State Announces Financial Support Resources for Colorado Businesses
Support Resources for Colorado Businesses During COVID-19
COVID-19’s impact on Colorado has been widespread and its effects on the Colorado business community have been particularly profound. Many businesses are faced with finding ways to pay employees and expenses in the face of this major economic interruption.
Last week, the U.S. Congress passed a $2 trillion economic stimulus package called the CARES Act. It includes resources to help Colorado’s small businesses experiencing economic harm. A key portion of this Act is the Paycheck Protection Program, which allocates $349 billion in forgivable loans to help small businesses, independent contractors, and nonprofits meet payroll and rent needs. Businesses can begin applying for the loans on Friday, which will be given on a first-come, first-served basis. We strongly encourage you to review this federal program to see how this important economic resource can help your business.
The first step in accessing these forgivable loans is to prepare the materials necessary to apply. That includes confirming your eligibility, gathering the necessary records (payroll, rent, utilities, tax and bank records), and estimating the eligible amount of your forgivable loan. For more resources, including information on SBA Economic Injury Disaster Loans, SBA Express Bridge Loans, Small Business Emergency EIDL Grants, Small Business Debt Relief, and much more, please visit: choosecolorado.com/covid19
To access the Paycheck Protection Program application, click here. Small Business Development Center representatives are available to answer your questions through the COVID Economic Hotline at (303) 860-5881.