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.
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.
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
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.
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.