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Paycheck Protection Loan Applications Begin Friday

Lenders Can Start Accepting Paycheck Protection Loan Applications from Small Businesses on Friday 
On Friday, small businesses and sole proprietors can begin working with their lenders to submit loan applications for the federal Paycheck Protection Program (PPP). Independent contractors and self-employers can begin submitting applications April 10.

PPP is part of the federal CARES Act enacted last week. It provides potentially forgivable loans in amounts to cover 2.5 months of payroll or $10 million (whichever is less). We recommend contacting your current lender immediately. Lenders will prioritize current customers as they process applications. You can also begin completing your application.

Learn more about this funding source and others available to small businesses in
Monday’s Chamber blog, “More Info for Small Businesses Applying for Aid.”
 
Webinar on Applying for Paycheck Protection Loans on Monday 

Join the Denver Metro Chamber, the Denver Metro Small Business Development Center and Colorado Lending Source, a Small Business Administration-approved lender, for an in-depth guide to the loan application process for the federal Paycheck Protection Program.

Monday, April 6 
Noon to 1 p.m.

Speaker
Mike O’Donnell, Executive Director, Colorado Lending Source

View upcoming COVID-19 webinars on the Chamber’s COVID-19 website. Also view recordings of past webinars:

Governor Extends Statewide School Closures through April 
Gov. Jared Polis announced earlier this week that the state’s schools will be closed for in-person learning through April 30 and likely through the end of the school year. Many school districts have already begun conducting online classes. Read the Executive Order.

Governor Expands Free Child Care to More Workers 
This week, Gov. Polis expanded free emergency child care to thousands more workers, including those in grocery, food processing and construction. Originally, free child care was available to only health care workers and first responders. Tuition will be fully funded through May 17. Read the Public Health Order. Learn about the Colorado Emergency Child Care Collaborative.

Health Insurance Enrollment Period Extended through April 
Connect for Health Colorado announced it would expand its emergency special enrollment period through April 30 to help Coloradans who are currently uninsured or about to lose coverage due to COVID-19. The deadline was originally Friday. Enroll at www.connectforhealthco.com.

Supreme Court Rules Legislative Session Can Be Extended 
The Colorado Supreme Court ruled Wednesday that the 2020 legislative session can extend past its scheduled May 6 adjournment date. The ruling says that the 120-day session can be calculated by counting working days rather than consecutive days during a declared public health emergency. This means that the session, which was suspended March 15, still has 53 days left, leaving time for action on the 355 bills that have been introduced.

The Executive Committee of the Legislature is expected to meet within the coming weeks to determine priorities and a potential schedule for the remainder of the session. The Joint Budget Committee is expected to meet a week before the legislature reconvenes to discuss and make decisions on the 2020-2021 budget.

Read the Supreme Court’s ruling.

Kelly Brough is the president and CEO of the Denver Metro Chamber.