Loveland Economic Development Weekly Update

A New NoCo PPE Marketplace, Important Updates on Federal Funding Programs and Re-Opening Resources for Small Business

Good Afternoon Loveland Business Community,

“Re-open strong, re-open safe” is our guiding principal for the next few weeks. Buying local should be a top priority for all of us to help our regional economy recover. That is why movements like the Loveland small grant program I am Loveland , NoCo Business Strong and NoCo Recovers are encouraging steps to get businesses the help they need.

A new PPE marketplace came online this week to offer a more local option for small business PPE needs. NoCoSafetySupply.com is a resource exchange for PPE, cleaning, and safety supplies for businesses and the workplace in response to the increased demand from the COVID-19 pandemic.

Re-opening in the current climate is daunting for any small business. Below are some best practice guides from the private and public sectors to consider:

ICSC published a re-opening best practices outline on behalf of the retail real estate industry.
Newmark Knight Frank released COVID-19 Risk Overlay Process to guide the re-opening of offices.
AMEX Small Business Resource Center
Larimer County Business Signage for COVID-19 Restrictions
OSHA Guidance on Preparing Workplaces for COVID-19

Lastly, we have been notified of some new developments concerning the Federal Relief Funding Programs for small business. We have outlined these developments in the PPP, EIDL and Main Street Lending Program below.

Please Help us Guide our Policy Makers:

Take the Updated Northern Colorado Business Survey

Northern Colorado Business and "Safer-at-Home" Challenges during the COVID-19 Emergency

All responses will be kept confidential and results will only be reported in aggregate without identifying details of any specific business. We value your time and are doing our best to collect information that is actionable and can be used to further Northern Colorado’s economic recovery from the COVID-19 Pandemic Emergency.

Take the Survey Here

Economic Injury Disaster Loan Applications

Businesses with an application number in the 200's series will need to reactivate their application in the SBA portal. To reactivate your loan, use this link: https://covid19relief.sba.gov/#/ . The site may state that EIDL applications are only open to new agricultural businesses, but OEDIT has confirmed that if someone has a 200 series EIDL loan number, they WILL be able to reactivate and have their new loan number tied to their original loan number to maintain their place in line.

Read More Here

PPP Loan Borrowers , Prepare Your Books Now to Ensure Maximum Loan Forgiveness

Make sure to document your spending over the next eight weeks to ensure you receive the full loan forgiveness possible.

Aprio put together a webinar identifying some of the important aspects of tracking and spending the PPP loans.

The IRS released Notice 2020-32 on April 30 to clarify that no tax deduction will be allowed for expenses paid with PPP loan proceeds to the extent such amounts are forgiven under the terms of the CARES Act.

Federal Reserve Board Announced an Expansion of the Main Street Loan Program

On April 30, the The program is now comprised of the Main Street New Loan ( Term Sheet ), Main Street Expanded Loan ( Term Sheet ), and Main Street Priority Loan ( Term Sheet ) Facilities. When the program opens, the Board will facilitate $600 billion in loans to small and medium-sized businesses (See here for FAQs ).