COVID-19 Business Resource Center

COVID-19 Business Resource Center

Last updated April 10

The following resources are available to support small businesses, nonprofits, freelancers, and independent contractors.

Funding for Businesses

The Paycheck Protection Program (PPP) provides forgivable loans of up to $10 million for costs incurred from February 15, 2020 to June 30, 2020. Loans can be used for payroll, business rent, business mortgage interest, or business-related utilities.

Who is Eligible: small businesses, non-profits, veterans organizations, tribal businesses, ESOPs and cooperatives with less than 500 employees, sole proprietorships, self-employed individuals, and independent contractors

How to Apply: Applications for small businesses and sole proprietors open April 3. Applications for independent contractors and self-employed open April 10. You will apply through your locally authorized bank and non-bank lenders. This will typically be your existing banking partner.

Next Steps:

  1. Verify your business’s eligibility.
  2. Review the application and gather the necessary materials such as payroll tax filings, proof of lease payments, proof of mortgage payments, and proof of utility payments.
  3. Get in contact with your accountant and/or bank that pays out your business’s payroll. Ask your lender if it is authorized to process your Paycheck Protection Program loan. If you are not connected to an authorized lender, find an eligible lender here.

Resources:

More Program Details

The SBA’s Economic Injury Disaster Loan and Loan Advance (EIDL) Program provides small businesses and non-profits with low-interest loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing due to COVID-19.

As a part of EIDL, you can access up to a $10,000 loan advance within three days of your application being accepted. This advance will act as a grant and does not need to be repaid. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of the advance will be determined by the number of the small business’ pre-disaster (i.e., as of January 31, 2020) employees. The advance will provide $1,000 per employee up to a maximum of $10,000.

This advance may be used to:

  • Keep employees on payroll
  • Pay for sick leave
  • Meet increased production costs due to supply chain disruptions
  • Pay business obligations, including debts, rent and mortgage payments

Who is Eligible: small businesses, non-profits, veterans organizations, tribal businesses, ESOPs and cooperatives with less than 500 employees, sole proprietorships, self-employed individuals, and independent contractors

How to Apply: Businesses can apply now through SBA’s online application portal. You must opt into the loan advance while completing loan application. You will fill out the streamlined advance application first when applying for EIDL. After submitting that application, you will then continue with the more detailed EIDL application.

Next Steps:

  1. Verify eligibility through SBA’s online portal.
  2. Gather necessary materials such as your business’s most recent tax return, owner’s/GP’s personal financial statement, and schedule of liabilities.
  3. Apply through SBA. SBA put together an EIDL Application Guide to walk you through the application process.

Resources:

More Program Details

The Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. 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 loan or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.

Who is Eligible: Any of the following who have a business relationship with an SBA Express Lender: small businesses, non-profits, veterans organizations, tribal businesses, ESOPs and cooperatives with less than 500 employees, sole proprietorships, self-employed individuals, and independent contractors

How to Apply: Talk to your local lender and find out if they are an SBA Express Lender.

More Program Details

As part of SBA’s debt relief efforts,

  • The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
  • The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.

If you had a pre-existing disaster loan on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020.

More Program Details

The following Google sheet helps Colorado’s small businesses find alternative funding sources beyond EIDL, PPP, and other federal loans and programs. OEDIT will be updating this sheet regularly and are aware that resources can change on a day-to-day basis. If you come across any resources that are no longer active, please email us at [email protected].

Alternative Sources of Funding

We also have compiled a comprehensive list of Nonprofit Lenders in Colorado.

Other Assistance for Businesses

Eviction Assistance

If your business is facing eviction, reach out to the Colorado Department of Regulatory Agencies (DORA) for assistance. Learn more about DORA’s efforts.

Layoff Assistance

The Colorado Department of Labor and Employment created a Layoff Assistance page, which outlines a number of programs and resources to help business owners make difficult decisions around laying off employees.

Trade and Travel Advisories

Trade and travel advisories are developed by the US Customs and Border Patrol.

Industry-specific Resources

 

Assistance for Workers and Families

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child. Learn more from the IRA.

Unemployment

The Colorado Department of Labor’s unemployment page is your main resource. The federal CARES Act extended benefits for unemployment by:

  • Increasing weekly unemployment benefits by $600
  • Extending unemployment benefits by 13 weeks
  • Expanding those who qualify for unemployment to include self-employed workers (including gig workers and independent contractors), part-time workers, and those who have a limited work history
Federal Student Loans

The U.S. Department of Education automatically placed federal student loan borrowers in an administrative forbearance, which allows you to temporarily stop making your monthly loan payment. From March 13, 2020, through Sept. 30, 2020, the interest rate is 0% on the following types of federal student loans owned by ED:

  • Defaulted and nondefaulted Direct Loans
  • Defaulted and nondefaulted FFEL Program loans
  • Federal Perkins Loans

Learn more.

News/Communication

For the latest news, please review the Governor’s press releases. The Colorado Department of Public Health and the Environment developed a covid19.colorado.gov website that houses all of their communications and the latest information regarding Colorado’s response, including the list of critical businesses in response to the Governor’s Stay at Home Executive Order.

On March 20, 2020, Governor Jared Polis formed The Governor’s Council on Economic Stabilization and Growth (CESG) to explore the full scope of economic impacts of COVID-19 in our state and make recommendations to mitigate the uncertainty faced by households and their communities.

Governor’s Council on Economic Stabilization and Growth

Connect with Us

Small Business Navigator Hotline

The Small Business Navigator can direct you to resources and answer questions about Colorado-specific legislation. Hours are Monday through Friday from 8:00 a.m. to 5:00 p.m.

Hotline: (303) 860-5881
Email: [email protected]

SBDC No-Cost Consulting

If you are looking for advice specific to your business, we recommend setting up a no-cost appointment with your local Small Business Development Center. Once you find your local SBDC’s page, click on “What We Do” and then “Consulting”. You’ll need to submit a form to schedule your appointment.

COVID-19 Business Email Updates

Starting Monday March 23, OEDIT began sending email updates specifically about COVID-19 for the business community.

Sign Up for COVID-19 Email Updates

Weekly Regional Webinars

Starting Friday, April 3, regions across Colorado are hosting weekly webinars across the state. If you do not know your exact region, join the region that you think you’re located in. Each region will be presenting similar information.

Find Your Region’s Webinar

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