Paycheck Protection Program
The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. The PPP loans can be converted into grants if eligible recipients use the funds to pay their workers as the program outlines.
PPP Updates for Small Businesses
In order to reach the smallest businesses, SBA will offer PPP loans to businesses with fewer than 20 employees and sole proprietors only from Wednesday, February 24 through Tuesday, March 9, 2021 at 5pm ET. President Biden has also announced additional program changes to make access to PPP loans more equitable:
- Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees
- Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
- Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
- Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
- Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
Applications close March 31, 2021.
Emergency assistance for eligible venues affected by the COVID pandemic. Eligible applicants may qualify for a grant equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
While the application period has not yet opened, Shuttered Venue Operations Grant applicants should prep now because there are steps that could take up to 10 days.
Prepare now with these steps:
- Check your eligibility & read the FAQ's
- Sign up for a DUNS number. https://fedgov.dnb.com/webform/
- Sign up in SAM. https://www.sam.gov/SAM/. Watch this Video!
- Create a profile. You will need to do this to sign up for SAM. https://www.login.gov
- Gather 2019 and 2020 financials and calculate your revenue loss in 2020
- Do the calculation for # of employees based on the FAQ
- Calculate the potential maximum award for the SVO verses PPP and determine which program to apply for. Watch Grant Overview Here!
- Sign up for program email alerts!
- Click here to print these steps
Who can apply?
- Live venue operators or promoters
- Theatrical producers
- Live performing arts organization operators
- Relevant museum operators, zoos and aquariums who meet specific criteria
- Motion picture theater operators
- Talent representatives, and
- Each business entity owned by an eligible entity that also meets the eligibility requirements
COVID-19 Economic Injury Disaster Loans
This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.
SBA Express Bridge Loans
Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
SBA Express Bridge Loans
SBA is providing debt relief to existing SBA loan borrowers during the COVID-19 pandemic.
Cross Program Eligibility on SBA Relief Options
An overview of the criteria that must be met when considering different funding options
Additional Resources Available
Alternative Sources of Funding: This Google sheet helps Colorado’s small businesses find alternative funding sources beyond EIDL, PPP, and other federal loans and programs.
Colorado COVID Legal Relief: This organization matches volunteer attorneys with Colorado businesses to help them make informed decisions and get back on their feet.
Layoff Assistance: The Colorado Department of Labor and Employment outlines programs and resources to help business owners make difficult decisions.
Resources to Support the Arts
In Colorado and around the world, artists and arts and culture organizations have been hit hard by COVID-19, losing revenues due to canceled events and loss of sales, and facing reduced contributions indefinitely. This page is a central hub of resources to support artists, creative businesses, and arts and culture organizations.