COVID-19 Economic Resources

Colorado Division of Housing
Emergency Rental Assistance

In response to the COVID-19 pandemic, Colorado Department of Local Affairs' Division of Housing (DOH) has launched emergency rental assistance programs for both landlords and tenants.

For Landlords and Mobile Home Park Owners: Property Owner Preservation (POP) program

To qualify for the POP program:

• Your tenants complete applications stating that they were unable to pay rent because they experienced financial need due to COVID-19.
• The rent for the unit for which assistance is requested is set at or below the POP maximum rent listed below. All reasonable mobile home lot rents qualify.
• The rental unit or mobile home park meet basic health and safety requirements. Self certification is required.
• Your property is not in foreclosure (if it is, a receivership has been established by the courts) and your state and local real estate taxes have been paid.
• You agree to all program requirements and provide the proper documentation.

For Tenants and Mobile Home Owners: Emergency Housing Assistance Program (EHAP)

To qualify for the EHAP program:

• You were unable to pay your rent or mobile home lot rent because you experienced financial need due to COVID-19.
• Your household monthly income is at or below the maximum income listed here.
• You have not already received rental assistance that covered your rent.
• You complete the application for assistance and provide all of the needed documentation. 
• Other qualifications and documentation required will be explained by the agency you work with to access the funds.
• EHAP can also be used for mortgage assistance for qualifying homeowners.

Visit the Division of Housing's Emergency Rental Assistance webpage for more information and to apply.

EIDL and PPP Updates

Please pass along these updates to your local partners, businesses, and nonprofits.

EIDL and EIDL Advance Update

On Monday June 15, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19.

The SBA’s EIDL program provides small businesses and non-profits with low-interest loans that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing due to COVID-19.

PPP Update

The Paycheck Protection Program (PPP) is accepting applications until June 30, 2020. Encourage all businesses to apply for funds as soon as possible.

Significant changes have been made to PPP forgiveness loans under a new law signed by the federal government on June 5th. Here are the most important changes outlined by the Journal of Accountancy:

• Extend the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness. Borrowers that have already received PPP loans retain the option to use an eight-week covered period.
• Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time-equivalent (FTE) employees for borrowers that are unable to return to the same level of business activity the business was operating at before Feb. 15, 2020, due to compliance with new requirements.
• Remove the limits on loan forgiveness for small businesses that were unable to rehire employees, hire new employees or return to the same level of business activity as before the virus.
• Expand the 25% cap to use PPP funds on non-payroll expenses, such as rent, mortgage interest and utilities, to 40% of the total loan. That lowers the 75% requirement for payroll expenses to 60% to get maximum forgiveness.
• Borrowers can qualify for partial loan forgiveness if less than 60% of the PPP loan is used for payroll.
• Extend the loan terms for any unforgiven portions that need to be repaid from two years to five years.
• Extend the period for when a business can apply for loan forgiveness, from within 6 months to within 10 months of the last day of the covered period, before it must start making interest and principal payments.

Greater Colorado Venture Pitch Series

As a part of the Western Slope Startup Week, the Greater Colorado Venture Pitch Series gives rural Colorado companies the opportunity to pitch for investors. There will be 10 finalists and a chance to win $250,000 in investment.

Please share this opportunity with relevant entrepreneurs, businesses, and partners. Anyone can attend the event.

Colorado in the Spotlight

To showcase how our resilient businesses and communities are coming back to life in Colorado, we are partnering with Conway, Inc., publishers of Site Selection magazine to produce the 3rd edition of Colorado’s economic development publication: Peak Resilience.

This annual industry spotlight that tells Colorado’s collective story will be published at the end of the month. If your community would like to participate in the publication, please email Charles Fitzgibbon.