A Guide to the Federal COVID-19 Stimulus Package
The $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act recently passed by Congress is the largest U.S. stimulus package ever to provide economic relief to businesses and workers affected by the COVID-19 outbreak. The bill offers the following aid for small businesses (those with less than 500 employees), 501(c)3s, sole proprietors and independent contractors. The federal government is currently developing the application process for each. For more information on any of these resources including terms, eligibility, and the application process, please visit ColoradoSBDC.org/COVID.
Small Business Emergency EIDL Grants
Small Business Emergency Grants are direct grants for businesses that apply for but do not qualify for the Economic Injury Disaster Loan (EIDL) program. View the information under the third header on the SBDC page.
Paycheck Protection Loans
The legislation allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100 percent federally guaranteed loans to small businesses that maintain their payroll during this emergency. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. Learn more on the SBDC web page or check out the Paycheck Protection Loans Small Business Guide and Checklist.
Existing SBA 7a Loan Assistance
For borrowers who already had SBA 7A loans in place before COVID-19, $17 billion is allocated to have SBA step in and make six months of principal and interest payments for all SBA-backed business loans.
Payroll Tax Credit & Deferral
A payroll tax credit is available for wages paid by businesses that fully or partially close due to the coronavirus.
A payroll tax deferral allows businesses to apply for a deferral for payroll taxes owed in 2020. Half would be payable in December 2021 and the other half in December 2022. Businesses receiving other EIDL or Paycheck Protection Loans would not be eligible.
Learn more on the SBDC's COVID-19 web page.
SBA Economic Injury Disaster Loan (EIDL)
Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the outbreak of COVID-19. These loans are intended to assist through the disaster recovery period. Apply here or download the forms.
Express Bridge Loan Pilot Program
The Express Bridge Loan (EBL) Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. EBL loans can only be made by SBA Express Lenders that had a valid Supplemental Loan Guaranty Agreement SBA Express Program (SBA Form 2424) in effect as of the date of the applicable disaster.
Terms: Up to $25,000, fast turnaround, will be repaid in full or in part by proceeds from the EIDL Loan.
Find an Express Bridge Loan Lender via SBA's Lender Match Tool or by connecting with SBA Colorado District Office.
SBA Loan Information in Spanish
South Metro Denver Chamber Releases Business Survey
The South Metro Denver Chamber of Commerce has released a brief survey to assist with efforts to continue providing critical information most beneficial to local businesses. Business responses will help SMDC identify solutions and direct resources. Complete the survey here.
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 | nmarciniak@centennialco.gov
Stewart Meek, Economic Development Specialist | 303-754-3410 | smeek@centennialco.gov
City of Centennial, 13133 E. Arapahoe Road, Centennial, CO 80112 | 303-325-8000