Since the inception of the federal and state pandemic relief programs launched in 2020, there have been many changes in repayment terms and the forgiveness process for the Paycheck Protection Program (PPP), the Economic Injury Disaster Loan (EIDL) program and more. See below for the latest updates on COVID-related federal and state relief, including some new state relief programs that may be a good fit for your business or organization.
Let us know if you would like an assessment of your business financial health or if you need small business consulting as it relates to managing your loans or grants.
1. PPP Loan Forgiveness
a. New portal for PPP Direct Forgiveness announced
b. Loan deferment period extended for those who have filed a timely appeal of a final SBA loan review decision with the SBA Office of Hearings and Appeals
a. Cap increase from $500,000 to $2 million
b. Funds can now be applied to payment and repayment of commercial debt and regularly scheduled payments of federal debt
c. 24-month deferment from loan origination
d. See more on the SBA website
3. Main Street Lending
a. Loan terms extended from previous four years to five
b. Amortization payments deferred two years (previously one year)
c. Minimum loan of $250,000 (previously $500,000)
d. See more on the Federal Reserve website
Colorado State Relief
1. Colorado Meetings and Events Incentive Cash Rebate Program – provides a 10% cash rebate against hard costs for hosting events in Colorado between July 1, 2021 and June 30, 2024. This program is extended from Dec. 31, 2022 to June 30, 2024.
2. Business Foundations Technical Assistance Program – provides technical assistance and small grants to help businesses legally establish themselves. This program is extended from June 30, 2022 to Dec. 31, 2023.
3. Small Business Accelerated Growth Program [aka CLIMBER – see below] – participation deadline is extended from Dec. 31, 2022 to Oct. 31, 2023
Several loans and grants are available for additional COVID relief for small businesses and nonprofits in Colorado. Visit the Colorado Office of Economic Development & International Trade (OEDIT) for more information.
State Level Applications – applications open
• CLIMBER Loan Fund – $30-$500K loans to Colorado small businesses affected by the pandemic
• Colorado Revolving Loan Fund – $5-$750K loans to Colorado businesses negatively impacted by the pandemic
Several funds have applications opening in 2022. See the OEDIT website for more information .
Federal EDA grants for communities and regional partners
Six programs are delivering $3 billion total to underserved communities impacted by COVID-19.
• Build Back Better Regional Challenge
• Good Jobs Challenge
• Economic Adjustment Assistance Grants
• Indigenous Communities Grants
• Travel, Tourism and Outdoor Recreation Grants
• Research and Networks Grants
Please feel free to reach out to us if you have any questions regarding the programs noted above. Through our small business consulting services, we can help align your goals with your business financial health needs, and also point you to other resources to assist you.