|COVID-19 News Updates.|
All Denver Metro SBDC programs are remote until further notice.
April 06 – Guide to Applying for Payroll Protection Program Loans – Webinar
April 08 – NeuroLeadership Virtual Course (6-weeks)
April 08 – Startup Track: Finance Basics
April 13 – Startup Basics
April 14 – CDOT ESB Orientation Webinar
April 14 – Skillful Talent Series 101: Attract The Right Talent Lenders Can Start Accepting Paycheck Protection Loan Applications from Small Businesses on Friday
On Friday, small businesses and sole proprietors can begin working with their lenders to submit loan applications for the federal Paycheck Protection Program (PPP). Independent contractors and self-employers can begin submitting applications on April 10.
PPP is part of the federal CARES Act enacted last week. It provides potentially forgivable loans in amounts to cover 2.5 months of payroll or $10 million (whichever is less). We recommend contacting your current lender immediately. Lenders will prioritize current customers as they process applications. You can also begin completing your application.
Learn more about this funding source and others available to small businesses at coloradosbdc.org/covid.
NOTE: These loans will be administered directly through approved lending institutions. Reach out to your current lender directly to see if you can start the process with them. We will be sending a list of approved banks as soon as we can.
Webinar on Applying for Paycheck Protection Loans on Monday
Join the Denver Metro Chamber, the Denver Metro Small Business Development Center and Colorado Lending Source, a Small Business Administration-approved lender, for an in-depth guide to the loan application process for the federal Paycheck Protection Program.
Monday, April 6
Noon to 1 p.m.
Mike O’Donnell, Executive Director, Colorado Lending Source
See the recording of today’s CARES Acts Impact on Small Business Webinar
Gov. Jared Polis announced earlier this week that the state’s schools will be closed for in-person learning through April 30 and likely through the end of the school year. Many school districts have already begun conducting online classes. Read the Executive Order.
This week, Gov. Polis expanded free emergency child care to thousands more workers, including those in grocery, food processing and construction. Originally, free child care was available to only health care workers and first responders. Tuition will be fully funded through May 17. Read the Public Health Order. Learn about the Colorado Emergency Child Care Collaborative.
Connect for Health Colorado announced it would expand its emergency special enrollment period through April 30 to help Coloradans who are currently uninsured or about to lose coverage due to COVID-19. The deadline was originally Friday. Enroll at www.connectforhealthco.com. SMALL BUSINESS COVID-19 DISASTER RESPONSE HOTLINE
Visit www.coloradosbdc.org/covid for more information and resources. The Denver Metro SBDC does not process these loans, you have to apply directly through the U.S. Small Business Administration or an approved lender. We will be here for our small businesses to help with the application process.
Reach out to email@example.com for questions and to request consulting.
|More Information on Emergency Funding for Small BusinessesPaycheck Protection Program |
The SBA and partner banks are ramping up for the Paycheck Protection Program, part of the federal CARES Act enacted Friday. This program provides potentially forgivable loans in amounts to cover 2.5 months of payroll or $10 million (whichever is less). No personal guarantee or collateral is required.
The business and its lender negotiate loan terms, but annual or guarantee fees are waived. Importantly, the loans may be fully or partially forgiven if the money is used for payroll, health care premiums, rent, mortgage interest or utilities, AND the employer either continues to employ its workers or rehires them when they reopen for business.
The lenders and final rules of the program have not yet been finalized. However, after consulting with our banking partners, we’d recommend the following: Contact your current lending institution to see if they are a preferred SBA lender and verify that they can help once the program has been activated. Get your information ready. In evaluating eligibility, lenders are directed to consider whether the borrower was in operation and paying employees or contractors before Feb. 15, 2020. Lenders will also ask you for a good-faith certification that includes information about why you need the loan, how you will use it, current loan applications and the date you started doing business. If you are an independent contractor, sole proprietor or self-employed individual, lenders will also likely need your payroll tax filings, forms 1099-MISC and income and expense statements.
SBA Economic Injury Disaster Loans
SBA low-interest disaster loans of up to $2 million are available to small businesses and nonprofits without alternative credit available. These loans can be used to pay fixed debts, payroll, accounts payable and additional bills that can’t be paid because of COVID-19’s impact.
In order to prepare, you will need to fill out the following forms: Completed SBA loan application (SBA Form 5) Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates Complete copies of the most recent Federal Income Tax Return Schedule of Liabilities (SBA Form 2202) Personal Financial Statement (SBA Form 413) Income, balance sheet and cash flow documents Other information may also be requested SBA EIDL paper forms and instructions You can apply for these loans online at covid19relief.sba.gov/#/.
SBA Express Bridge Loans The Express Bridge Loan Pilot Program allows small businesses that currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. Find an Express Bridge Loan Lender via SBA’s Lender Match Tool or by connecting with your local SBA District Office. Businesses can apply for both Paycheck Protection Loans and Economic Injury Disaster Loans, as they are nonconflicting programs. Reach out to your current lender or us at firstname.lastname@example.org for assistance and recommendations.