Yesterday Congress approved a second round of funding for Paycheck Protection Program (PPP) forgivable loans and Economic Injury Disaster Loans (EIDL). SBA is working on reopening the applications. We encourage you to prepare your application in anticipation of the reopening date.
Paycheck Protection Program loans have already provided Colorado’s small businesses, nonprofits and independent contractors with over $7B of payroll loans through its initial round of funds. EIDL recipients throughout the state have also secured critical low interest loans from the SBA. The second round of funding enables more Colorado PPP and EIDL applications to move forward.
The additional $320B appropriation for PPP includes specific allocations for small financial institutions and community credit unions while also providing funds for minority owned businesses. These forgivable loans will be awarded on a first-come, first-served basis and Colorado businesses are encouraged to apply promptly.
The additional $60B appropriation for EIDL also allows Colorado businesses to resume seeking low-interest recovery loans from the SBA.
Statewide, this program stands to benefit more than 600,000 businesses, nonprofits and gig workers so we encourage eligible program participants to seek these payroll loans at your local lending institutions.