Business Funding Options
We are working to provide up-to-date grant and loan options available to small businesses. On this page you will find:
PPP and EIDL Loans Update
On April 23, the House voted to pass legislation providing roughly $484 billion in coronavirus relief for small businesses, hospitals and expanded medical testing. This includes $310 billion to replenish the Paycheck Protection Program (PPP) of which $60 billion is earmarked for community banks and smaller lenders, who tend to cater to underserved businesses. It also includes $60 billion for the Economic Injury Disaster Loan (EIDL) program.
Alternative Funding Sources
The Colorado Office of Economic Development and International Trade has created a COVID-19 Small Business Alternative Funding resource. Explore the 100+ options available to Colorado small businesses. Resources are sorted by funding type, industry and county. We recommend downloading the document and sorting it by county first and industry second to find options applicable to your business. Remember to check back, as this sheet is updated daily.
SBA Economic Injury Disaster Loan
On March 19, Governor Jared Polis announced Colorado's application for federal disaster area designation has been approved. The SBA Economic Injury Disaster Loan application is now open to Colorado business owners and non-profits that have been severely impacted by the Coronavirus (COVID-19).
The SBA’s Economic Injury Disaster Loan (EIDL) program provides small businesses with targeted, low-interest, working capital loans of up to $2 million in order to provide vital economic support and to help overcome the temporary loss of revenue they are experiencing. Business owners need to start tracking business losses as soon as possible on page 27 of the Business Recovery Guide — utilizing the Business Recovery Guide is very important.
- The SBA put together a presentation to explain the loan program and answer common application questions.
- The Colorado Office of Economic Development & International Trade has an Economic Injury Hotline (303-860-5881), email and website to assist you in this process.
- The U.S. Chamber of Commerce Guide to SBA's Economic Injury Disaster Loans
We strongly recommend contacting your local bank to apply.
SBA PAYCHECK PROTECTION PROGRAM
The Paycheck Protection Program (PPP) prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses under the CARES Act. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. Under this program:
- Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
- Loan payments will be deferred for six months.
- If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
- Contact your local bank to apply. Here’s a checklist of the financial information that will be needed and a sample application.
Paycheck Protection Program Loan Forgiveness Application
The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities. Click here to visit the SBA website and view application and instructions. Click here to view the US Chamber PPP Loan Forgiveness Guide.
Economic Injury Disaster Loan vs. Paycheck Protection Program
Businesses can get both EIDL and PPP loans at the same time, but cannot use the funds for the same expenses/purposes. EIDL loans can be refinanced into a PPP loan. Loans are limited to one per Taxpayer Identification Number. Click the link below for a side by side comparison of the two programs.
Local Banking Relief Programs
Local banks have been and will continue to be at the ready to support business owners and residents with financial inquiries and decision making.
- Learn more about what Alpine Bank is offering customers.
- Learn more about what Mountain Valley Bank is offering customers.
- Learn more about what Yampa Valley Bank is offering customers
Non-Profit Funding Options
Additional Funding Options
The Save Small Business Fund
An initiative of the U.S. Chamber of Commerce Foundation, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many small employers as possible. Applications will be available on April 20 and should take 10 minutes to complete. All you will need is your business's W-9 form. Grants will be awarded on a weekly basis, but you only need to apply one time to be eligible for funding. Qualifications include:
- Employ between 3 and 20 people
- Be located in an economically vulnerable community
- Have been harmed financially by the COVID-19 pandemic
Verizon Small Business Recovery Fund
A $2.5 million investment from Verizon is helping LISC offer grants to help small businesses to fill urgent financial gaps until they can resume normal operations or until other more permanent financing becomes available. LISC will use the Verizon funding to provide grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19—especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital. Learn more here.
HelloAlice COVID-19 Business for All Emergency Grant
Hello Alice is offering $10,000 grants being distributed immediately to small business owners impacted by Coronavirus, as part of their broader mission to ensure Business for All. In addition to funding, grant recipients will receive ongoing support from the Hello Alice community. Learn more here.