Small Business Development Center | Paycheck Protection Program Available Today
April 3, 2020
Northwest Colorado Small Business Development Center
Review Your Funding Options
The Colorado SBDC COVID-19 website is continuously updated. It includes a breakdown of each federal funding program, and the answers to the most common questions. Check back often for the latest updates.
Paycheck Protection Program
Lenders will start accepting Paycheck Protection Loan (PPP) applications today, April 3rd, for small businesses and sole proprietors. Independent contractors and self-employers can begin submitting applications on April 10th. This program provides potentially forgivable loans in amounts to cover 2.5 months of payroll or $10 million (whichever is less).
To apply for a PPP:
- Review the application and gather the necessary materials such as payroll tax filings, proof of lease payments, proof of mortgage payments, and proof of utility payments
- Get in contact with your accountant and/or bank that pays out your business’s payroll.
- Contact your bank to confirm whether if it is authorized to process your Paycheck Protection Program loan. Review their loan processing requirements.
- If you are not connected to an authorized lender, you can search for an eligible lender here. Please note: only headquarter locations are shown currently. Many local banks are participating in the program, which is why we recommend contacting your current bank as a first step.
- If you are unable to find an eligible lender, we are also working on a list of local eligible lenders to share and post in the near future.
The PPP is a part of the CARES Act enacted last week. We encourage you to apply for this program and also encourage you to review all of the grants and loans that are now available to you through this Act.
Available Federal Grant and Loan Products include:
- Economic Injury Grant (Note: You must opt into the Grant while completing loan application)
- Economic Injury Disaster Loan
- Paycheck Protection Program
- SBA Express Bridge Loan
Note: You have the ability to wait to accept a product, loan, or grant after you apply and are approved. Depending on your situation, a prudent action would be to apply to multiple products and as you weigh your options and learn more of the intricacies of how they interact together, you can then make additional informed decisions on how you will choose to use and expend each of the grants and loans.
Contact information for seeking guidance:
The Small Business Navigator is the first point of contact for new and existing business owners with questions around information for business support during the COVID-19 pandemic at the federal, state and local level. The navigator also provides referrals to a variety of state and federal assistance programs and local small business training. In addition, the navigator maintains a comprehensive database of federal, state and local regulatory and permitting requirements. (OPEN MONDAY- FRIDAY 8AM-5PM)
SBDC Webinars: The Colorado Small Business Development Center Network consists of 15 regional centers across Colorado. They are hosting webinars almost daily – check back often. Our training comes directly from the SBA in order to provide you with trustworthy updates.
- See the recorded Webinar of the CARES Act Impact on Small business here
- Check out our upcoming CARES Act and COVID related webinars here
- Check out all of our upcoming webinars here
Northwest CO Business Resource Call
Northwest CO Resource Call
Fridays at 1 pm MST
What We Know About the CARES Act
Kat Papenbrock, Office of Economic Development and International Trade
Andy Merritt and Darlene Carpio, Senator Gardner’s Office
Jacqueline Armendari, Senator Bennet’s Office
Small Business Loans and Paycheck Protection Program
Erin McCuskey, Northwest Small Business Development Center
Unemployment and Sick Pay Resources
Jessica Valand, Colorado Department of Labor and Employment
Join here: Zoom Video & Audio
Dial-in: 346-248-7799 / Participant ID: 863837735
If the call fills, watch Live through YouTube on the Choose Colorado channel.
Can’t make it? Slides and recording will be posted at northwestsbdc.org/covid-19.
Small Business Resource Guide: Our statewide SBDC team updated the disaster recovery guide to provide specific resources for COVID-19.
CARES Act Guide: This guide from the U.S. Chamber of Commerce helps review your funding options and eligibility.
Help wanted! Volunteer to help guide small businesses:
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.