Paycheck Protection Loans Available Tomorrow
Paycheck Protection Program (PPP) loans are available beginning tomorrow (Friday, April 3) for businesses employing under 500 people and sole proprietorships. Next Friday, independent contractors and self-employed individuals can apply.
PPP Loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
How to Apply: You can apply through your locally authorized bank and non-bank lenders. This will typically be your existing banking partner. View the list of approved lenders.
1. Verify your business’s eligibility.
2. Review the Prepare, Apply, Comply Guide, which was developed to help businesses navigate the application process.
3. Review the application and gather the necessary materials such as payroll tax filings, proof of lease payments, proof of mortgage payments, and proof of utility payments.
4. Get in contact with your accountant and/or bank that pays out your business’s payroll. Ask your lender if it is authorized to process your Paycheck Protection Program loan. If you are not connected to an authorized lender, view the list of approved lenders here.
Did you know that Paycheck Protection Loans can be used for other expenses as well? This blog post from Colorado Lending Source and The Small Business Guide and Checklist from Colorado’s Small Business Development Network can help you learn more about the program.
Economic Injury Disaster Loan (EIDL) Applicants are Eligible to Receive a $10,000 Grant
Economic Injury Disaster Loan Applicants may request up to $10,000 be immediately disbursed. The amount does not have to be repaid, regardless of the loan decision. Federal legislation requires that this grant be disbursed in 3 days. To apply visit: SBA.gov/Disaster. To learn more, check out this flow chart.
It is important to note that businesses that applied for an EIDL loan before Tuesday, March 31 will need to reapply at http://www.SBA.gov/Disaster to be eligible to receive the $10,000 immediate grant. Applicants should have received an email with this direction. The new streamlined application will not impact the status or slow your existing application.
Subscribe to email updates at: www.SBA.gov/Updates and follow @SBAgov on Twitter. If you have any questions about your application, the SBA customer service number is 1-800-659-2955 or (TTY) (800) 877-8339.
IRS: Employee Retention Credit Available for Many Businesses Financially Impacted by COVID-19
The U.S. Treasury Department and the Internal Revenue Service has launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. Find the details and if your business is eligible here. Review FAQs here.
Verizon Small Business Recovery Fund
Verizon has created a small business recovery fund of $2.5 million with grants of up to $10,000 for businesses facing immediate financial pressure due to COVID-19. Grant applications are due by the end of the day April 4th. Women and minority owned business applicants are being prioritized. Visit the LISC website to apply.
General Business Resources
Aurora - South Metro Small Business Development Center | Business Licensing & Registration | Arapahoe/Douglas WORKS! | Arapahoe Libraries Business Support Services
WANT TO KNOW MORE? Contact Centennial's Economic Development Division
Neil Marciniak, Economic Development Director | 303-754-3351 | firstname.lastname@example.org
Stewart Meek, Economic Development Specialist | 303-754-3410 | email@example.com
City of Centennial, 13133 E. Arapahoe Road, Centennial, CO 80112 | 303-325-8000