Paycheck Protection Program Extended

The new deadline is August 8th.

Paycheck Protection Program Application Deadline Extended

The application deadline for the SBA’s forgivable small business loans known as the Paycheck Protection Program (PPP) has been extended until August 8, 2020. Applications reopened today (July 6) for eligible small businesses, nonprofits and independent workers negatively impacted by pandemic-related economic disruption.

To apply, follow these steps:

Verify your business’s eligibility.

Review the application (provided by your lender) and gather the necessary materials such as payroll tax filings, proof of lease payments, proof of mortgage payments, and proof of utility payments.

Get in contact with your accountant and/or bank that pays out your business’s payroll. Ask your lender if it is authorized to process your Paycheck Protection Program loan. If you are not connected to an authorized lender, find an eligible lender here. We have also compiled a list of Colorado SBA approved lenders. If you are struggling to find a lender, please contact our hotline at (303) 860-5881.

Guidance on applying for PPP funds

How to Calculate Loan Amounts by Business Type

Prepare, Apply, Comply Guide

EIDL vs. PPP Questions and Answers

SBA Coronavirus Pandemic Loans Comparison Guide

AICPA Resources around PPP for CPAs

Support on calculating forgiveness

How to calculate PPP loan eligible for forgiveness

PPP Loan Forgiveness Tools: Consult your accountant, tax preparer, and/or lender for advice. These tools are for general planning purposes, does not constitute legal, financial, or tax advice and is not an official document

AICPA’s Estimator Tool: this tool is regularly updated as new guidance is made available by SBA and Treasury

OEDIT’s Estimator Tool (XLS)

Use the following applications to apply for loan forgiveness:

PPP Loan Forgiveness Application EZ – Form 3508EZ (Instructions)

PPP Loan Forgiveness Application – Form 3508 (Instructions)

Latest guidance released last week says that PPP recipients can apply for loan forgiveness early but that doing so could cost them money. Learn more.

’Digging into Business Insurance and Commercial General Liability Issues’ Webinar

In this week’s Startup Colorado webinar, learn the ins and outs of business insurance during COVID-19 from some of Colorado’s top attorneys. The webinar will highlight business interruption and commercial general liability issues.

The webinar will also discuss the Main Street Phoenix Project, which was built to assist employees in securing joint ownership. Transitioning to an employee-owned structure may help re-open small businesses that may otherwise remain closed after the COVID-19 crisis.

Find the call time below that works for you.

East Colorado

Time: 3pm

Host: Ogallala Commons and Northeast SBDC

Zoom video and audio link

Phone Number: 346-248-7799

Webinar ID: 923-2729-5078

West Colorado

Time: 1pm

Host: Telluride Foundation and Northwest SBDC

Zoom video and audio link

Phone Number: 346-248-7799

Webinar ID: 967-9122-4178

Thank you for signing up for COVID-19 email updates from the Colorado Office of Economic Development and International Trade. We expect to email you whenever we have news to share, which could be daily or weekly depending on the situation.

Please be sure to visit OEDIT’s COVID-19 Business Resource Center, as that webpage has the most recent news and resources.

Colorado Office of Economic Development & International Trade

1600 Broadway Suite 2500 Denver, Colorado 80202 | COVID-19 Hotline: (303) 860-5881