Good morning:

These are challenging and unprecedented times. Our mission is helping your business thrive, and that has not changed. This community is creative and resilient, and we will get through this together.

We continue to work hard for our chamber members and community with business support, outreach, information, communications and advocacy. 

This week we have a number of learning opportunities for you:

TODAY (Tuesday, April 7):
  • 9-10:30 a.m. Business & Breakfast: CoronaCommerce - Quickly Create an eCommerce Presence. Learn more.

  • 1-2:30 p.m. Bolstering & Building Business Webinar: local chambers of commerce and business organizations will share resources available to area businesses. Learn more.

TOMORROW (Wednesday, April 8)
  • 1-2 p.m. The Federal CARES Act presented by Justin Lumadue, executive director in the Congressional and Public Affairs Division at the U.S. Chamber of Commerce. Watch your inbox for an email invite today.

  • 2-3 p.m. Conference Call with Congressman Tipton. Please send any questions or concerns you would like shared with him to: angie@glenwoodchamber.com The number to call is: 978-990-5000, and the access code is 239617. Please call in 2 to 3 minutes before 2:00 pm since the conference lines are quite busy.  You will be in listen only mode.


Be well,

Angie Anderson
President & CEO
#RFVStrong

Latest News & Information
Gov. Polis Addresses Coloradans, Extends Stay-at-Home Order


DENVER — This evening Governor Jared Polis addressed Coloradans directly and announced an extension to the stay-at-home Executive Order. The Executive Order will now remain in effect until April 26. 

“We are beginning to see the impact of the actions we have taken so far, but I can’t stress enough the importance of staying home during these next few weeks,” said Governor Jared Polis. “We have to keep this up for a little while longer in order to return to a level of normalcy in our economy and our society. Right now we need to dig deep into our souls to muster the resolve, the courage, the fortitude to carry on and do our patriotic duty as generations have done before.”

Paycheck Protection Program Update
Source: Colorado Office of Economic Development and International Trade

Last Friday, lenders started accepting applications for the Paycheck Protection Program (PPP) for small businesses and sole proprietors. This Friday, April 10, independent contractors and self-employed will also be able to apply for a PPP loan.
 
Banks are receiving many requests and are prioritizing existing customers. We urge you to reach out to your banks as soon as possible so you can submit your application quickly.
 
We recommend that you first reach out to the bank that pays out your business’s payroll. Ask your bank if it is authorized to process your Paycheck Protection Program loan. If your bank is not authorized, you can find an eligible lender here .

Four SBA Programs to Know

Paycheck Protection Program (PPP)
Provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) program.

EIDL Loan Advance
Provides up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties

SBA Bridge Express Loans
Enables small businesses who currently have a business relationship wiht na SBA Express Lender to access up to $25,000 quickly.

SBA Debt Relief
Provides a financial reprieve to small businesses during the COVID-19 pandemic.

PPP vs EIDL: Can and should I apply for both?

Borrowers can apply for both an SBA Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP) loan. However, PPP loan funds and EIDL funds cannot be used for the same purpose.
 
If your EIDL is/was NOT used for payroll costs, it does not affect your eligibility for a PPP loan.
 
If your EIDL is/was used for payroll costs, your PPP loan must be used to refinance your EIDL.
  • PPP's maximum loan amount is $10 million with a fixed 1% interest rate and a maturity of two years.
  • EIDL's maximum loan amount is $2 million with an interest rate at 3.75% for businesses and 2.75% for non-profits and a maturity of up to 30 years.
 
If you are applying for both, you can accept PPP first before deciding whether to close on your EIDL approved loan. You have 60 days after approval to decide whether or not to close your EIDL loan. Borrowers who accept both loan funds should document the uses of the funds appropriately.
 
Other considerations:
  •  At least 75% of PPP funds must be used for payroll for it to be eligible as a forgivable loan. The remaining funds can be used for different purposes.
  •  Any advance up to $10,000 on the EIDL will be deducted from the loan forgiveness amount of the PPP loan.
  • The application period for PPP loans runs through June 30, 2020, but the EIDL application period runs through December 31, 2020. If you have working capital need beyond what is provided by PPP, you can apply for additional assistance through the EIDL program later on.

Please be sure to visit OEDIT's COVID-19 Business Resource Center.
COVID Hotline: 303-860-5881

Who has local e-Commerce retail options?

Alpine Bank,the GSCRA and other area chambers of commerce have partnered with the  Glenwood Springs Post Independent  to create a page on their website dedicated to our local retailers.

Find LOCAL retail online stores . Retailers can participate at no cost by f illing out this form .
Upcoming Webinars
Upcoming Small Business Development Seminars
The Colorado Small Business Development Center Network consists of 15 regional centers across Colorado. They are hosting a number of webinars to consider attending. These will give you an opportunity to ask questions.

How to Support Local Businesses
#RFVStrong
Open for Business

Local businesses need our support now more than ever. The open for businesses page on our website has been created for the community to know what businesses are open during this time, and for businesses to be able to share their status during the COVID-19 outbreak.

#RFVStrong

We are giving thanks for the incredible show of support and compassion from our community during this challenging time.

Let’s share inspiring and empowering stories and photos on social media with   #RFVStrong ! Share about:

  • Locals helping locals.
  • Locals helping small businesses.
  • Small businesses helping locals.
  • Show and practice habits to keep yourself and our community safe, such as practicing proper hygiene and social distancing, working from home, avoiding crowds, and not hoarding toilet paper and other supplies at the supermarket.
  • It takes a Valley! Let’s inspire each other!
Helpful Links & Roaring Fork
Valley Impacts Survey
COVID-19 Roaring Fork Valley Impacts Survey

The Glenwood Springs Chamber Resort Association has partnered with the other Roaring Fork Valley Chambers to conduct a survey to best understand the impacts that COVID-19 has on your business. Please complete the quick survey below so that we can begin to measure the impacts to our local business community throughout the Roaring Fork Valley. We will be using the information collected in the survey to adjust our strategy and to share with local and regional entities to secure stimulus funding to assist with recovery efforts.