Colorado Workforce Center

Northwest Colorado Workforce Center

Coronavirus Updates

The Colorado Workforce Center has compiled this information about Loans, Grants and other recovery programs to help businesses affected by the COVID-19 closures.

Federal loans, grants available to businesses

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes a loan program to keep small businesses afloat during mandated COVID-19-related closures. The Paycheck Protection Program (PPP) authorizes federally guaranteed loans to qualifying small businesses.

Businesses CAN get both EIDL and PPP loans at the same time, but cannot use the funds for the same expenses/purposes. Businesses can apply for the EIDL loan now and the PPP loan when it becomes available. EIDL loans can be refinanced into a PPP loan. Loans are limited to one per Taxpayer Identification Number.

Economic Injury Disaster Loan

Paycheck Protection Program

Loan Program Q & A

EIDL Application

Paycheck Protection Program (PPP) funding is available through SBA 7(a) lenders, more information will be available as the program is rolled out

Small Business Debt Relief Program

This program provides immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law. The Federal Government is working diligently on developing the application process for these loans and we will let individuals know that information when it is released and applications are open.

Other aid

A refundable payroll tax credit for 50% of wages paid by employers to employees during the COVID-19 crisis.
Temporary increases to the amount of interest expense businesses are allowed to deduct on their tax returns to 50% of taxable income for 2019 and 2020.
Allowances to employers and self-employed individuals to defer payments of the employer share of the Social Security tax.

Coronavirus Emergency Loans: Small Business Guide and Checklist

Colorado Small Business Development Center COVID-19 Business Response Resources

Recap of State and federal coronavirus recovery programs

CARES

The federal Coronavirus Aid, Relief and Economic Security Act (CARES) passed March 27 and was signed into law and includes:

· Direct payments to individuals

· Keeping Americans Paid and Employed

· Payroll tax credits

· Protections against foreclosures and evictions

· Charitable contributions credit

· Consumer protections

· Student loan payments suspended

CARES information and resources

FAMILIES FIRST CORONAVIRUS ACT

The Families First Coronavirus Act was signed into law March 18, the second of several acts meant to mitigate the economic impacts of COVID-19. Highlights include:

· Adds $600 a week to the amount received through unemployment

· Expands unemployment benefits to those who are self-employed, independent contractors, those who have exhausted their benefits, those unable and unavailable for work due to COVID-19 impacts and those who don't meet standard unemployment income requirements.

· Requires employers to provide paid sick leave in specific instances

· Expands the Family Medical Leave Act to become a paid benefit and include reasons related to COVID-19

FFCA information and resources

NOTE: The Colorado Department of Labor and Employment asks that those eligible for expanded unemployment benefits to be patient. They are waiting for federal guidance and have to update their systems to reflect the changes.