Financial and Funding Assistance for Businesses
EIDL loan applications will continue to be accepted through December 2021, pending the availability of funds. This Economic Injury Disaster Loan is a low interest loan to provide economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue. Click HERE for more information and to apply.
- Live venue operators or promoters; Theatrical producers; Live performing arts organization operators
- Relevant museum operators, zoos and aquariums who meet specific criteria
- Motion picture theater operators
- Talent representatives, and
- Each business entity owned by an eligible entity that also meets the eligibility requirements
- Colorado Lending Source
- Colorado Enterprise Fund
- Region 9 Economic Development District of Southwest Colorado
The Restaurant Revitalization Fund (RRF) has been signed into law as a part of the American Rescue Plan. The RRF provides federal grants to the restaurant industry, one of hardest hit sectors of the economy during COVID-19. The RRF features $28.6 billion for restaurants with 20 or fewer locations, and will be administered by the U.S. Small Business Administration (SBA). Click HERE for more information and visit the Colorado Restaurant Association website for additional information on possible funding and COVID related policies and protocols. (UPDATE: The RRF officially stopped accepting applications on May 24, 2021. Total funding for this program was $28.6 billion. In a press release, the SBA stated that they received over 303,000 applications for about $76 billion in funding. On May 10, the SBA announced that they had approved 16,000 applications for more that $2 billion. More current information has not been released).
Tax credit to reimburse PTO for COVID vaccines: The American Rescue Plan Act of 2021 (ARP) allows small and midsize employers, and certain governmental employers, to claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover from COVID-19 vaccinations. The ARP tax credits are available to eligible employers that pay sick and family leave for leave from April 1, 2021, through September 30, 2021. Click here for information.
The Employee Retention Credit is a refundable payroll tax credit that was previously unavailable to businesses who received a PPP loan. Eligible employers can get cashback for payroll taxes already paid and cashback in excess of the paid liability. This is an immediate cash flow opportunity for struggling businesses that covers both the 2020 and 2021 tax years.
Employers, including tax-exempt organizations, are eligible for the credit if they operated a business during calendar year 2020 and experience either:
The full or partial suspension of the operation of their business during any calendar quarter because of governmental orders due to COVID-19,
OR more than 50% reduced gross revenue as compared to the same quarter in 2019.
To amend payroll tax for 2020, businesses will need to fill out Form 941x. Contact your payroll service provider.
Employers, including tax-exempt organizations, are eligible for the credit if they operate a business during calendar year 2021 and experience either:
Partial or total business closure due to federal, state or local COVID order.
OR more than 20% reduced gross revenue as compared to the same quarter in 2019.
Businesses can take the credit against their current payroll taxes as they run payroll, submit a 2021 IRS Form 7200, OR request a refund at the end of the first and second quarters.
Click HERE for more information.
- Category A: Welfare Recipients,
- Category B-1: Veterans Receiving Food Stamps,
- Category B-2: Disabled Veterans,
- Category C: Ex-Felons,
- Category D: Designated Community Residents,
- Category E: Vocational Rehabilitation Recipients,
- Category G: Food Stamp Recipients,
- Category H: Supplemental Security Income Recipients,
- Category I: Long Term TANF Recipients,
- Category V: Unemployed Veterans. Each target group has its own specific requirements.
COVID-19 Relief for Bars, Restaurants and Mobile Food Retailers: HB20b-1004 allows a temporary deduction from state net taxable sales for qualifying retailers primarily in the bar, restaurant and the mobile food services industries. The resulting state sales tax is allowed to be retained by the business permanently to provide assistance from business disruptions due to COVID-19 pandemic. Click HERE for more information.
The following Google sheet provided by the Colorado Office of Economic Development & International Trade helps Colorado's small businesses find alternative funding sources beyond EIDL, PPP and other federal loans and programs. It is updated periodically by the state. Click HERE to access the document, which is kept updated by OEDIT as new funding becomes available.
The U.S. Small Business Administration Economic Relief Guide to various loans and programs may be found by clicking HERE.
Other COVID-19 Related Business Information
Information on COVID-19 and the ADA, Rehabilitation Act and other EEO Laws can be found by clicking here.
Energize Colorado has various resources available for small businesses. Please click here for information.
The Colorado Small Business Development Center Network offers no cost consulting and low cost training. Request a consulting appointment, register for a workshop or browse resources in our area by clicking HERE. You can find many e-learning videos available HERE.
Details on the Colorado 2021 Stimulus Recovery Plan may be found by clicking HERE.
Resources for the Community and Residents
If you need assistance with food, utilities, housing or other services, Mountain Resource Center or Evergreen Christian Outreach may be able to help, depending on your circumstances. Other family, community and civic organizations are listed here.
Unemployment benefits may be available to workers who have lost their job through no fault of their own. Please click HERE to be directed to the Colorado Department of Labor and Employment unemployment site. You can also search for employment opportunities listed on our website.