The Small Business DevelopmentCenters and Minority Business Office has set up several new assistance programs for small businesses, entrepreneurs, and nonprofits. Among the most important is the Paycheck Protection Program and the new Shuttered Venue Operations Grant.
Paycheck Protection Program (PPP) Updates for Small Businesses
The Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s smallest businesses.
In order to reach the smallest businesses, SBA will offer PPP loans to businesses with 20 or fewer employees and sole proprietors only starting Wednesday, February 24, 2021, at 9:00 am and closing March 9, 2021. Paycheck Protection Program loans can be converted into grants if eligible recipients use the funds to pay their workers as the program outlines.
Some high-level changes have been made to this small business program:
- Establishing a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees
- Allowing sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
- Eliminating an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
- Eliminating PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP
- Ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
Applicants should work through their local SBA-approved bank to help access these funds and assist in full forgiveness steps. Applications close March 31, 2021.
Second Draw Info & Application for those who already received PPP the first time. Second Draw PPP Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide.
Our Local Banks Funding PPP
- Bank of Colorado – find a location
- Collegiate Peaks Bank – Salida, Buena Vista find your location.
- Community Banks of Colorado – Buena Vista, Leadville, Salida & more find your location.
- High Country Bank – 719-530-8886 Ron Fore Loan officer 719-530-8823 Rich Mancuso Loan Officer – find your location.
- Legacy Bank – Dave Reyher 719-395-5873
- Pueblo Bank & Trust – find a location
- TBK Bank – Buena Vista & Fairplay find a location
- Other PPP Bank funders – find your lender
Shuttered Venue Operations Grant
Emergency assistance for eligible venues affected by the COVID pandemic. While the application period has not yet opened, Shuttered Venue Operations Grant applicants should prep now because there are steps that could take up to 10 days.
- Check your eligibility & read the FAQ’s
- Sign up for a DUNS number. https://fedgov.dnb.com/webform/
- Sign up in .SAM.https://www.sam.gov/SAM/. Watch this Video!
- Create a profile. You will need to do this to sign up for
- Gather 2019 and 2020 financial
- Do the calculation for # of employees based on the FAQ
- Calculate your revenue loss in 2020
- Calculate what the potential maximum award could be for the
SVO verses PPP. Watch Grant Overview Here!
- Decide on which program to apply for!
- Sign up for program email alerts!
Direct link for all Shutter Venue Operations Grant Info
Click here to print these steps
New Startup Colorado Network and Tools
Entrepreneurs could benefit from the connections that can be made through the Startup Colorado Network. This is a free peer-to-peer network of entrepreneurs, small business owners, funders, and business support agents is built by rural, for rural. Startup Colorado is more than a mission; it’s a movement to support your right to start and it belongs to everyone. Join today!
Colorado’s Outdoor Recreation Roundtable has also launched a Rural Economic Development Toolkit. The Colorado Outdoor Recreation Industry Office is helping rural communities build their outdoor recreation economies through this toolkit. It provides state and local officials, as well as rural community members, information on best practices for developing an outdoor recreation economy.
The Colorado Tourism Office has launched a new Partner Resource Guide to help tourism industry partners fully leverage the resources the CTO provides.
OEDIT Business & Community Programs Open Now
Employee Ownership Trial Grant: This new grant is now open; available to Colorado-headquartered small businesses to pay for the reimbursement of professional technical services required to transition your business to become a Colorado Employee Owned Company. Applications are due February 26.
Advanced Industries Early-Stage Capital and Retention Grant: This grant helps Colorado-based advanced industries technology businesses develop and commercialize advanced technologies that will be created or manufactured in CO. Projects can receive up to $250,000. Applications are due March 1.
Advanced Industries Proof of Concept Grant: This grant provides funding to help Colorado research institutions speed up applied research in advanced industries and commercialize products and services with the private sector. The grant funds pre-commercial research and commercialization preparation. Projects can receive up to $150,000. Applications are due March 1.
Advanced Industries Collaborative Infrastructure Grant: This grant helps teams of Colorado-based advanced industries technology businesses and nonprofits develop new large-scale projects. Projects need to cover gaps in the advanced industries and identify a matching fund of 2-to-1 non-State funding to State funding. Applications are due April 1.
Rural Jump-Start Program: This program helps economically distressed communities attract new businesses and jobs. Counties, municipalities, and higher education institutions work together to apply for this program. When a community is a designated rural jump-start zone, new businesses can receive incentive payments and tax relief including credits, exemptions, and refunds from state income tax, state sales and use tax, and county and municipal personal property taxes.
Nominate Your Top Local Businesses for These Awards:
Colorado Manufacturing Awards: For the 6th consecutive year, CompanyWeek and Manufacturer’s Edge are hosting the Colorado Manufacturing Awards to shine a light on the region’s outstanding OEMs, brands, contract manufacturers, and suppliers. Manufacturer’s Edge is excited to invite Colorado’s stellar manufacturers to nominate in one of 12 industry and four achievement categories. View the criteria and NOMINATE your company here by March 1.
Governor’s Award for Excellence in Exporting: Accepting applications until March 15. This award was established in 1970 and recognizes economic growth through international business. Winners will be formally recognized at World Trade Day in May, the region’s annual premier international trade event and the 2020 Award Recipient was Laser Technology Inc. Companies can nominate themselves or other Colorado companies that they find deserving but must be Colorado-based and have exported products or services for two years or more. Learn more and apply.