We understand the significant economic impact currently facing our communities. In order to best meet current demands, we will be utilizing mass methods of communication as much as possible. We ask business owners and community leaders to check the links below to stay informed, and to thoroughly review the information in this newsletter.
We encourage you to stay connected to reliable sources of information and to widely share mental health resources available in your communities. Check in with each other, enjoy some sunshine, and focus on what you can do now utilizing some of the tips found in this newsletter.
Updated information will be pushed out as it is available.
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COVID-19 Statewide Protocol
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Colroado SBDC Community,
With the recent State of Emergency declaration to combat COVID-19’s spread in Colorado, we are dedicating our outreach to support the health, safety and economic prosperity of small businesses across the State. The State of Emergency declaration is an important step to access key resources to protect Coloradans and our economy.
Our commitment is to share the most timely information, processes and resources available.
The first phase of the State’s response must be containment and that includes information sharing, preventative actions and resources to help.
What you should know:
- Coloradans should stay informed and take simple preventive actions.
- Frequently and thoroughly wash your hands with soap and water for at least 20 seconds. If soap and water are not available, use hand sanitizer with at least 60% alcohol.
- Cover coughs and sneezes with a tissue, then throw the tissue in the trash, or use your inner elbow or sleeve.
- Avoid touching your eyes, nose, and mouth with unwashed hands.
- Stay home if you’re sick, and keep your children home if they are sick.
- Clean surfaces in your home and personal items such as cell phones, using regular household products.
- FEMA: Guidance for COVID-19 preparedness
- CDC: Getting your household ready for COVID-19
- Be calm and prepared.
Additional sources of information:
Gatherings:
To limit virus transmission, meetings should be conducted via telephone or video conferences whenever possible.
Telecommuting: Where viable, the role of telecommuting should be discussed as a tool to maintain business continuity.
To best protect public health, the Colorado Department of Health and Environment is recommending that Coloradans follow the Center for Disease Control and Prevention (CDC) guidance released today (March 16, 2020). The guidance states that the CDC “recommends that for the next eight weeks, organizers (whether groups or individuals) cancel or postpone in-person events that consist of 50 people or more throughout the United States. (
Note
: in some Northwest Colorado communities this is an ordinance as opposed to a recommendation.)
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SBA Disaster Assistance in Response to the Coronavirus:
- The U.S. Small Business Administration is offering designated state and territories low-interest federal disaster loans for the working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state's or territory's Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
- Any such Economic Injury Disaster Loan assistance declaration issues by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by Coronavirus (COVID-19)
- SBA's Office of Disaster Assistance will coordinate with the state's or territory's Governor to submit the request for Economic Injury Disaster Loan assistance.
- Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities as well as updated on our website: SBA.gov/disaster
- SBA's Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of of the disaster's impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower's ability to repay.
- SBA's Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government's coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
- For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-1955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov
Please note that although there is a “How To Apply” button on the SBA link, it may not be activated yet for this situation, because the disaster declaration process isn’t completed yet.
Again, we will communicate better information when available.
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What can business owners do now?
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From our experience with the 2013 Northern Colorado flood, we
recommend you gather key financial documents, if
you think you might need to apply for a loan:
· Last three years of federal tax returns for your business.
· Last three years of personal federal tax returns.
· A Personal Financial Statement.
· Articles of Incorporation.
· A Business Plan with Financial Projections might be helpful, but probably not required.
We are here to support our local businesses and entrepreneurs during these very challenging times. We will do our best to communicate useful business resources, and provide support, to mitigate the impacts of this health situation.
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Resources offered from Colorado Department of Labor & Employment:
- Emergency Paid Leave Rule - This rule is meant to limit the spread of highly contagious disease and enables workers in at-risk occupations to access testing.
- Unemployment Insurance - During layoffs, all employees are encouraged to apply for unemployment insurance. Those who are job-attached (meaning workers will be expected to return after a separation of up to 16 weeks) should file as "job-attached."
- Work-Share Program may allow certain employees who have had reduced hours to claim partial unemployment benefits.
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