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If you are unable to produce your work-search documents with all requirements met, you may be denied unemployment and may have to pay back any benefits already received for those weeks.The Work-Share ProgramThinking of laying off employees? Please consult their website or contact them for more information.Governor Polis has restricted Colorado restaurants and bars from providing dine-in service through April 15. If you are prepared to bring your workers back and have offered an individual work that was then turned down, please, 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. Borrowers can apply for both an SBA Economic Injury Disaster Loan and the Paycheck Protection Program loan. How does PPP Loan coordinate with SBA's existing loans? Credit History: Applicants must have a credit history acceptable to SBA. Lenders will also ask you for a good faith certification that: If you are an independent contractor, sole proprietor, or self-employed individual, lenders will also be looking for certain documents such as payroll tax filings, Forms 1099-MISC, and income and expenses from the sole proprietorship. The Small Business Emergency Relief Fund (SBERF) is providing an additional round of business stabilization grants geared to support many of Denver’s most vulnerable small businesses. 7(a) loans not made under the Paycheck Protection Program (PPP), 504 loans, and microloans. About $4 million will go to the Minority Business Office of Colorado, which helps minority-, woman- and veteran-owned businesses. If you have working capital need beyond what is provided by PPP, you can apply for additional assistance through the EIDL program. The small business multiplier is 49.1p and the standard multiplier is 50.4p from 1 April 2019 to 31 March 2020. Through this grant program, additional financial assistance, up to $7,000, is available for certain Boulder County small businesses… Funds cannot be used to pay down long-term debt. Wednesday, January 13, 2021. 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. You should consult with your local lender as to whether it is participating in the program. Colorado Proud has put together the following list of Colorado farmers, ranchers, retailers, chefs, restaurants, and food and beverage manufacturers providing food, products and services direct to consumers. See the rate notice mailed in November. Here are the directions that the Colorado SBA District Office provided on how to return EIDL funds. • Certification from a representative of your business or organization that is authorized to certify that the documentation provided is true and that the amount that is being forgiven was used in accordance with the program’s guidelines for use. An overview of the implications of the CARES Act on small business. In addition, the navigator maintains a comprehensive database of federal, state and local regulatory and permitting requirements. 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 Centers for Disease Control and Prevention (CDC) will update this interim guidance as needed and as additional information becomes available. DOWNLOAD APPLICATION (Prepare and Take to Lender), SBA LOAN FORGIVENESS APPLICATION (After you are approved). You apply for a 7(a) loan with a bank or a mission-based lender. The U.S. SBA is offering designated states and territories low-interest federal disaster loans for working capital. SMALL BUSINESS COVID-19 DISASTER RESPONSE HOTLINE: 303-860-5881 ((OPEN MONDAY-FRIDAY 8AM-5PM)). [See FAQs]. All Are Welcome complied a list of available resources to undocumented communities. 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. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. they WILL be able to re-apply and have their new loan number tied to their original loan number so they don’t lose their place in line. 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. The Energize Colorado Gap Fund provides more than $25 million in small business loans and grants to boost small business enterprises throughout the state. Do 501 c(6) qualify (such as chambers)? Borrowers that have established a PAD through Pay.Gov or an OnLine Bill Pay Service are responsible for canceling these recurring payments. Repayment: SBA must determine that the applicant business has the ability to repay the SBA loan. Complete copies of the most recent Federal Income Tax Return. No one knows for sure how long it will take to contain the spread to a place where individuals … You can check here. Learn More . Dec 10, 2020 - Meeting Recording, Alyson Anderson The average microloan is about $13,000. 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. 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. Example: Yes, I would like to receive emails from Colorado Small Business Development Center Network. In an effort to help small businesses navigate recent changes, the National SBEAP website now has a … The The State of Colorado has partnered with the legal community to create a volunteer program designed to connect attorneys with Colorado businesses in need to help them make informed decisions and get back on their feet. Completed SBA loan application (SBA Form 5). 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). Contact Colorado SBA offices in Denver or call 303-844-2607 for advice on about your specific case and filling out the correct SBA disaster assistance loan forms. Funding is intended for applicants in eligible industries that have been heavily impacted by the pandemic. SMALL BUSINESS COVID-19 DISASTER RESPONSE HOTLINE: 303-860-5881 ((OPEN MONDAY-FRIDAY 8AM-5PM)), Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak, US Patent and Trademark Office Alert: Closure of USPTO facilities to the public. If the EIDL loan was used for payroll expenses, the borrower must refinance the EIDL loan with the PPP loan which carries a lower interest rate as well as a shorter maturity period. Deadline to apply is April 22nd. If I received an EIDL, can I apply for PPP Loan? D'Evelyn High School band to perform in virtual inauguration parade. Any advance up to $10,000 on the Economic Injury Disaster Loan will be deducted from the loan forgiveness amount of the Paycheck Protection Program loan. COVID-19 BUSINESS AND NON-PROFIT RESOURCES Resources are available to support small businesses, non-profits, freelancers, and independent contractors. However, you cannot use your PPP loan for the same purpose as your other SBA loan(s). Sole proprietors, businesses, and nonprofits with less than 25 full-time employees can apply for up to a $15,000 grant and a $20,000 loan for a possible combined total of $35,000 in financial assistance. Overview The U.S. Small Business Administration (SBA) provides low-interest, long-term disaster loans to businesses of all sizes, priviate non-profit organization, homeowners, and renters to repair or replace uninsured/underinsured disaster damaged property. Borrowers who accept both loan funds should document the uses of the funds appropriately. Any business that partially or fully closed during the Coronavirus crisis or that experiences significant revenue declines due to the virus. 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. Each loan will be registered under a Taxpayer Identification Number at SBA to prevent multiple loans to the same entity. The Colorado Department of Public Health and Environment is a great resource to keep up on the latest throughout the state of Colorado. March 16, 2020 | Bill Henry. If I get an EIDL and/or an Emergency Economic Injury Grant, can I get a PPP loan? Check this website for the latest information on Information for Producers, Food Access, Food Industry, Relevant Policies, and Food System Technical Assistance Providers. • If you were not in business between February 15, 2019 – June 30, 2019: Your max loan is equal to 250 percent of your average monthly payroll costs between January 1, 2020 and February 29, 2020. To check the status of your application please either call 800-659-2955 (800-877-8339) for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov. 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. Grants of up to $7,000 to Colorado small businesses in eligible locations for support during the Coronavirus (COVID-19) health crisis. Under the bill, money is only available to businesses most impacted by COVID-19 restrictions. The navigator also provides referrals to a variety of state and federal assistance programs and local small business training. We just received word that EIDL applicants with 2000 series app numbers should reactivate their applications now that the portal has reopened for Agriculture. Your other lender will then be able to move forward with your other application. Every business will face an unexpected disruption at some point. SBA will apply those payments normally as if there was no deferment. If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis, If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company the normal, Businesses or nonprofits that have laid-off workers (and not rehired them by April), Businesses that intend to use the loan for Immediate cash flow needs, Businesses that cannot maintain payroll for six months due to ongoing economic impacts of the virus would not be able to receive forgiveness, Businesses that are affiliated to larger businesses (may disqualify VC or PE funded businesses) except those waived, Businesses that engage in activities not legal under federal law (Marijuana), The uncertainty of current economic conditions makes the loan request necessary to support ongoing operations, The borrower will use the loan proceeds to retain workers and maintain payroll or make mortgage, lease, and utility payments, The borrower does not have an application pending for a loan duplicative of the purpose and amounts applied for here, From Feb. 15, 2020, to Dec. 31, 2020, the borrower has not received a loan duplicative of the purpose and amounts applied for here (Note: There is an opportunity to fold emergency loans made between Jan. 31, 2020 and the date this loan program becomes available into a new loan), Business name with contact name, address, and phone number. 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. In this application, you must include: • Documentation verifying the number of employees on payroll and pay rates, including IRS payroll tax filings and State income, payroll and unemployment insurance filings. Please note, the SBDC is not a health organization; for latest news regarding the current health situation, please contact the resources listed in this guide. • 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. If your Economic Injury Disaster Loan was not used for payroll costs, it does not affect your eligibility for a Paycheck Protection Program loan. However, the Paycheck Protection Program loan funds and the Economic Injury Disaster Loan funds cannot be used for the same purpose. 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. By assisting small businesses, the task force hopes to indirectly support the more than 400,000 Coloradans who have filed for unemployment due to the pandemic. Jared Polis’ desk by tomorrow. $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; Colorado small businesses can use Chapter 11 bankruptcy as a debt relief option. 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. To check whether your business is considered small, you will need your business’s 6-digit North American Industry Classification System (NAICS) code and 3-year average annual revenue. This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19). 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. If it's a private non-profit that can show the capacity to repay the loan. State,” and the corresponding Public Health Order 20-24 Amended Public Health Order 20-24 Implementing The clock does not start again. They yes, they are eligible. Garnett was recently elected House speaker by his Democratic colleagues. Most entrepreneurs know that a well-conceived business plan is critical to the success of a new business. Loan payments will also be deferred for six months. The IRS site has not been updated. Businesses receiving other EIDL or Paycheck Protection Loans would not be eligible. Submitted by [user:field_first_name] The Colorado Department of Local Affairs has awarded Las Animas County funds for the following businesses: Restaurants; Bars (includes establishments like a winery, brewery, distillery, etc.) There have been a number of executive orders and public health orders released by the governor this month and the legal language used can be hard to understand. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. Borrowers preferring to continue making regular payments during the deferment period may continue remitting payments during the deferment period. Debt Relief Options for Small Businesses Affected by Coronavirus (COVID-19) Small businesses are feeling the effects of the novel coronavirus pandemic, also called COVID-19. This video will go over tips on how to keep up with the financial health of your business in a difficult time. The planning you do now can mean the difference in how quickly—or whether—your business recovers. Small Business Relief Program Eligible Small Businesses in Mesa County Can Apply for a Relief Payment Applications for the Small Business Relief Program for Mesa County will be accepted Thursday, January 14, 2021 through Thursday, February 4, 2021. There are many different types of 7(a) loans, you can visit this site to find the one that’s best for you. Business Grants for Other Colorado Localities A compiled list of different resources available for immigrants. 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. Yes, they should re-apply to the quick version of the EIDL. The completion of the transaction confirmed within their bank account is the fastest method. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. All downhill ski areas and resorts in Colorado are closed, as well as many visitor attractions, museums, performance venues and retail stores. 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