Loveland Economic Development Update: Making Strides Towards the New Normal & Preparing for More Federal Funding

Making Strides Towards the New Normal &

Preparing for the Next Round of Federal Funding

Good Afternoon Loveland Business Community,

We are all ready to get back to normal. But what that looks like moving forward is the biggest question we're all facing as we approach the expiration date of the current stay-at-home order on April 26.

Monday, Governor Polis presented multiple scenarios for opening up our great state without undoing all of the hard work and sacrifices we've made in the past month. The governor's presentation showed the next level of physical distancing and what "Safer at Home" will look like for citizens and businesses starting Monday April 27. Initially, restaurants and bars will remain closed to interior dining, but retail, personal services, real estate, child care, elective medical services and offices will be allowed to open with strict precautions. These strict precautions will be defined later this week as we get ready for the next phase of this quarantine.

It is imperative that we get these next few phases absolutely right to ensure that this economic setback wasn't in vain. We will come back stronger, but we need to be strategic in how we return to normal operations.

The Larimer County Assessor's Office extends the personal property declaration deadline to June 15, 2020

The Larimer County Assessor's Office is extending the deadline to file 2020 business personal property declaration to June 15, 2020. Business personal property includes machinery, furniture, equipment, office equipment and other items that are used by a business to operate that business and produce income. Business owners who own less than $7,700 in total actual value of business personal property are exempt.

Read More Here

Getting Ready for Federal Stimulus "Round 2"

The Senate passed a $484 billion coronavirus relief package on Tuesday that would replenish a depleted loan program for distressed small businesses and provide funds for hospitals and coronavirus testing, approving yet another huge infusion of federal money to address the public health and economic crisis brought on by the pandemic. The relief package still needs to pass through the House of Representatives. We anticipate this will happen by Thursday, but this is uncertain given the current state of our Congress.

The details:

Paycheck Protection Program

Additional $310 billion in funding (on top of $349 billion in CARES Act)
$30 billion carve-out for Insured Depository Institutions and Credit Unions with assets between $10 billion and $50 billion in assets
$30 billion carve-out for Community Financial Institutions, Small Insured Depository Institutions and Credit Unions with less than $10 billion in assets
Additional $50 billion for SBA Disaster Loan Program

Emergency Injury Disaster Loan Program

Additional $10 billion in funding (on top of $10 billion in CARES Act)
Expands eligibility to agricultural enterprises with less than 500 employees

Public Health Funding

$75 billion for hospitals and health care providers responding to the COVID-19 pandemic (on top of $100 billion in CARES Act)
$25 billion for testing, including $11 billion for states, localities, territories, tribes and employers

Here are some steps to take in order to get ready for round 2:

Set up a bank account, if you do not already have one, this will be necessary to receive relief funds.
Prepare your paperwork (payroll calculation, health care, etc.).
Create a plan for the use of funds over the 8-week period.
Create a plan for complying with the rules of the program to guarantee that the loan amounts will be forgivable, if it is forgivable.
Reach out to your accountant and banker for guidance and support.
If you have already submitted with your bank (for PPP), check in to make sure all paperwork is correct and in place.
If you have not submitted, but plan to, research banks and paperwork requirements to ensure that you are working within your bank requirements.
Stay updated at nocorecovers.com

COVID-19 Survey Data At-a-Glance

Over the past month we've received over 150 surveys from Loveland businesses affected by the on-going pandemic. We wanted to share this information on an aggregate basis to give you all a look at the current state of our business community.