Urgent Alert: SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application
On May 15, 2020, the U.S. Small Business Administration, in consultation with the U.S Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
The form and instructions for borrowers on how to apply for forgiveness of their PPP loans and can be viewed and downloaded here.
Updates from the SBDC (April 20):
How to Prepare for Future Stimulus: As Colorado awaits the anticipated second round of federal funding to reopen applications for the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL), we recommend you continue preparing to submit an application. Consider these steps:
- If your PPP loan was already in the queue at a bank, check in with your lender to ensure all paperwork is correct and in place.
- If your EIDL application was already submitted, check the status of your application by contacting SBA at 1-800-659-2955 or email@example.com.
- If you have not started working with a bank yet, research available lenders to identify your potential provider. Find an eligible lender.
- Self-employed, sole proprietors, independent contractors should confirm that their bank is working with their business structure.
- Set up a bank account if you do not have one. This will be necessary to receive relief funds.
- Prepare your paperwork, including average monthly payroll calculation (inclusive of eligible health care and retirement contributions).
- Create a plan for the use of funds over the 8-week period.
- Ensure that the 8-week disbursement plan complies with approved program expenditures to maximize your loan forgiveness.
- Reach out to your accountant for guidance and support to resolve any lingering questions that could delay your loan application when the lending windows open with additional Congressional appropriations.
CARES Act Unemployment Benefit Applications Opens Monday, April 20 at noon. The Colorado Department of Labor and Employment (CDLE) will begin taking unemployment benefit applications under the CARES Act, paying the additional $600 per week in unemployment benefits and launch other new points of access for unemployed workers to obtain information. This includes gig workers, independent contractors, self-employed and those who are out of work because of a number of reasons directly related to COVID-19 including caring for a child whose school is closed or someone who tested positive for COVID. Self-employed and gig workers will need to provide their 2018 or 2019 tax returns with their applications.
COVID-19 Small Business Survey: As a reminder, your responses are confidential. Thank you to all businesses who have completed the survey. Your insights are valuable and will help the State make informed decisions moving forward.
Other financial resources:
- NIST Funding Manufacturing Institutes to Support Pandemic Response
The U.S. Department of Commerce’s National Institute of Standards and Technology (NIST) has opened a funding opportunity for rapid, high-impact projects that support the nation’s response to the COVID-19 pandemic. Using funds appropriated by the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed by President Trump on March 27, 2020, NIST will award these grants through the NIST Manufacturing USA National Emergency Assistance Program with no requirements for cost matching.
- Colorado Lending Source has partnered with Kiva to create new 0% interest, 0 fee loans through the Kiva platform for US small businesses. Learn more by clicking here. If you have any specific questions, you can reach out to Rachael Sall (firstname.lastname@example.org), who is the Kiva Hub Capital Access Manager.
- COVID-19 SMALL BUSINESS EMERGENCY RELIEF PROGRAM
As small businesses experience economic impacts related to COVID-19, Denver Economic Development & Opportunity (DEDO), in partnership with Mile High United Way, is making available one-time business stabilization grants up to $7,500 for eligible small businesses. The program is currently focusing on businesses in industries primarily impacted, including retail (storefront), restaurant/food industry, personal care (barbershop, nail salon), healthcare & social assistance services (childcare & home health care providers), logistics and small manufacturing.
- The Downtown Denver Partnership has offered to lead additional fundraising efforts to match and multiple the $4 million in city resources. We ask you to connect with your networks to request support for the COVID-19 Business Relief Fund, here is a pledge form that can be communicated.