A note from the Northwest SBDC

We are in a rapidly evolving news cycle. Watch for this newsletter and utilize the links at the bottom for various tools and county-specific programs. You will receive updates as soon as we learn more about loans and other resources available to businesses.

Northwest Colorado Business Recovery Roundtable

Join for recent updates on COVID-19 economic impact response and recovery efforts. Northwest Colorado business owners and community leaders are encouraged to participate. Join by either computer or phone with advanced registration. This will be recorded if you are unable to join live. Speakers and topics will change weekly. Friday, March 27 Noon to 1 pm March 27 presenters include representatives from: - Northwest Workforce Center/CDLE - Colorado Department of Local Affairs (DOLA) - Northwest Small Business Development Center (SBDC) - Colorado Office of Economic Development & International Trade (OEDIT) -Office of U.S. Senator Michael Bennet

Register

Tools & Resources

SBDC COVID-19 Small Business Resource Guide Our statewide SBDC team updated the disaster recovery guide to provide specific resources for COVID-19. Download Guide

Also check out: 11 Options if Your Small Business Can’t Pay Its Bills Due to Coronavirus USDA - COVID-19 Resources for Agriculture Looking for traditional business and startup tools? During this time of remote learning, access the statewide database of webinars and online training: Connect2DOT - learn about government contracting and working with CDOT Statewide SBDC calendar - topics for businesses at all stages of growth

Accessing Federal Funds

As you consider applying for the different federal funding sources available for Colorado businesses, the following information can help you make the best choices for your situation: Federal funds carry program-specific restrictions and it’s important to know and protect your options. Review each program thoroughly. Your approval and acceptance of a loan from one federal program may cause you to be fully or partially ineligible for other sources of federal funding. Different federal funding such as loans and grants from multiple agencies will roll out at different times, so it’s important to consider the timing of the funding source. Federal economic disaster recovery loans are accessible right now for qualified businesses; however, no federal economic disaster recovery grants have been announced. Unfortunately, for businesses seeking immediate help, there is no way to predict which future federal tools – including grants – may be employed as COVID-19 continues to impact the US economy. This can place businesses in the challenging position of weighing an immediate federal tool against the possibility of future programs that may or may not be offered, with requirements yet to be determined.   We are committed to sharing news of all new economic recovery resources (both state and federal) as they become available and are here to be your guide through this challenging time.

SBA Economic Injury Disaster Loan

The SBA Economic Injury Disaster Loan application is open to business owners in all of Colorado’s 64 counties. More information including the application link is available here: https://disasterloan.sba.gov/ela/ .    Note: The website and application are experiencing unprecedented traffic. If the page will not load, please check back at a later time. Early morning or evening hours are best.

RECOMMENDATIONS: 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.

More Information

Loan Application

Stay Informed

Statewide SBDC Resources specific to COVID-19 response are being compiled and updated here: www.coloradosbdc.org/covid Northwest SBDC COVID-19 website County-specific business resource information:  Eagle County Routt County Moffat County Garfield County For webinar notifications and quick updates, follow the Northwest SBDC on Facebook: www.facebook.com/NWCOSBDC 

Resources for Employers

Resources offered from Colorado Department of Labor & Employment: FAQ's and all CDLE guidance available here: https://www.colorado.gov/pacific/cdle/information-and-resources-coronavirus 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. Layoff/Separations