The East Colorado SBDC - Small Business Development Center is providing assistance for all Businesses Impacted by the COVID - 19 Virus. Most Businesses effect by the COVID -19 shut down are entitled to apply for Federal / State Economic Injury COVID-19 Disaster Loan Programs.We are currently working on the SBA COVID -19 Disaster Loan and any other Loan Programs and Potential Grants.We SBDC Business Consultants work from secured locations by Email, Telephone and Video Conferencing.WE at SBDC are here to assist you with BUSINESS CONSULTING and ALL ISSUES with the COVID -19 INFORMATION.You can review all information on our current website: www.EastColoradoSBDC.
comAll SBDC Services are FREEEmail Me:Please include your phone number in emailHere to help!!Colorado small businesses impacted by COVID-19 can seek individual small business loans up to $2M as part of the Small Business Administration’s Economic Injury Disaster Loan program. Small businesses throughout all 64 counties may seek SBA Economic Injury Disaster Loans. Governor Jared Polis announced that Colorado’s application for federal disaster area designation has been approved.ELIGIBLE ENTITIES:· Applicants must meet the SBA requirements of a small business (500 employees or fewer)· Businesses directly affected by COVID-19· Businesses that offer services directly related to the businesses in the declaration· Other businesses indirectly related the industry that are likely to be harmed by losses in their community (Example: Manufacturer of widgets may be eligible as well as the wholesaler and retailer of the product)INELIGIBLE ENTITIES:· Agricultural Enterprises: If the primary activity of the business (including its affiliates) is as defined in Section 18(b)(1) of the Small Business Act, neither the business nor its affiliates are eligible for EIDL assistance.· Religious Organizations· Charitable Organizations· Gambling Concerns (Ex: Concerns that derive more that 1/3 of their annual gross revenue from legal gambling activities)· Casinos & Racetracks (Ex: Businesses whose purpose for being is gambling (e.g., casinos, racetracks, poker parlors, etc.) are not eligible for EIDL assistance regardless of 1/3 criteria above.· Cannabis IndustryLOAN APPROVAL CRITERIA:· Credit History: Applicants must have a credit history acceptable to SBA.· Repayment: SBA must determine that the applicant business has the ability to repay the SBA loan.· Eligibility: The applicant business must be physically located in a declared county and suffered working capital losses due to the declared disaster, not due to a downturn in the economy or other reasons.HOW MUCH YOU CAN BORROW:· Eligible entities may qualify for loans up to $2 million.· The interest rates for this disaster are 3.75 percent for small businesses and 2.75 percent for nonprofit organizations with terms up to 30 years.· Eligibility for these working capital loans are based on the size (must be a small business) and type of business and its financial resources.HOW THE FUNDS CAN BE USED:These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits or for expansion. Funds cannot be used to pay down long-term debt.WHAT IS NEEDED TO APPLY:· Completed SBA loan application (SBA Form 5).· Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates.· Complete copies of the most recent Federal Income Tax Return.· Schedule of Liabilities (SBA Form 2202).· Personal Financial Statement (SBA Form 413).· Income, balance sheet, and cash flow documents.· Other Information may also be requested.OTHER INFORMATION THAT MAY BE REQUESTED:· Complete copy, including all schedules, of the most recent Federal income tax return for principals, general partners or managing members, and affiliates (see filing requirements for more information)· If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year· A current year-to-date profit-and-loss statement· Additional Filing Requirements (SBA Form 1368) providing monthly sales figures (This is especially important for Economic Injury Disaster LoanSHOW SOON WILL BUSINESSES RECEIVE MONEY:· Small businesses that submit complete loan packages could receive the money within three (3) weeks· Incomplete information and verification of collateral will delay the approval processRECOMMENDATIONS:· Include the specific disaster in your application – specifically reference “COVID-19” or Coronavirus· Apply online vs by mail· Write your password down; neither the system nor any personnel are able to retrieve it· Save your work at every prompt· Do not rush through the application. Check and recheck the filing requirements to ensure that all the needed information is submitted. The biggest reason for delays in processing is due to missing information.· Make sure to complete all filing requirements before submitting the application and forms· Be sure to use the same contact information (business name and the name of all owners) that you use on your federal tax returns. Double-check that they match· If your tax returns reference other businesses that you own, you must also submit those tax returns in order to avoid processing delays· If more funds are needed, applicants can submit supporting documents and a request for an increase. If fewer funds are needed, applicants can request a reduction in the loan amount.· If the loan request is denied, the applicant will be given up to six months in which to provide new information and submit a written request for reconsiderationAs you consider applying for the different funding sources the Federal Government is offering to businesses, please keep the following information in mind as you make the best choices for your situation:1) Federal funds often come with restrictions. If you accept funding or receive approval from one program, this may cause you to be fully or partially ineligible for other Federal funding.2) Federal funding often rolls out in phases and can take many forms: Loans, Grants, etc.3) We are not currently aware of specific federal grants that are being offered at this time for business disaster recovery, but grants may become available later with specific requirements that will be determined at that time.Our intent is to make you aware of any new offerings as soon they become available and to act as your partner to help guide you through this.
For the most updated information on COVID-19 please visit the CDC website HERE. Stay informed and stay safe!
FREE 3-Part Online Series: Keeping Your Business Together in a Crisis
Part I: Financial Health
March 25, 10-11:30 am
Part II: Defensive Marketing
April 1, 10-11:30 am
Part III: Adapting Your Business
April 8, 10-11:30 am
As an entrepreneur you plan for many scenarios, but when disaster happens, new challenges require alternative solutions to keep your business together. As part of the economic ecosystem for Colorado we are here – along with our partners and community leaders – to help you get through the hurdles you encounter as a result of the coronavirus outbreak.
This online series is provided at no-cost to help you establish your resilience as a business owner and to introduce adaptive and creative ideas to help you prepare for the problems all businesses experience. During these 90-minute sessions, you will hear from subject matter experts that will provide resources, ideas and tools you can proactively leverage to strengthen your business and weather the storm.
SMALL BUSINESS COVID-19 DISASTER RESPONSE HOTLINE
THANK YOU TO OUR SPONSORS
The Colorado Small Business Development Center Network is partially funded by the U.S Small Business Administration (SBA.) The support given by the SBA through such funding does not constitute an expressed or implied endorsement of any of the co-sponsors' or participants' opinions, products or services. The Colorado SBDC is a partnership between the Colorado Office of Economic Development and International Trade, the SBA, Colorado's institutions of higher education and local development organizations.
Why take the census?
For the first time, the census is available online, making it easier than ever. Participate today – and encourage your friends and colleagues to do the same – to help make a difference in the community.
- Adams County is one of the fastest-growing economies in the country.
- A more accurate count of Adams County will impact federal funding for our community's schools, roads, fire departments and hospitals.
- Census results determine how many Congressional seats each state gets.
- It's mandated by the U.S. Constitution in Article 1, Section 2.
community-safety-notice for the latest updates about Anythink's response to the novel coronavirus (COVID-19). Stay informed and entertained with our roundup of at-home resources like ebooks, virtual storytimes, online learning platforms, videos and more.