Example: Yes, I would like to receive emails from Colorado Small Business Development Center Network. Federal public health officials have issued no warnings or restrictions on travel anywhere in the U.S. at this time. The State of Colorado has devoted $37 million for these relief payments to small businesses throughout the state. COVID-19 BUSINESS AND NON-PROFIT RESOURCES Resources are available to support small businesses, non-profits, freelancers, and independent contractors. 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. Funding is intended for applicants in eligible industries that have been heavily impacted by the pandemic. help rural residents, businesses and communities affected by the COVID-19 outbreak. What are the loan term, interest rate and fees? Union attached is the same except the union must find work for you within 16 weeks.If your work-search requirements are not waived, keep in mind, we may conduct an audit of your claim up to two years from the start of your claim and you may be asked to provide your work-search documentation at that time. Colorado Small Business Relief Program . 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. Please see PHO 20- 24 for the complete 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. 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. • Compensation (salary, wage, commission, or similar compensation, payment of cash tip or equivalent)• Payment for vacation, parental, family, medical, or sick leave • Allowance for dismissal or separation • Payment required for the provisions of group health care benefits, including insurance premiums• Payment of any retirement benefit • Payment of State or local tax assessed on the compensation of employees, Employee/owner compensation over $100,000 • Taxes imposed or withheld under chapters 21, 22, and 24 of the IRS code • Compensation of employees whose principal place of residence is outside of the U.S. • Qualified sick and family leave for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act, • Payroll costs (as noted above) • Costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums • Employee salaries, commissions, or similar compensations (see exclusions above) • Payments of interest on any mortgage obligation (which shall not include any prepayment of or payment of principal on a mortgage obligation) • Rent (including rent under a lease agreement)• Utilities • Interest on any other debt obligations that were incurred before the covered 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. No one knows for sure how long it will take to contain the spread to a place where individuals … 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. This organization is a nonpartisan consortium of 80 Colorado law firms dedicated to creating and increasing opportunities for children, the poor and other disadvantaged communities through pro bono legal advocacy, negotiation, and litigation. 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. U.S. CBP has created this webpage for updates, information and impacts on trade due to the outbreak of COVID-19. Check this website for the latest information on Information for Producers, Food Access, Food Industry, Relevant Policies, and Food System Technical Assistance Providers. The lender must make the first disbursement of the loan no later than ten calendar days from the date of loan approval. 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. This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19). The 504 Loan Program provides loans of up to $5.5 million to approved small businesses with longterm, fixed-rate financing used to acquire fixed assets for expansion or modernization. If you are applying for both, you can accept PPP first – then decide whether to close on your EIDL approved loan. Find eligible lenders here. Colorado COVID Relief Fund Application and current list of authorized businesses that are exempt. Borrowers may separately apply for and take out a PPP loan, but debt relief under this program will not apply to a PPP loan. Principal and interest will continue to be deferred, for a total of 6 months to a year after disbursement of the loan. They will call by phone to collect that. An overview of the implications of the CARES Act on small business. 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. Eligible businesses must … The navigator also provides referrals to a variety of state and federal assistance programs and local small business training. According to the Office of State Planning and Budgeting, Colorado’s tourism industry, which supports many of the state’s small businesses, is expected to rebound more slowly than other sectors. Even though the website will say the EIDL App Portal Opening will be for NEW agriculture business applicants only, ODA has informed our field leadership that if someone who has a 2000 series EIDL loan number (meaning that they were in the initial group and need to reapply). Borrowers who accept both loan funds should document the uses of the funds appropriately. keep our customers, partners, and stakeholders continuously updated as more actions are taken to better serve 7(a) loans are an affordable loan product of up to $5 million for borrowers who lack credit elsewhere and need access to versatile financing, providing short-term or long-term working capital and to purchase an existing business, refinance current business debt, or purchase furniture, fixtures and supplies. The resources at choosecolorado.com provide state and federal COVID-19 announcements, programs, and information relevant to Colorado businesses. Businesses receiving other EIDL or Paycheck Protection Loans would not be eligible. EXIM is committed to fully supporting the U.S. exporting community during this crisis. The Energize Colorado Gap Fund provides more than $25 million in small business loans and grants to boost small business enterprises throughout the state. For more information, visit Kiva’s website. 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. Governor Jared Polis signed into law Senate Bill 20B-001 on Monday, Dec. 7, 2020. If I received an EIDL, can I apply for PPP Loan? First check with your local lender on PPP guidance. 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