COVID-19 Economic Resources

4th of July Silverton

 

SJC Economic Recovery Team Meetings:

Economic Recovery Team 5/26/20

Economic Recovery Team 06-02-20

Economic Recovery Team 06-09-2020

Economic Recovery Team 06/16/20

Economic Recovery Team 06/23/20

Economic Recovery Team 06/30/20

Economic Recovery Team 07/14/20

Economic Recovery Team 07/21/20

Economic Recovery Team 07/28/20

Economic Recovery Team 08/11/20

Economic Recovery Team 08/25/20

Economic Recovery Team 09/08/20

Economic Recovery Team 09/22/20

News & Updates:

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.

New PPP Loan Foregiveness Application Released

The U.S. Small Business Administration (SBA), in consultation with Treasury, released Wednesday a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans.

Revised PPP Loan Forgiveness Application can be found here and instructions can be found here.

EZ PPP Loan Forgiveness Application can be found here and instructions can be found here.

Additional application highlights can be found here.

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.

Local Economic Resources:

SWCODA Silverton Resource List

San Juan County Social Services:

Krissy Rhoades, Social Services
970-387-5631 / kristina.rhoades@co.laplata.co.us
 

SWCODA Regional Resource Directory

Emergency Leave with Pay

Unemployment Claim Options

Colorado PEAK (food, medical, cash, childcare assistance)

Colorado LEAP (energy assistance)

Child Care for Essential Workers

 

For Employers & Business Owners

Region 9 Economic Development
 

Alternatives to laying off your employees
 

Business Navigator Hotline: 720-665-7439
 

SWCODA Regional Resource Directory

Payroll Protection Program (Also available @ Citizens State Bank, locally)

CERF Grants

 

State of Colorado Economic Resources

State of Colorado Unemployment - Apply Here

Pandemic Unemployment Assistance Program

State - Small Business Alternate Funding List

CO SBDC Business Response Resources

Colorado Department of Labor & Employment 

Colorado Office of Economic Development & International Trade - Business Resources

Small Business Administration  - Business Guidance & Loan Resources

Colorado 2-1-1: Community and Social Resources
2-1-1 Colorado connects families and individuals to social and community resources best suited to meet their needs. Resource Navigators are available to help by phone by calling 866-760-6489, Monday – Friday from 8 a.m. – 5 p.m. They have access to a language translation service. Information is also available at  211Colorado.org.

 

Federal Economic Resources

COVID-19 Federal Rural Resource Guide

Federal Disaster Assistance

SBA Disaster Loan Assistance

SBA Disaster Loan Guide - Creative Business

SBA Disaster Loan Guide - Nonprofit