeks. Consider the Work-Share Program.The Work-Share Program provides an alternative to laying off employees by allowing them to keep working, but with fewer hours. This is the case even if you do not get small business rate relief. Executive Order D 2020 017 “Ordering Coloradans To Stay at Home Due to the Presence of COVID-19 in the About $4 million will go to the Minority Business Office of Colorado, which helps minority-, woman- and veteran-owned businesses. It covers operating expenses, a move to a temporary location, payroll, taxes and loan payments. COVID-19 Small Business Response Resources The Colorado SBDC Network is here to help businesses who have been affected by recent disasters in Colorado including response to the current health crisis. The county has received its formal allocation of $2,203,110 from the Colorado Department of Local Affairs to distribute relief funds to aid eligible small businesses impacted by the COVID-19 pandemic. The planning you do now can mean the difference in how quickly—or whether—your business recovers. The Colorado Small Business Development Center Network (SBDC) is funded through a cooperative agreement with the U.S. Small Business Administration (SBA). Helping businesses statewide respond to the current health crisis, COVID-19 Small Business Response Resources, The Colorado SBDC Network is here to help businesses who have been affected by recent disasters in Colorado including response to the current health crisis. Etienne Hardre, who is … In addition, some special rules may make you eligible: In evaluating eligibility, lenders are directed to consider whether the borrower was in operation before February 15, 2020, and had employees for whom they paid salaries and payroll taxes or paid independent contractors. Eligible businesses must … They will call by phone to collect that. USDA and its Federal partners have programs that can be used to provide immediate and long-term assistance to rural communities affected by The Centers for Disease Control and Prevention (CDC) will update this interim guidance as needed and as additional information becomes available. In addition, the navigator maintains a comprehensive database of federal, state and local regulatory and permitting requirements. How does PPP Loan coordinate with SBA's existing loans? Stay at Home Requirements (PHO 20-24) exempt critical businesses. Affiliation rules become important when SBA is deciding whether a business’s affiliations preclude them from being considered “small.” Generally, affiliation exists when one business controls or has the power to control another or when a third party (or parties) controls or has the power to control both businesses. Keep your eyes open in case there is a second round of this relief program. Federal public health officials have issued no warnings or restrictions on travel anywhere in the U.S. at this time. Jared Polis on Tuesday over coronavirus relief that was designated for minority-owned small businesses. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Forgiveness on a covered loan is equal to the sum of the following payroll costs incurred during the covered 24 week period compared to the previous year or time period, proportionate to maintaining employees and wages (excluding compensation over $100,000): Payroll costs plus any payment of interest on any covered mortgage obligation (not including any prepayment or payment of principal on a covered mortgage obligation) plus any payment on any covered rent obligation plus and any covered utility payment. March 16, 2020 | Bill Henry. Your other lender will then be able to move forward with your other application. Emergency Economic Injury Grant and Economic Injury Disaster Loan (EIDL) recipients and those who receive loan payment relief through the Small Business Debt Relief Program may apply for and take out a PPP loan as long as there is no duplication in the uses of funds. You apply for a 7(a) loan with a bank or a mission-based lender. While an employee is working fewer hours, he or she may be eligible to collect part of his or her regular unemployment benefits.Requirements and qualifications for employers: Colorado Gov. SBA disaster loans offer program to recovery after declared disasters. This video will go over tips on how to keep up with the financial health of your business in a difficult time. Select the loan program that best meets your individual business needs; however, you are not permitted to hold funds from both programs for the same purpose.The PPP loan has different terms from the EIDL loan. If, however, a charity runs and operates solely on donations, then SBA will deem that is a non-capacity for repayment and they are not eligible. $37 million for direct relief payments to small businesses located in a county that is subject to, and in compliance with, severe capacity restrictions pursuant to a public health order, with payments allocated to the counties for distribution to eligible small businesses, which businesses include restaurants, bars, movie theaters, and fitness and recreational sports centers; How does PPP work with EIDL Grants and Small Business Debt Relief Program? The bill provides $57 million in direct aid, grants, and annual fee waivers to struggling small businesses and also creates grant programs and allocates funds specifically for art and cultural organizations as well as minority-owned businesses. It is a good option if you need to purchase real estate, buildings, and machinery. For any amounts not forgiven, the maximum term is 10 years, the maximum interest rate is 4 percent, zero loan fees, zero prepayment fee (SBA will establish application fees caps for lenders that charge). The reduction must affect at least two out of all employees in the business, or a minimum of two employees in a certain unit. The Paycheck Protection Program will be available through December 31, 2020. Grants of $2,500 to $25,000 to certain types of storefront small businesses located within the boundaries of the DDA. Those measures came via state Senate Bill 20B … Eligibility: The applicant business must be physically located in a declared county and suffered working capital losses due to the declared disaster, not due to a downturn in the economy or other reasons. The average microloan is about $13,000. The navigator also provides referrals to a variety of state and federal assistance programs and local small business training. and current list of authorized businesses that are exempt. Click the load more button to see all videos. State of Colorado Safer at Home Guideance, SBA Coronavirus Pandemic Disaster Loans Comparison. Find details on the latest leave with pay rules and industry specifics. The interest rates for this disaster are 3.75 percent for small businesses and 2.75 percent for nonprofit organizations with terms up. Each loan will be registered under a Taxpayer Identification Number at SBA to prevent multiple loans to the same entity. The navigator also provides referrals to a variety of state and federal assistance programs and local small business training. The deferment will NOT cancel any established. Jared Polis’ desk by tomorrow. Wages for any employee for which the credit applies may not exceed wages the employee received in the 30 day period previous. The task force will work with our 15 small business development centers (SBDC) around the state. Garnett was recently elected House speaker by his Democratic colleagues. keep our customers, partners, and stakeholders continuously updated as more actions are taken to better serve The twenty four-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. The State of Colorado has devoted $37 million for these relief payments to small businesses throughout the state. Do I have to choose either the EIDL or PPP Loan? Any business that partially or fully closed during the Coronavirus crisis or that experiences significant revenue declines due to the virus. Through this grant program, additional financial assistance, up to $7,000, is available for certain Boulder County small businesses… the COVID-19 outbreak. help rural residents, businesses and communities affected by the COVID-19 outbreak. If you cannot find a local lender on this list, check with the local SBA District Office. If your business employs seasonal workers, you can opt to choose March 1, 2019 as your time period start date. Is it still eligible for an EIDL and a grant? “SB20B-001 allocated $35.15 million to specifically our division of local government to provide small businesses in Colorado relief,” said … Please note there is no electronic funds transfer method at this time, a check will have to be returned. This new round is possible by City's funds and Small Business Relief funds from the State of Colorado as authorized under SB20B-001. (You can unsubscribe anytime), 1600 Broadway, Suite 2500Denver, CO 80202303-892-3840info@coloradosbdc.org, Colorado Office of Economic Development and International TradeA Division of the CO Governor’s Office – Jared Polis. Read about the process here. • Documentation verifying payments on covered mortgage obligations, lease obligations, and utilities. The EIDL application period runs through Dec. 2020. From financial aid compliance to leasing arrangements and business liability, small businesses across our state face complex challenges and most small businesses need legal resources and expertise to make informed decisions. If you have questions about your current loan and weather or not your loan is automatically deferred, please contact your Loan Servicing Office directly using the following information: Birmingham Disaster Loan Servicing Center: Phone: 800-736-6048 Email: BirminghamDLSC@sba.gov El Paso Disaster Loan Servicing Center: Phone: 800-487-6019 Email: ElPasoDLSC@sba.go. Self-employed individuals that similarly qualify, A small business with fewer than 500 employees, A small business that otherwise meets the SBA’s size standard, A 501(c)(3) with fewer than 500 employees, An individual who operates as a sole proprietor, An individual who operates as an independent contractor, An individual who is self-employed who regularly carries on anytrade or business, A Tribal business concern that meets the SBA size standard, A 501(c)(19) Veterans Organization that meets the SBA size standard. The Paycheck Protection Program loan must be used for payroll (minimum of 75% of the funds received) for it to be eligible for a forgivable loan and the remaining is used for different purposes. The Paycheck Protection Program’s maximum loan amount is $10 million with a fixed 1% interest rate and maturity of two years. Understand what affect the COVID-19 outbreak has on your 2019 taxes. Small businesses who do not qualify may find funding options through the Colorado COVID-19 Business Resource Center and the U.S. Small Business Administration COVID-19 Disaster Assistance Website. DENVER (CBS4) – A bill that would provide $57 million in aid for small businesses could be on Gov. Deadline to apply is April 22nd. Repayment: SBA must determine that the applicant business has the ability to repay the SBA loan. How to return EIDL Advance or EIDL loan funds? Casinos & Racetracks (Ex: Businesses whose purpose for being is gambling (e.g., casinos, racetracks, poker parlors, etc.) Refer to those sections for more information. The Paycheck Protection Program’s maximum loan amount is $10 million with a fixed 1% interest rate and maturity of two years.Economic Injury Disaster Loan assistance provides up to $2 million loan per business and are long-term, low-interest rate at 3.75% for businesses and 2.75% for non-profits and a maturity of up to 30 yearsThe application period for PPP loans runs through June 30, 2020, but the EIDL application period runs through December 2020. Small businesses, please apply for funding through your counties, councils of government, economic development districts or – if a county is unable or unwilling to administer the program – municipalities. Learn how to effectively market your business. Colorado small businesses can use Chapter 11 bankruptcy as a debt relief option. The Pikes Peak Small Business Development Center and the Pikes Peak Workforce Center have collaborated to provide our small business community the latest information in small business emergency response. Our consultants and partners including the Small Business Administration (SBA) and the Colorado Office of Economic Development and International Trade (OEDIT) provide services to assist with disaster loan applications, long term planning, insurance navigation, physical and economic loss estimations, business preparedness and more. Yes, they should re-apply to the quick version of the EIDL. U.S. CBP has created this webpage for updates, information and impacts on trade due to the outbreak of COVID-19. Website links include information on: SBA has a free referral service tool called Lender Match to help find a lender near you. Find an Express Bridge Loan Lender connect with your local. Most entrepreneurs know that a well-conceived business plan is critical to the success of a new business. Borrowers that had SBA establish a PAD through Pay.gov will have to contact their SBA servicing office to cancel the PAD. 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