Menu
Log in



Disclaimer: Any and all information shared here comes directly from various official sources, including but not limited to the State of Colorado, SBA and other government sites. Please note that all information is current up this point in time and is constantly changing . To the best best of our ability, we are updating this site as fast as new information and program changes becomes available.

Quick considerations

This information is shared from the US Treasury and the  SBA Funding Programs and Relief Options. Contact your the SBDC who offers free one-on-one consultations and can help you navigate this process.

Alternative Funding Sources


Capital to cover the cost of retaining employees?

Then the Paycheck Protection Program (PPP) might be right for you. This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.

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. Ask your lender if it is authorized to process your Paycheck Protection Program loan.
  • If you are not connected to an authorized lender, you can search for an eligible lender here. (which currently shows headquartered bank locations)
  • If you are unable to find an eligible lender, you contact the local Colorado SBA District Office. We are also working on a list of eligible lenders to share and post in the near future.

Contact your local SBDC who can help you navigate this process.

The PPP is a part of the CARES Act. 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.

PPP Loan Forgiveness Application Instructions



A quick infusion of a smaller amount of cash to cover you right now?

You might want to look into the EIDL Loan Advance. This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.



For an immediate cash infusion to get you by until help arrives

The SBA Express Bridge Loan may be right for you. This loan enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.



To ease your fears about keeping up with payments on your current or potential SBA loan?

The Small Business Debt Relief Program could help. The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.


Economic Injury Disaster Loan (EIDL)

For longer term capital to help in the mid to long term you might consider the Economic Injury Disaster Loan (EIDL).


The Small Business Administration's (SBA) disaster loans are the primary form of Federal assistance for the repair and rebuilding of non-farm, private sector disaster losses. The disaster loan program is the only form of SBA assistance not limited to small businesses.


The Economic Injury Disaster Loan Program (EIDL) can provide up to $2 million of financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage.


An EIDL can help you meet necessary financial obligations that your business or private, non-profit organization could have met had the disaster not occurred. It provides relief from economic injury caused directly by the disaster and permits you to maintain a reasonable working capital position during the period affected by the disaster. EIDLs do not replace lost sales or revenue.


To be eligible for EIDL assistance, small businesses or private non-profit organizations must have sustained economic injury and be located in a disaster declared county or contiguous county.



If you have questions about this application or problems providing the required information, please contact our Customer Service Center at 1-800-659-2955 or (TTY: 1-800-877-8339) DisasterCustomerService@sba.gov.


EIDL and PPP Interaction Q&A


If I am applying for / received an Economic Injury Disaster Loan, is my small business eligible to participate in the Paycheck Protection Program?

Borrowers can apply for both an SBA Economic Injury Disaster Loan and the Paycheck Protection Program loan. However, the Paycheck Protection Program loan funds and the Economic Injury Disaster Loan funds cannot be used for the same purpose. The Paycheck Protection Program loan must be used for payroll (minimum of 75% of the funds received) for it to be eligible for a forgivable loan and the remaining is used for different purposes. Borrowers who accept both loan funds should document the uses of the funds appropriately.


Received EIDL – Apply for PPP: Yes, you are still eligible to apply for the Paycheck Protection Program even if you applied for or received an SBA Economic Injury Disaster Loan.


If your Economic Injury Disaster Loan was not used for payroll costs, it does not affect your eligibility for a Paycheck Protection Program loan.


If your Economic Injury Disaster Loan was used for payroll costs, your Paycheck Protection Program loan must be used to refinance your Economic Injury Disaster Loan. The Paycheck Protection Program’s maximum loan amount is $10 million with a fixed 1% interest rate and maturity of two years. Economic Injury Disaster Loan assistance provides up to $2 million loan per business and are long-term, low-interest rate at 3.75% for businesses and 2.75% for non-profits and a maturity of up to 30 years.


Any advance up to $10,000 on the Economic Injury Disaster Loan will be deducted from the loan forgiveness amount of the Paycheck Protection Program loan.

For example, a borrower may obtain a loan from the Paycheck Protection Program and use those funds to pay for 8 weeks of payroll or employee retention. They may wish to then dedicate their entire EIDL funds towards working capital, notes payable and accounts payable that do not duplicate the funds provided through the Paycheck Protection Program. If the EIDL loan was used for payroll expenses, the borrower must refinance the EIDL loan with the PPP loan which carries a lower interest rate as well as a shorter maturity period.


Do I have to choose one or the other?


Select the loan program that best meets your individual business needs; however, you are not permitted to hold funds from both programs for the same purpose.

The PPP loan has different terms from the EIDL loan. The Paycheck Protection Program’s maximum loan amount is $10 million with a fixed 1% interest rate and maturity of two years.


Economic Injury Disaster Loan assistance provides up to $2 million loan per business and are long-term, low-interest rate at 3.75% for businesses and 2.75% for non-profits and a maturity of up to 30 years


The application period for PPP loans runs through June 30, 2020, but the EIDL application period runs through December 2020. If you have working capital need beyond what is provided by PPP, you can apply for additional assistance through the EIDL program.


If you are applying for both, you can accept PPP first – then decide whether to close on your EIDL approved loan. An EIDL approved loan may be closed within 60 days, and the borrower can choose whether to close on the loan. The EIDL application period runs through Dec. 2020.



Colorado Information

Colorado Department of Labor and Employment - Information and resources

The Colorado Department of Labor and Employment (CDLE) has a variety of resources for workers and resources for employers who are impacted by the Coronavirus.

We encourage you to visit the Colorado Department of Public Health and Environment’s (CDPHE) website for the most up-to-date information and additional resources. You can also follow them on Facebook, LinkedIn, and Twitter. Follow us (CDLE) on Facebook, LinkedIn, and Twitter for more information.

Colorado Unemployment Insurance

The Colorado Department of Labor and Employment (CDLE) has a variety of resources for workers and resources for employers who are impacted by the Coronavirus.

Work Share Information

The Work-Share Program gives you an alternative to laying off your employees. It allows you to let your employees keep working, but with fewer hours. While they are working fewer hours, we pay them part of their regular unemployment benefits.


ABOUT ASSOCIATION

We strive to build, strengthen, and promote the interests of all businesses.

CONTACTS

info@LatinoChamberCO.org

(720) 491-1986

1925 Pike Rd STE 202

Longmont, CO 80501

Copyright © 2019 Latino Chamber of Boulder County.

Powered by Wild Apricot Membership Software