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
EIDL Loans
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.
SBA No Longer Taking PPP and EIDL Applications
The U.S. Small Business Administration (SBA) has run out of appropriated funding for both the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program.
“SBA is unable to accept new applications at this time for the PPP or the EIDL COVID-19-related assistance program (including EIDL Advances) based on available appropriations funding,” the SBA announcement reads. “EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.”
Business owners should remain in contact with their lenders to make sure they have the documentation necessary to complete the PPP application, so they can be ready if Congress appropriates additional funding.
As of Tuesday, the SBA had approved nearly 28,500 PPP loans worth more than $5.8 billion for Colorado organizations. U.S. Sens. Michael Bennet and Cory Gardner have shared with the Denver Metro Chamber that they are working on legislation for additional funding. The U.S. Chamber of Commerce sent a letter on Friday to Congressional leaders, urging them to increase funding for PPP and renew funding for EIDL. Read the letter.
This news comes as some financial technology companies announced that the SBA had approved them as PPP lenders. Intuit Quickbooks, PayPal and Square were in the process of setting up their lending infrastructure.
To learn about alternative funding sources beyond EIDL and PPP, see a list from the Colorado Office of Economic Development & International Trade. We also are keeping a list of funding sources on the employer page of our website atdenverchamber.org/covid.
U.S. Chamber Foundation Launches Grant Program to Support Small Businesses
The U.S. Chamber Foundation will begin providing $5,000 grants to small employers. The Save Small Business Fund is in partnership with Vistaprint and funded through contributions from corporate and philanthropic partners. Grant applications will open Monday. For more information on eligibility, grant timeline and more, visit savesmallbusiness.com.
Post Your Jobs and See Job Openings on Our Job Board
If you are looking for a job opportunity or have open positions that your business is hoping to fill, please visit the Denver Metro Chamber of Commerce Job Board. We are committed to connecting Coloradans impacted by COVID-19 to job opportunities available at companies here in our state. If you are a job seeker, please visit Denver Metro Chamber of Commerce Job Board to apply for available positions. If you are an employer that needs assistance posting jobs on the Job Board, please contact careers@denverchamber.org.
Chamber’s COVID-19 Policy Survey for Employers Still Open
Thank you to everyone who has responded to our COVID-19 policy survey for employers. If you have not yet completed the survey, it is still open. While your individual responses will be kept confidential, we will relay the results of this survey to our elected officials to guide them and help set priorities. We think it’s critically important our policy makers hear directly from you. Thank you in advance for sharing your insights. Take our survey.
Upcoming Webinars on Workplace Re-Entry and Working Remotely and Parenting
We continue our series of COVID-19 webinars. Learn about our upcoming webinars and listen to recordings of past webinars at denverchamber.org/covidprograms.
Planning for Workplace Re-Entry
Preparing for how and when employees will re-enter the workplace will be critical over the coming weeks. Join us as we discuss best practices for planning and executing a re-entry strategy for your business when stay-at-home orders are lifted.
Thursday, April 23
2 to 3 p.m.
Speakers
Working Remotely and Parenting
Explore tactics to help parents balance their professional and parenting lives and maintain their sanity.
Friday, April 24
10 to 11 a.m.
Speaker
Kelly Brough is the president and CEO of the Denver Metro Chamber.
