SBA to Resume Accepting PPP Loans Monday
The U.S. Small Business Administration (SBA) will again begin accepting applications for the Paycheck Protection Program (PPP) on Monday at 8:30 a.m. President Trump signed a bill Friday that provides $484 billion in more funding to respond to the COVID-19 pandemic, including $320 billion more for forgivable loans and $60 billion for Economic Injury Disaster Loans (EIDL). The bill also provides $75 billion in grants to hospitals and $25 billion to coronavirus testing. Read the legislation.
We recommend you start your application process again immediately. Here are some steps from our Denver Metro Small Business Development Center to apply for this next round of funding. (As the SBA reopens its application process, it will update its website with new information about how to access funding, so continue to check the links below.)
PPP Loans
- Verify your business’s eligibility.
- Review the application and gather the necessary materials, such as payroll tax filings and proof of lease, mortgage and utility payments.
- Contact your accountant and/or bank that pays out your business’ payroll. Ask your lender if it is authorized to process your PPP loan. If you are not connected to an authorized lender, find an eligible lender.
EIDL Loans
- Verify eligibility through the SBA’s online portal.
- Gather necessary materials, such as your business’ most recent tax return, owner’s or general partner’s personal financial statement, and schedule of liabilities.
- Apply through SBA.
- Check the status of your application by calling (800) 659-2955 or send an email to disastercustomerservice@sba.gov.
For more assistance, contact our Denver Metro Small Business Development Center at info@denversbdc.org. You can also reach the Small Business COVID-19 Disaster Response Hotline at (303) 860-5881.
Prepare for Managing Your PPP Loan
If you have already received a PPP loan, you may now be wondering how to manage and document how you spend it. Our webinar on Preparing for PPP Loan Forgiveness on Thursday at 10 a.m. will help you adhere to guidelines and set your organization up for success. Register now.
Denver Extends Stay-at-Home Order through May 8
Mayor Michael Hancock extended Denver’s stay-at-home order through May 8, saying that extending the order will allow the city to align with regional health authorities and continue to prepare more specific guidance and regulations for businesses and facilities. It will also help the city expand its testing with the goal to reach 1,000 tests a day and secure more personal protective equipment. Read the press release.
Other Denver metro area jurisdictions are also announcing that they are extending their orders or considering doing so. Jefferson County and Boulder County are extending their orders to May 8.
Earlier this week, Gov. Jared Polis said he would let the state’s stay-at-home order expire on April 26, ushering in the next phase called “Safer at Home.” The Safer-at-Home phase will require people to continue to stay at home except when absolutely necessary and hold no gatherings with more than 10 people. Read the Governor’s press release and view his presentation for more details. More Safer-at-Home guidelines for businesses are expected to be released next week.
Kelly Brough is the president and CEO of the Denver Metro Chamber.
