Colorado Lending Source's Response to COVID-19
Colorado Lending Source recognizes the importance of being available to serve small business owners as they navigate the impact of the COVID-19 pandemic. We are working with our community partners, lenders, and small business owners to make sure they are receiving the most accurate and up-to-date information.
Coronavirus Aid, Relief, and Economic Securities (CARES) Act
On Monday, December 21, 2020, the House and Senate passed an additional COVID-19 relief package to bring much needed aid to struggling Americans during the Pandemic. The $900 billion package includes a new round of stimulus funding with $325 billion for small businesses. As of December 27, 2020, President Trump officially signed the bill and we hope to have more details from the Treasury Department soon.
Paycheck Protection Program (PPP)
The Small Business Administration and U.S. Treasury announced the Paycheck Protection Program (PPP) will re-open the week of January 11, for new borrowers and some existing PPP borrowers that qualify.
Colorado Lending Source partnered with Lendio to help facilitate the PPP loan process for qualifying small businesses. The application portal is now closed.
For current PPP borrowers, please note that we are also partnering with Lendio, who is using a personalized online portal for the forgiveness application process. This is a different portal if you are applying for a Second Draw.
Key updates of PPP include:
- Borrowers can set their loan covered period to be any length between 8 and 24 weeks to best meet their needs
- Loans will cover additional expenses including operations expenditures, property damage costs, supplier costs, and worker protection expenditures
- Eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations
- Greater flexibility for seasonal employees
- Certain existing PPP borrowers can request to modify their "First Draw" PPP loan amount
- Certain existing PPP borrowers are now eligible to apply for a "Second Draw" PPP loan
Existing PPP borrowers that are eligible for a "Second Draw" PPP loan must:
- Employ not more than 300 employees
- Have used the full amount of its first PPP loan
- Demonstrate at least a 25% reduction in gross receipts in the first, second, or third quarter of 2020 relative to the same quarter in 2019. Additionally, applications submitted on or after January 1, 2021 are eligible to utilize the gross receipts from the fourth quarter of 2020 as needed.
Small Business Debt Relief
- Under the CARES Act, SBA Section 1112, SBA has outlined debt relief eligibility for existing borrowers. Beginning February 1, 2021, SBA may be making the monthly payment on their behalf.
- The duration of monthly payments is dependent on a number of factors, including loan approval date. In order to help you better understand if your loan qualifies for forgiveness and for how long, we have created a guide to walk you through the process.
Small Business Disaster Relief Resources
In addition to the resources listed below, the Colorado Small Business Development Center has an in-depth page dedicated specifically for small businesses including SBA Economic Injury Disaster Loans (EIDL) and other entrepreneurial assistance. As one of our trusted partners, we highly encourage you to visit their website.
General Small Business Resources:
- SBA Small Business Guidance & Loan Resource
- CDC Interim Guidance for Businesses & Employers
- Office of Economic Development & International Trade - COVID-19 Business Resource page
- Impact Investing Institute
- Small Business Majority
- EDCC Resource Page
- SBDC Business Resiliency Toolkit
- Bell Policy Recovery Hub
- Work Share Program
- TechStars Resource Guide for Entrepreneurs
- COVID-19 Finance Assistance Network
Regional Small Business Resources:
- Downtown Denver Partnership COVID-19 Updates
- The City of Centennial
- Vail Valley Partnership Small Business Resources Page
- Westminster Small Business Resource Page
- Glenwood Springs Chamber Resource Page
- Adams County Resource Page
- Region 10 Business Loan Fund
- Telluride Regional Loan Fund
- Northern Colorado Resource Page
- Boulder Area Business Response Group
- Boulder Chamber Resource Page
- Arapahoe/Douglas Works! Resources
- Adams County Resources
- Aurora Chamber Resources
- NoCo Recovers
- Lakewood Small Business Relief Grant Program
- Advance Arapahoe Grant Program
Industry Related Small Business Resources:
Upcoming Virtual Events
Join us online!
We're keeping our social distance but that doesn't mean we can't stay connected! Join our online community to help your business or clients navigate COVID-19 challenges. We will be curating a list of the most relevant virtual events available for small businesses, lenders, and resource partners. These will include everything from educational webinars to community networking events.
We will be utilizing social media as a way to help support the small business community and highlight different ways they are pivoting during this time of transition. Follow us on Facebook, Instagram, Twitter, and LinkedIn for the latest updates and ways to support local business.
If you’re a small business owner who believes you can benefit from a shoutout, please email marketing or tag us on any social media.
We're here for you!
Although our physical office in Denver is closed for as long as is needed, we are well prepared to continue business without disruption.
We will remain available by phone, email, and are happy to schedule virtual meetings with you. Please feel free to call our main line and leave a voicemail so that we may direct your call to the appropriate person or team.
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