The U.S. Congress has passed a $2 trillion economic stimulus package — the CARES Act — which includes resources to help Colorado’s small businesses amid the spread of the new coronavirus. One of the resources, the Paycheck Protection Program, allocates $349 billion in forgivable loans to help small businesses, independent contractors, and nonprofits meet payroll and rent needs.
The loans will be given on a first-come, first-served basis. Owners can begin applying for the loans Friday.
In a letter issued Thursday, Colorado Secretary of State Jena Griswold explained how business owners can access the resources.
“COVID-19’s impact on Colorado has been widespread and its effects on the Colorado business community have been particularly profound,” Griswold’s letter says. “Many businesses are faced with finding ways to pay employees and expenses in the face of this major economic interruption.”
Don’t miss the latest coronavirus updates from health and government officials in Colorado. Sign up for Patch news alerts and newsletters for what you need to know daily.
Business owners who are applying for the forgivable loans need to confirm their eligibility, gather payroll, rent, utilities, tax and bank records, and estimate the eligible amount of their forgivable loan, Griswold said.
More resources, including information on SBA Economic Injury Disaster Loans, SBA Express Bridge Loans, Small Business Emergency EIDL Grants and Small Business Debt Relief, can be found here.
Business owners can access the Paycheck Protection Program application here. Small Business Development Center representatives are available to answer owners’ questions through the COVID Economic Hotline at 303-860-5881.
Coronavirus Live Colorado Updates
Related:
This article originally appeared on the Across Colorado Patch