A note from the Northwest SBDC

We are in a rapidly evolving news cycle. Watch for this newsletter and utilize the links at the bottom for various tools and county-specific programs. You will receive updates as soon as we learn more about loans and other resources available to businesses.

Federal COVID-19 Stimulus Package

Congress has approved the largest U.S. stimulus package ever to help provide economic relief to businesses and workers affected by the COVID-19 outbreak. The $2 trillion legislation has now been signed by President Trump. 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.    The bill offers the following aid for small businesses (those with less than 500 employees), 501(c)3s, sole proprietors, and independent contractors SBA Economic Injury Disaster Loan (EIDL) Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the outbreak of COVID-19. These loans are intended to assist through the disaster recovery period. Small Business Emergency EIDL Grants Small Business Emergency EIDL Grants are direct grants for businesses that apply for but do not qualify for the EIDL program. Paycheck Protection Loans The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses that maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. Other provisions For borrowers who already had SBA 7A loans in place before COVID-19, $17 billion is allocated to have SBA step in and make six months of principal and interest payments for all SBA backed business loans. Payroll tax credit A payroll tax credit for wages paid by businesses that fully or partially close due to Coronavirus. Payroll tax deferral Allows businesses to a deferral for payroll taxes owed in 2020. Half would be payable in December 2021 and the other half in December 2022. Businesses receiving other EIDL or Paycheck Protection Loans would not be eligible. 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.

Learn More

Colorado COVID-19 Relief Fund

Gov. Polis: COVID-19 Relief Fund Accepting Grant Applications DENVER -  Last week,   Governor Jared Polis announced the launch of joint efforts to raise  relief funds  and volunteer efforts to address this public health crisis. Help Colorado Now  has raised $7.7 million dollars from nearly 4,000 individuals, foundations and companies since the fund launched. More than 9,000 volunteers including 2,000 health care volunteers have signed up to date.  “This is exciting news at a tough time for our state, and this milestone could not have been achieved without the support and spirit of Coloradans,”  said Gov. Polis.  “This is an opportunity to reflect on what we can achieve when we work together and how we can help our fellow Coloradans and small businesses bounce back stronger than ever. I’m thankful for the support these efforts have received to date. Let’s all continue to rise to the challenge.”   The grant process has now begun and will be on a rolling basis. Those interested in applying for relief funds up to $25K can apply  here .   Coloradans can donate or sign up to volunteer at  www.HelpColoradoNow.org . The Colorado COVID Relief Fund's purpose is to raise funds and coordinate the allocation of those contributions. Funds raised will be used to support the needs of communities impacted by COVID-19 in both response and recovery. Organizations helping with the response to COVID-19 are now eligible to apply for funds.  The fund will support work in three categories: prevention, impact, and recovery efforts. This will include things like medical and cleaning supplies, food services, early childhood education, small business support, behavioral health services, and more. The fund will not provide direct assistance to individuals, but to community-based organizations providing direct assistance.  Coloradans who can’t donate money are encouraged to donate their time by volunteering. Many people have skills that can be applied during this time, especially former health care workers who could return to the workforce to assist with the demand. In addition to funding and volunteers, the Governor continues to encourage healthy donors to donate blood to prevent a shortage in Colorado. Coloradans can visit Vitalant.org or click  here  to find a blood drive or donation center in their area.  The Colorado COVID Relief Fund is hosted by the State of Colorado and Mile High United Way. The effort is co-chaired by Rick Sakpin and Roxane White. Additionally, the Colorado Health Foundation assisted in getting the application process up and running. The fund is overseen by a committee of community leaders from across Colorado and will be providing aid to support Colorado communities and organizations affected by the recent outbreak of COVID-19.

Apply Here

SBA Bridge Loan Program

Express Bridge Loan (EBL) 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. EBL loans can only be made by SBA Express Lenders that had a valid Supplemental Loan Guaranty Agreement SBA Express Program (SBA Form 2424) in effect as of the date of the applicable disaster.  The small business must have been operational when the declared disaster commenced, and must meet all other 7(a) loan eligibility requirements.  Terms: Up to $25,000 Fast turnaround Will be repaid in full or in part by proceeds from the EIDL loan Find an Express Bridge Loan Lender via  SBA’s Lender Match Tool  or by connecting with your local  SBA District Office .

More Info

Tools & Resources

CARES Act Guide This guide from the U.S. Chamber of Commerce helps review your funding options and eligibility. Get the Guide

SBDC COVID-19 Small Business Resource Guide Our statewide SBDC team updated the disaster recovery guide to provide specific resources for COVID-19. Download Guide

Find more tools at www.northwestsbdc.org/covid-19

Volunteer for Small Business

Our small business owners are looking for support. We need volunteers to help small business owners with loan applications, cash flow projections, marketing strategy, and more. If you want to be involved with Northwest Colorado's economic resiliency and recovery efforts, please complete this form to tell us about yourself. We will contact you directly with more information.

Interest Form

Webinars

Webinars and live online events are being offered more quickly than we can advertise. To stay in the loop, follow us on Facebook: www.facebook.com/NWCOSBDC . Visit the events page for full list of webinars and tag us to be added to the list.  March 31 @ 10:00 am - Live Online Event: Remote Work Policies for Employers 3.27.20 – Recording of the Northwest Colorado Business Recovery Roundtable featuring U.S. Senator Bennet's Office, Northwest Workforce Center, DOLA & OEDIT Looking for traditional business and startup tools? During this time of remote learning, access the statewide database of webinars and online training: Connect2DOT - learn about government contracting and working with CDOT Statewide SBDC calendar - topics for businesses at all stages of growth

Stay Informed

Statewide SBDC Resources specific to COVID-19 response are being compiled and updated here: www.coloradosbdc.org/covid Northwest SBDC COVID-19 website County-specific programs & business resource information:  Eagle County Routt County Moffat County Garfield County Grand County Summit County 

Resources for Employers

Resources offered from Colorado Department of Labor & Employment: FAQ's and all CDLE guidance available here: https://www.colorado.gov/pacific/cdle/information-and-resources-coronavirus Emergency Paid Leave Rule - This rule is meant to limit the spread of highly contagious disease and enables workers in at-risk occupations to access testing. Unemployment Insurance - During layoffs, all employees are encouraged to apply for unemployment insurance. Those who are job-attached (meaning workers will be expected to return after a separation of up to 16 weeks) should file as "job-attached." Work-Share Program may allow certain employees who have had reduced hours to claim partial unemployment benefits. Layoff/Separations