Disaster Recovery & Relief
The Colorado SBDC Network is here to help businesses who have been affected by recent disasters in Colorado including response to the current health care crisis: COVID-19. Our consultants and partners, including the SBA, provide services to assist with disaster loan applications, long-term planning, physical and economic loss estimations, businesses preparedness, and more. The Colorado SBDC Network is not a health organization. For the latest news regarding the current health situation, COVID-19, consider the following resources:
Consulting & Disaster Recovery
The Colorado SBDC Network will assist businesses affected by recent and current disasters. Our office, East CO SBDC, will transition to virtual consulting starting March 16th until further notice. This practice will continue to be reviewed and updated based on current recommendations and our host organization’s policies (Monfort College of Business at UNC).
The Small Business Administration launched Disaster Relief Assistance – https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
The Colorado SBDC Network has videos and resources for small businesses impacted by COVID-19. https://www.coloradosbdc.org/covid/
Prepare, Respond, Recover
Any economic down turn can become a burden for business. The risks of starting or operating your own business are magnified – it is scary, uncomfortable, and uncertain. There are many resources dedicated to assisting businesses at the federal, state, and local levels. The Colorado SBDC Network will continue to provide assistance throughout the current health crisis: COVID-19. While practice social distancing, where applicable and possible, review these resources:
Disaster Recovery & Continuity Guide
After the natural disasters in the fall of 2013, the Colorado SBDC Disaster Relief Team worked with federal, state, and local resources to produce a comprehensive guide to assist Colorado businesses.
COVID-19 Small Business Response Resources
The Colorado SBDC Network put together a guide to help businesses navigate available resources amid the current health crisis.
Access to Capital
Many organizations have been working to create and provide access to disaster capital for businesses impacted by COVID-19. This is by no means a comprehensive list. We will strive to continuously update this section with reliable sources of disaster capital. We recommend reviewing all eligibility requirements and capital criteria in order to make the best decision for your business.
Federal Relief Funding
The Coronavirus Aid, Relief, and Economic Security Act was passed March 27th. This $2.2 trillion package will provide additional help for businesses, workers, and the health care system. The Federal government is still working on a final application process. Read more about the CARES Act.
The Paycheck Protection Program Notice: Application deadline extended to August 8, 2020
- Paycheck Protection Program Details
- PPP Loan Forgiveness Application
- PPP Loan Forgiveness Calculator
- US Senate Committee on Small Business & Entrepreneurship - CARES Act Guide
- U.S. Chamber of Commerce - Coronavirus Emergency Loans Small Business Guide and Checklist
- SBA Lenders Match Tool
- Paycheck Protection Program Application Review with Colorado Lending Source
- Colorado SBDC COVID Business Resources
Colorado businesses can now apply for SBA Economic Injury Disaster Loan and SBA Economic Injury Disaster Advance. These programs are rolled into a single application. For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 or email email@example.com.
SBA EIDL Notice: SBA is accepting new EIDL application as of June 15th
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. Connect directly with your local lender to apply.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, with an employee retention tax credit (Employee Retention Credit).
The Families First Coronavirus Relief Act (FFCRA) requires certain employers to pay sick or family leave wages to employees who are unable to work or telework due to certain circumstances related to COVID-19. Employers are entitled to a refundable tax credit for the required leave paid, up to specified limits. [See FAQs]. The same wages cannot be counted for both credits.
The SBA will automatically pay the principal, interest, and fees of current 7(a) loans for a period of six months.
The SBA will also automatically pay the principal, interest, and fees of new 7(a) loans issued prior to September 27, 2020.
Check with your lender for other inquiries on the program
The nonprofit organization Kiva provides 0% interest loans to small businesses worldwide. They are expanding eligibility and the amount of loans provided during this crisis.
Help Colorado Now has raised $7.7 million dollars from nearly 4,000 individuals, foundations, and companies.
The COVID-19 CO Creatives Relief Grant is a one-time payment to non-profit arts organizations in Colorado.
El Pomar Foundation announced the establishment of the Colorado Assistance Fund (CAF). CAF is a $1 million fund offering immediate aid to nonprofit organizations supporting Colorado communities, organizations and individuals affected by the recent outbreak of COVID-19.
Facebook announced a $100 million program to help small businesses as governments throughout the country urge gyms and restaurants to close their doors to slow the coronavirus pandemic.
The Greeley Area Chamber of Commerce is partnering with the city and Economic Development partners to create the Greeley Area Business Recovery Fund. https://greeleyarearecoveryfund.com/apply/
JPMorgan Chase announced a $50 million global philanthropic commitment to address the immediate public health and long-term economic challenges from the COVID-19 global pandemic. $8 million to assist small businesses vulnerable to significant economic hardships in the U.S., China and Europe.
Philanthropy Colorado has been working to connect funders across the state and ensure the sector has the most up-to-date information about nonprofit needs, relief funds and resources.
SheaMoisture is offering a $1M relief fund for businesses owned by women of color.
Spanx is offering $5M in grants to female entrepreneurs.
The Distance Learning and Telemedicine program helps rural communities use the unique capabilities of telecommunications to connect to each other and to the world, overcoming the effects of remoteness and low population density. For example, this program can link teachers and medical service providers in one area to students and patients in another. All upcoming events will be posted on the events program tab.
Verizon will launch multiple rounds of an available COVID-19 Relief Grant.
- If you are preparing to file, double-check when you can file and file on that day. Save often!
- The bottom of this page define what a job attached means.
- Work-share allows employees to keep working at reduced hours. Be compliant with current Public Health and Executive Orders.
The East Colorado SBDC has partnered with Startup Colorado and the Colorado Office of Economic Development and International Trade (OEDIT) to bring critical business updates.
You can join the updates live every other Wednesday at 3:00 pm - Get registered
You can review the previous updates on Youtube at Choose Colorado or download the PDF version of the slide deck.
Colorado Businesses, like many other across the US and the world, are and will continued to face many challenges due to the COVID-19 pandemic. It will be crucial for small businesses to re-evaluate and even pivot their business models to strengthen their companies.
Below are resources aimed at guiding business through the next step – resiliency.