At this time, all the area chambers of commerce are keeping up with ways to help business owners with their financial needs. Below is a collection of the information that they are providing. If you desire more direct access to them, please do visit their websites and contact them as needed. They are willing to help members and non-members, alike. We are all in this together and what happens in your business, affects our community and the other businesses.
United States CARES Act
There are three parts to the CARES Act. They are all separate, but they do interact together as they are all administered by the United States Small Business Administration (SBA).
EIDL (Economic Injury Disaster Loan) –
This program has been expanded to allow ALL small businesses access to federally guaranteed loans for this pandemic situation. The online application has been STREAMLINED and is the fastest and best way to access these loans.
Emergency EIDL Advance of $10,000 –
This loan advance acts like a grant because it is 100% forgivable and does not have to be paid back. While you must apply for an EIDL (Economic Injury Disaster Loan) to access these funds, you do NOT have to pay it back if your loan application is declined, and you do NOT have to move forward with a loan beyond the advance if your loan application is accepted.
PPPL (Paycheck Protection Program Loan) –
This is another federally guaranteed loan (SBA 7(a) Lending Program). It is capped at 2.5x your average monthly payroll and intended to pay for payroll and other operating expenses for 8 weeks.
For a guide with step by step instructions, as well as additional information and resources, click here (pdf).
TODAY: Submit your online EIDL application to get access to the Emergency EIDL Advance. The process takes UNDER 30 minutes. Visit covid19relief.sba.gov to get started.
FRIDAY: Beginning April 3, 2020, submit your application for the Paycheck Protection Program Loan at your personal/business bank Contact your bank directly to move forward. Download Application
STEP 1: Apply for a $10,000 advance on an EIDL that will be forgiven. CLICK HERE to apply.
This is a short application and takes 15-20 minutes. You do not need to take out additional funds, but the option is there.
FROM The SBA: “As a result of the CARES Act signed into law by the President on March 27th, eligible small businesses in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan Advance Loans of up to $10,000. This advance is in addition to the traditional Economic Injury Disaster Loan and requires you to complete a short application available on our website.
• If we approve your EIDL loan request, any Advance funds you received will be deducted from the loan amount and considered a duplication of benefits, and therefore not have to be repaid.
• If we are unable to approve your EIDL application, any Advance loan funds you receive will not have to be repaid.
Need more info on the EIDL?
Call the Office of Disaster Assistance Customer Service line at 1-800-659-2955 or email them at firstname.lastname@example.org.
CLICK HERE for a powerpoint presentation on the EIDL.
“The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and Employee and compensation levels are maintained.”
Where can you apply for the PPP, especially if you are a business located in the mountains?
Optive Commercial Capital
FirstBank of Aspen Park
Evergreen National Bank – existing customers only at this time
As we find more lenders and banks set up to process the PPP loans we will add that here.
Or, to search by zip code CLICK HERE.