Which SBA loans are eligible for debt relief under this program? We know that many students have been impacted financially by the circumstances surrounding COVID-19. For example, a borrower may obtain a loan from the Paycheck Protection Program and use those funds to pay for 8 weeks of payroll or employee retention. Grants to Colorado nonprofit arts organizations, state and local government agencies, institutions of higher education, Indian tribal governments, and individual artists in eligible locations for support during the Coronavirus (COVID-19) health crisis. • If you were not in business between February 15, 2019 – June 30, 2019: Your max loan is equal to 250 percent of your average monthly payroll costs between January 1, 2020 and February 29, 2020. Awards to USA K-12 educators, administrators, and school staff members to recognize outstanding efforts to positively impact the lives of students. Paycheck Protection Program (“PPP”) Lessons Learned, How Loan Forgiveness is Calculated and Other Loan Options. Please note, the SBDC is not a health organization; for latest news regarding the current health situation, please contact the resources listed in this guide. The Australian Government is providing financial assistance to Australians to support them through COVID-19. Borrowers who accept both loan funds should document the uses of the funds appropriately. The The completion of the transaction confirmed within their bank account is the fastest method. Preauthorized Debit (PAD) or recurring payments on your loan. Funding is intended to support health-related causes. Funds cover: current, out-of-pocket eligible expenses Amount: Award amount is based on various eligibility requirements If you have questions about your current loan and weather or not your loan is automatically deferred, please contact your Loan Servicing Office directly using the following information: Birmingham Disaster Loan Servicing Center: Phone: 800-736-6048 Email: BirminghamDLSC@sba.gov El Paso Disaster Loan Servicing Center: Phone: 800-487-6019 Email: ElPasoDLSC@sba.go. Mar - May 2020, May - Jul 2020) • Experiencing reduced monthly salary of at least 30% for a period of at least 3 consecutive months (e.g. As the news spreads about Corona Virus (COVID-19), many businesses have questions about whether they can shut down sites where the infection is present or conduct a preemptive shut-down of sites where there is no infection to safeguard the health of their employees. Interpretation in other languages is available on request. The Small Business Navigator is the first point of contact for new and existing business owners with questions about federal, state and local licensing requirements. This organization is a nonpartisan consortium of 80 Colorado law firms dedicated to creating and increasing opportunities for children, the poor and other disadvantaged communities through pro bono legal advocacy, negotiation, and litigation. Many restaurants have switched to delivery, take-out, curbside and drive through service to continue serving customers. Applicants must submit a letter of interest prior to applying. All financial support and services for individuals, businesses, and industries affected by the COVID-19 outbreak. To check whether your business is considered small, you will need your business’s 6-digit North American Industry Classification System (NAICS) code and 3-year average annual revenue. Grants to Colorado nonprofits, government agencies, schools, and tribes in eligible regions for programs that promote the health and well-being of local residents. Grants to USA youth leaders for projects to meet needs related to the Coronavirus (COVID-19) pandemic and mitigate childhood hunger. Applicants must submit an LOI prior to applying. The reduction must affect at least two out of all employees in the business, or a minimum of two employees in a certain unit. The Colorado SBDC Networking is regularly hosting webinars to guide you through the COVID-19 emergency response and preparedness. A bill providing financial assistance to food pantries also got an extra $2 million through a Senate amendment. 7(a) loans not made under the Paycheck Protection Program (PPP), 504 loans, and microloans. Grants to USA individual artists for urgent financial assistance. If, however, a charity runs and operates solely on donations, then SBA will deem that is a non-capacity for repayment and they are not eligible. The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). It should be just as clear that a business resiliency plan will be critical to the sustainability and success of your business. The Colorado Small Business Development Center Network (SBDC) is here to help businesses affected by recent disasters in Colorado, including how to respond to the current health crisis. The twenty four-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. 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