A statewide resource guide for Colorado businesses during the COVID-19 pandemic
The Colorado Secretary of State has provided the following resources for Colorado businesses
Denver Business Journal has created the following guide of statewide resources for Colorado businesses who have questions about the COVID-19 pandemic.
Officials with the Colorado Office of Economic Development and International Trade are encouraging Colorado business owners to apply as soon as possible for the $350 billion that will be available for small-business loans through the Paycheck Protection Program with the just-passed-by-Congress $2.2 trillion CARES Act. The program, which is run by the SBA and partner banks, provides loans to cover 2.5 months of payroll or $10 million, whichever is less, for businesses.
On March 19, Colorado Economic Development commissioners approved a new enterprise-zone tax credit that will allow administrators in the state’s most economically challenged areas to put together a project, attract contributions for that project with existing enterprise-zone tax credits and then deploy the money where it’s needed. At that meeting, the commissioners asked OEDIT leaders to return to them quickly with any other programs that would need their approval.
The SBA is offering a number of loan programs to Colorado small businesses, which include the Paycheck Protection Program, SBA disaster loans program and the Express Bridge Loan Pilot Program. The disaster loans are available to businesses with 500 employees or fewer that can document how COVID-19 has either directly or indirectly impacted their business.
Additionally, the loans have interest rates of 3.75% for small businesses and 2.75% for nonprofit organizations, and a maximum 30-year term. They can be used to pay for fixed debts, payroll and accounts payable. Some industries, including the cannabis and casino industries, are not eligible for the loans. The SBA is allowing small businesses to pay off previous SBA disaster loans to defer payments.
The Express Bridge Loan Pilot Program is allowing small businesses with a current relationship to a SBA Express Lender to access up to $25,000 without having to fill out as much paperwork.
Gov. Jared Polis’ office has launched the website Help Colorado Now, which is coordinating fundraising and volunteer efforts across the state.
Polis’ office has created several explanatory documents for businesses and consumers explaining his executive orders regarding COVID-19:
CDLE also laid out its Work-Share Program, which allows employers to reduce staff hours and pays prorated unemployment benefits to those employees as an alternative to layoffs.
Colorado Attorney General Phil Weiser has issued a consumer alert for fraud related to COVID-19. He has also created a webpage alerting both consumers and business owners about how they can protect themselves against COVID-19-related scams.
The Colorado Department of Regulatory Agencies has created a webpage containing COVID-19-related updates on state-regulated licenses and consumer warnings.
World Trade Center Denver, which is a Rocky Mountain-region focused international business network and services organization, is offering guidance to companies encountering issues with international supply chain issues and trade restrictions.