Colorado department of economic security -Help Colorado Now – How to Help Those Affected by COVID-19 in Colorado
COVID-19 Business Relief Fund – The Downtown Denver Partnership is collaborating with the City’s Denver Economic Development and Opportunity (DEDO) office to support small businesses during this economic crisis. Your support will go into the microloan/grant program, allowing more small businesses the opportunity to bridge this economic downturn. Please consider donating towards this important effort.
Business Resources + Information
Colorado Department of Labor and Employment Alternatives to Laying off Your Employees – Offers a work-share program as an alternative to laying off your employees
SBA Economic Injury Disaster Loans – Small businesses and private nonprofits are eligible borrowers, and the loans themselves are up to $2 million with a maximum 30-year term. Eligible businesses that submit complete loan packages could receive money within three (3) weeks
What Is Needed To Apply:
- Completed SBA loan application (SBA Form 5)
- Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates
- Complete copies of the most recent Federal Income Tax Return
- Schedule of Liabilities (SBA Form 2202)
- Personal Financial Statement (SBA Form 413)
- Income, balance sheet, and cash flow documents
- Other Information may also be requested including: Complete copy, including all schedules, of the most recent Federal income tax return for principals, general partners or managing member, and affiliates (see filing requirements for more information); If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year; A current year-to-date profit-and-loss statement; Additional Filing Requirements (SBA Form 1368) providing monthly sales figures
Tips When Applying:
- Include the disaster in your application – specifically name “COVID-19” or “Coronavirus”
- Apply online versus by mail
- Write your password down; neither the system nor any personnel are able to retrieve it
- Save your work at every prompt. The website may go down periodically due to high volume. If this happens, try to login again at a later time.
- Do not rush through the application. Check and recheck the filing requirements to ensure that all the needed information is completed prior to submission. The biggest reason for delays in processing is due to missing information.
- Be sure to use the same contact information (business name and the name of all owners) that you use on your federal tax returns. Double check that they match.
- If your tax returns reference other businesses that you own, you must also submit those tax returns in order to avoid processing delay.
- If more funds are needed, applicants can submit supporting documents and a request for an increase. If less funds are needed, applicants can request a reduction in the loan amount.
- If the loan request is denied, the applicant will be given up to six months in which to provide new information and submit a written request for reconsideration.
Colorado Department of Labor and Employment Resources – Includes information on paid sick leave, unemployment insurance, and wage claims