COVID Resources

Small Business Administration (SBA) Disaster Loan Assistance

-Any federally insured bank or lender can access these programs for businesses, unlike normal SBA programs which require a partner lender.

Economic Injury Disaster Loan (EIDL)-COVID-19: Apply-https://covid19relief.sba.gov/

Must have suffered substantial economic injury-can’t meet financial obligations or operate
Provides up to $500,000 for operating expenses including working capital, inventory, equipment purchases, and real estate purchases. six months-collateral on loans greater than $25,000, two years of economic injury
Interest rates 3.75% for businesses, 2.75% for nonprofits
Credit checks
Loan payment deferred for two years if received EIDL in 2020, and 18 months for loans made in 2021.
Businesses, 501(c)(3) non-profits, sole proprietors, and small agricultural coops and aquaculture
30-year repayment plan
Small business owners and agricultural businesses with 500 or fewer employees are eligible to apply
Apply by Dec.31, 2021

Targeted EIDL Advance:

Up to $10,000 advance (funds are not paid back for businesses located in low income communities to ensure small business continuity, adaptation, and resiliency
Available for businesses who previously received EIDL Advance for less than $10,000 or applied but were unable to receive it due to lack of program funding
SBA will only reach out to provide Targeted EIDL Advance to businesses if they are located in a Census tract where the poverty rate is at least 20%, and if located in a metropolitan area the median income must not exceed 80% of the median income for the State or the metropolitan area. These businesses must also be able to show more than a 30% decrease in gross revenue during an eight week period beginning Mar.2, 2020 or later
Advance amount not deducted from forgiven PPP amount

Paycheck Protection Program (Available through May.31, 2021):

Up to $2 million loan to cover payroll and certain other expenses (from previous 12 months of payroll or 2019 calendar year payroll up to $100,000 per employee multiplied by 2.5, or if in Accommodations and Food Services sector multiplied by 3.5 up to $2 million), including vacation, parental, family, and medical leave, allowance for dismissal or separation, payments for group health benefits including premiums, retirement benefits, State or local taxes assessed on the compensation of employees, mortgage interest, rents, utilities, worker protection from COVID-19, and damage caused by looting and vandalism. Additionally, payments for any software, cloud computing, and other human resources needs will be covered. PPP will also cover payments for supplies pursuant to a contract, purchase order, or order for goods in effect prior to taking the loan that are essential to the business’s operations. Previous PPP loans can also be used for these same expenses provided they have not been forgiven first.
For self-employed persons, sole proprietors, and contractors, amount of PPP loan will be 2.5 times average monthly gross income or net profit from 2019 or 2020, added to any amount of outstanding EIDL funds that were received between Jan.31 and Apr.3, 2020 that the business wants to refinance. $100,000 is cap for annual gross income or net profit, so this amount will be used even if your gross income or net profit is greater than $100,000. The maximum amount for the loan will be $20,833 ($100,000/12 * 2.5). If gross income or net profit exceeds $150,000 the SBA can audit your business
For seasonal businesses, average monthly payroll can be used for the period of Feb.12, 2019 or Mar.1,2019 to Jun.30, 2019. If not in business during this period businesses can use the period of Jan.1-Feb.29, 2020
8-24 weeks loan term
If no employees are laid off over previous year, a portion of the loan is forgiven. Safe harbor if business fired employees and made a good faith attempt to rehire them but employee refused, or if the employee was fired for cause or voluntarily resigned or reduced hours. If business laid off employees or reduced hours past 25% between Feb.15 and Apr.26, 2020 but were returned to Feb.15, 2020 full time equivalent (FTE) employees and hours by Dec.31, 2020, then business is exempt from forgiveness reduction. Fully forgiven if loan is used for payroll and other eligible expenses with 60% of the forgiven amount going towards payroll. Forgiveness reduced if full time employees reduced or if salaries and wages decrease more than 25%. Forgiven amount not taxable income.
For loans less than $150,000 applicants can sign a one page certification that only requires them to provide a description of the number of employees who will be retained by the loan and the percent of the loan funds to go towards payroll. Must keep all employment records for four years and non-payroll records for three years in case of audit
First Draw PPP Loan for new applicants, and those who did not receive loan forgiveness by Dec.27, 2020 and previously returned some or all of their PPP loan amount. Must have no more than 300 employees.
Second Draw PPP Loan for applicants who has or will use their full First Draw amount for applicable uses, has no more than 300 employees, and an demonstrate at least a 25% reduction of gross receipts from a quarter in 2019 to the same quarter in 2020.
No credit checks
For both Draws, loan forgiveness must be applied for within ten months after the last day of the covered period, otherwise the deferment of payment on loan will end.
Revised PPP Loan Forgiveness Application and instructions. This application allows health insurance costs, severance pay, and paid family, vacation, and medical leave to be included in payroll and for retirement costs and state and local taxes on employee compensation to be included. Safe harbor for reductions in employee and wages if business was unable to operate at full capacity due to CDC, OSHA, and HHS requirements or guidances established between Mar.1 and Dec.31, 2020.
EZ PPP Loan Forgiveness Application. EZ PPP Loan Forgiveness Application is to be used by self employed persons with no employees, employers that didn’t reduce the salaries or wages of their employees by 25% or more and did not reduce the hours of their employees, or employers who experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%. It requires less documentation.
3508S Loan Forgiveness Application and instructions: This application is used for businesses that received $50,000 or less from the PPP
Interest rates 1% on unforgiven loan amount, five year maturity
Expenses made with forgiven amount are deductible from taxes
Available for businesses, 501(c)(3) non-profits, sole proprietors, farms, churches, 501(c)(19) veteran’s organizations, independent contractors, self-employed persons
Must have been in business as of Feb.15, 2020
Available for non-residents, business owners delinquent on federal student loans, and with non-fraud felony convictions
Initially, PPP loans will be provided by Community Financial Development Institutions (CDFI), Minority Depository Institutions (MDI), Community Development Corporations (CDC), and Microlender Intermediaries before opening up to existing SBA 7(a) lenders, Federally insured depository institutions, eligible non-bank lenders, and Farm Credit System Institutions on Jan.19
Find eligible lender and apply for First Draw PPP here if your business has employees, and here if it does not, and apply for Second Draw PPP here if your business has employees and here if it does not
First disbursement of loan must be 10 days from application

Restaurant Revitalization Fund: Apply here

The American Rescue Plan Act provided $28.6 billion dollars to the SBA to administer the Restaurant Revitalization Fund. Eligible entities include

Restaurants
Food stands
food trucks
food carts
Caterers
Bars, saloons, lounges, taverns
Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products
Other similar places of business in which the public or patrons assemble for the primary purpose of being served food or drink
Snack and nonalcoholic beverage bars
Bakeries
Brewpubs, tasting rooms, taprooms
Breweries and/or microbreweries
Wineries and distilleries

Bakeries, brew pubs, breweries, and wineries must provide documentation with their application that at least 33% of their gross receipts in 2019 came from on-site sales. Inns must provide documentation with their application that at least 33% of their gross receipts in 2019 came from on-site sales of food and beverage.

LLCs, sole proprietorships, partnerships, and S and C corporations are all eligible to apply.

Funding requests for grants must be at least $1,000 and are capped at $10 million per business, with a maximum of $5 million per physical location. For businesses who started operations (meaning day of first sale) on or before Jan.1, 2019, funding is determined by 2019 gross receipts subtracted by 2020 gross receipts and total disbursement of any PPP loans. For businesses who started operations in 2020, annualized gross receipts must be determined by finding average monthly gross receipts for the period of operation multiplied by 12 or by using the calculation method for businesses who started operations between Jan.1st, 2020 and Mar.10th, 2021, or businesses who have not yet started operations but as of Mar.11th, have incurred eligible expenses: Taking the total amount of eligible expenses made between Feb.15th, 2020 and Mar.11th, 2021. Either of these amounts are then subtracted by 2020 gross receipts and total disbursement of PPP loans.

Eligible expenses include:

1. Business payroll costs, including sick leave and costs related to the continuation of group health care, life, disability, vision, or dental benefits during periods of paid sick, medical, or family leave, and group health care, life, disability, vision, or dental insurance premiums

2. Payments on any business mortgage obligation (both principal and interest; note: this does not include any prepayment of principal on a mortgage obligation)

3. Business rent payments, including rent under a lease agreement (note: this does not include any prepayment of rent)

4. Business debt service (both principal and interest; note: this does not include any prepayment of principal or interest)

5. Business utility payments for the distribution of electricity, gas, water, telephone, or internet access, or any other utility that is used in the ordinary course of business for which service began before March 11, 2021.

6. Business maintenance expenses including maintenance on walls, floors, deck surfaces, furniture, fixtures, and equipment

7. Construction of outdoor seating

8. Business supplies, including protective equipment and cleaning materials

9. Business food and beverage expenses, including raw materials for beer, wine, or spirits

10. Covered supplier costs, which is an expenditure made by the eligible entity to a supplier of goods for the supply of goods that:

• Are essential to the operations of the entity at the time at which the expenditure is made; and

• Is made pursuant to a contract, order, or purchase order in effect at any time before the receipt of Restaurant Revitalization funds; or

• With respect to perishable goods, a contract, order, or purchase order in effect before or at any time during the covered period;

11. Business operating expenses, which is defined as business expenses incurred through normal business operations that are necessary and mandatory for the business (e.g. rent, equipment, supplies, inventory, accounting, training, legal, marketing, insurance, licenses, fees). Business operating expenses do not include expenses that occur outside of a company’s day-to-day activities. Note: Past-due expenses are eligible if they were incurred beginning on February 15th, 2020 and ending on March 11th, 2023.

All grant funds must be used by Mar.11th, 2023 on eligible expenses incurred from Feb.15th, 2020 to Mar.11th, 2023, or whenever the business closes, whichever occurs sooner. All grantees are expected to report on how much of the grant funds have been used in each of the eligible categories by Dec.31st, 2021, and must certify if they have spent all funds already. If they have not, grantees will complete annual reporting for each subsequent year until the deadline. $5 billion is set aside for applicants with 2019 gross receipts of not more than $500,000. An additional $4 billion is set-aside for applicants with 2019 gross receipts from $500,001 to $1,500,000. An additional $500 million is set-aside for applicants with 2019 gross receipts of not more than $50,000.

Eligible businesses may apply through a SBA partner Point of Sale system, or the SBA site itself when the application opens. Apply using this form. For more information on documentation and other details about the Restaurant Revitalization, go here. To sign up for email updates on the program, such as when it will open, go here.

SBA Debt Relief:

SBA will pay principal and interest for six months for current 7(a) loans (an SBA program that provides up to $5 million loans for expansion, renovation, and purchase of new equipment), section 504 loans (program that provides 90% of the financing for improvements or expansion of business), and microloans approved prior to Sep.27, 2020 capped at $9,000 per month.

For loans not on deferment, SBA will begin making payments with the next payment due on the loan and will make six monthly payments.
For loans currently on deferment, SBA will begin making payments with the next payment due after the deferment period has ended, and will make six monthly payments.
Payments will continue for loans approved between Feb.1 and Sep.30 of 2021
The Economic Aid Act authorized an additional three months of debt relief payments on principal and interest starting on Feb.1, 2021; eight months for underserved borrowers that were most affected by COVID-19
Waives borrower and lender fees with the 7(a) and Section 504 loan
Enhances microloan program in order to provide financial and technical assistance to businesses impacted by COVID-19
All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12 months to 24 months.
All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12 months to 18 months.

Express Bridge Loan Pilot Program:

Eligible lenders and forms to apply here

Allows SBA Express lenders to provide SBA-guaranteed expedited loans up to $25,000 for disaster-related purposes to businesses they already have a relationship with while they are applying for long term financing.
Must be unable to obtain some or all amount through other creditors on reasonable terms.
Must have been in operation as of Mar.13, 2020 and been adversely affected by COVID-19
Funds must be used for survival and/or reopening of business
Loan term of seven years, first loan disbursement within 45 days after lender’s receipt of loan number

Nav Small Business Grant Contest:

Nav, a company that works to connect businesses to financing, has opened a quarterly Small Business Grant Contest. First place wins $10,000 and second place $5,000. All finalists will receive a free year of Nav's Business Manager (valued at $360). To participate, businesses must-

1. Be a Nav customer or sign up for a free Nav Account.

2. Fill out form on the site-https://www.nav.com/business-grant-contest/. After you submit this form, you will receive an email that will contain your unique voting link.

3. Post on your business’s Facebook, Instagram, or LinkedIn account (do not use a story as your entry post — this will disqualify you). Include #navsmallbusinessgrant in your entry and explain the following:

What your business does
A challenge your business has overcome in the past and a challenge you continue to struggle with
How the grant funds will help you overcome your challenge and detailed specifics about how you plan to use the prize money
Share your unique voting link from step 2 in your post (or with your link in bio for Instagram) and encourage your followers and customers to vote for your business. Individuals can only vote for a business one time during each grant round.
The post can either be written or a video, though videos are strongly encouraged!

4. Continue to encourage your followers and customers to vote for your business with your unique voting link. The votes will be used to narrow down the top 200 businesses. Nav will review the social media posts of the top 200 businesses and verify that they have created a Nav account to choose their finalists. Voting closes March 9th, 2021.

Of the top 200 businesses with the most votes, five finalists will be chosen that will have a call with Nav to discuss why they think they should be selected as the winner.

This quarter's contest closes on Mar.9, but will reopen for the next quarter in April.

HelloAlice COVID-19 Resource Center:

HelloAlice has created and compiled resources tailored for retailers and restaurants on adapting your business to the COVID-19 business climate, reopening, and managing inventory and transitioning to online sales. COVID-19 Retail Industry Resource Center (helloalice.com)

OEDIT Colorado Loans to Increase Mainstreet Business Economy Recovery (CLIMBER) Fund:

$30,000-$500,000 loans for working capital for for-profit and non-profit businesses, including sole proprietors with 5-99 employees below market interest rates, 5 year maturities, and payment deferrals for up to one year. Businesses must have had a two year positive cash flow in the past five years prior to Feb. 29th, 2020 and a debt service ratio of at least 1:1 prior to Feb.29, 2020. Apply here

Southern Colorado Community Lending:

Southern Colorado Community Lending has opened a new Emergency Small Business Loan Fund for small businesses whose primary operations are in Pueblo, Fremont, Huerfano and Custer counties.

Loan Limits: $1,000 to $20,000

Interest Rate:
- Option 1: 0% for a term of 6 months
- Option 2: 2% term of up to 2 years

Term: 6 months to 2 years

Loan Fee: 3%; 2% origination, 1% loan loss reserve to the CHFA CCR Program

Eligible Uses: Working capital only

Eligible Borrowers:
- Option 1: micro-enterprises that are low-income or will retain low-income jobs
- Option 2: small businesses that will retain low-income jobs

Repayment: Begins at 60 days

Credit: Principal business owner(s) must have reasonable and responsible personal credit history and an acceptable explanation for any derogatory marks. Bankruptcies and debt write-offs must be at least 12 months old

Cash Flow: Businesses must show that historical profits were sufficient to service the requested debt and have been impacted by the COVID-19 outbreak

For more information on financial and tax documents required for the loan, and the application itself, go here

Colorado Department of Labor and Employment (CDLE):

CDLE provides assistance for employees applying for unemployment benefits and work-share programs for businesses, where employees work 10-40% less hours for partial unemployment benefits, consultations on layoff-aversion and workshops for employees in transition. The CDLE also provides a list of other aid benefits from the CARES Act, including-

Employee Retention Tax Credit (ERTC)-A refundable payroll tax credit for the wages paid by employers to employees up to $14,000 per employee, if the business has seen a decline of 20% or more in gross receipts in any quarter of 2020 compared to the same quarter in 2019 and has 500 or fewer employees. Eligibility for the tax credit for a quarter ends if gross receipts are 80% what they were in the same quarter the previous year. In December 2020 this program was amended to allow applicants to apply the credit and also apply for the PPP, but the ERTC cannot cover the same payroll expenses as the PPP. Employers cannot apply for the ERTC and Work Opportunity Tax Credit for the same period. ERTC is also able to work as an advanceable tax credit to help with cash flow issues.
Temporary increases in the amount of interest expense businesses are allowed to deduct on their tax returns to 50% of taxable income for 2019 and 2020

USDA Rural Development

Business and Industry Loan Guarantee: $1 billion in lending authority available for businesses, nonprofits, coops, federally recognized tribe, and individuals. Eligible areas have populations less than 50,000 and not in the urbanized area of the city or town. Business headquarters may be located anywhere as long as the project is in an eligible rural area. Business headquarters may be located anywhere as long as the project is in an eligible rural area. Businesses must have been in operation prior to Feb.15, 2020.

Funds may be used for working capital to prevent, prepare for or respond to the effects of the coronavirus pandemic.
The collateral value must be at least equal to the loan amount. Hazard insurance is required on collateral (equal to the loan amount or depreciated replacement value, whichever is less).
Participating lenders have 90% loan guarantee from the USDA
Maximum loan term is 10 years.
Loans must be repaid in full and amortized by the maturity date; balloon payments are not permitted.
Interest payments may be deferred in the first year; principal payments may be deferred for up to 3 years.
Interest rates are negotiated between the lender and borrower, subject to Agency review.
Rates may be fixed or variable.
Variable interest rates may not be adjusted more often than quarterly.
There is an initial guarantee fee equal to 2 percent of the guaranteed amount.
There is an annual renewal fee of 0.5 percent of the outstanding principal balance calculated at December 31 of each year.
Reasonable and customary fees are negotiated between the borrower and lender.

For more information on what lenders are participating in this program, talk to your creditor or contact the USDA Colorado office:

Sallie Clark, State Director

Denver Federal Center

Building 56, Room 2300

PO Box 25426

Denver, CO 80225-0426

Voice: (720) 544-2903

Fax: (720) 544-2981

Colorado Relay: (800) 659-3656

USDA Coronavirus Guidelines

FAQ’s on food safety and access to food, as well as agricultural trade.

USDA Programs and Services Update: USDA’s Farm Servicing Agency is extending deadlines for farm loan applications, loan servicing actions (such as deferrals) and will cease loan accelerations. Other extensions and alterations for commodity loans, crop insurance, and disaster assistance can be found here.

For more information and assistance on applying for USDA programs, contact the Trinidad Service Center, 3590 East Main Street, Trinidad, (719) 846-3681

Greater Colorado Pitch Series

This program, partially sponsored by Startup Colorado allows small businesses in rural Colorado who serve customers outside of rural Colorado the opportunity to apply for up to $1.3 million in funding for four different tracks to accelerate growth. Apply here: 2021 GCPS Application (airtable.com) . The options are

Venture, Pre-Seed: $50,000, The Fund Rockies

Debt, Pre-Seed: $50,000, First Southwest Community Fund

Venture, Seed: $250,000, Greater Colorado Venture Fund

Debt, Growth Stage: $1 million, Greenline Ventures

Colorado COVID Legal Relief

A partnership between the Colorado Attorney General’s Office, the Office of Economic Development and International Trade (OEDIT), and several private law firms to provide limited free legal advice for Colorado small businesses on COVID-19 by volunteer attorneys. Once you have applied, there is no guarantee an attorney will be able to assist you, and it may be two weeks before an attorney contacts you. The site offers free webinars that offer legal advice related to COVID-19 such as information on evictions, lease management, insurance asset liquidity, and loans. It also provides general COVID-19 resources from the SBDC, CDC, and the COVID-19 Business Hotline-a State resource for information and advice for small businesses dealing with the adverse financial affects of COVID-19.

Energize Colorado Gap Fund

The Energize Colorado Gap Fund will provide more than $25 million in small business loans and grants to boost small businesses impacted by COVID-19. Sole proprietors, businesses and nonprofits with less than 25 full-time equivalent employees can apply for up to a $15,000 grant and a $20,000 loan for a possible combined total of $35,000 in financial assistance for economic losses associated with COVID-19 due to stay at home order, voluntary closure, decrease in customer demand, or increased operating costs. Loan terms will be 24-36 months with interest rates of 0% and payment deferment for the first 4 months, 1% for months 5-12, and 1.5% after. The second round is open Oct. 5-26. Sign up to Energize Colorado's email list to be alerted when another application period opens.

Examples of Eligible Expenses:

Payroll costs
- Increased workers compensation cost due to COVID-19 pandemic
- Premium Pay
- Hazardous duty, physical hardship in case related to COVID-19 pandemic
- Overtime related to COVID-19 pandemic
- Employee stipend if deemed necessary due to COVID-19 emergency provided on a reimbursement basis
Rent to mitigate COVID-19 impact
Equipment
Real property
Livestock depopulation deemed necessary for public health reasons
Programs to implement COVID-19 social distancing measures
Training to mitigate the impact for employees furloughed due to COVID-19
Inventory for items to mitigate COVID-19 impact

Documents that demonstrate economic hardship due to COVID-19 include

Bank records
Point of sale receipts
Profit and loss statements
Tax filings
Expense receipts

Eligibility:

Small Businesses/Enterprises - Colorado sole proprietors and registered small businesses including LLCs, S-Corps and other business types.
Nonprofits - Colorado nonprofits whose mission and/or programs directly support economic development, small businesses, or tourism.
Fewer than 25 employees - Applicants must have fewer than 25 full-time equivalent (FTE) employees prior to COVID-19. An employer may use its off-season employee count.
Impacted by COVID-19 – Applicants must be able to show the economic hardship their business is facing due to the COVID-19 pandemic.
Must select what financial assistance your business has already received and demonstrate need beyond that assistance

Priority Given to Businesses Who Are:

majority-owned by Black, Indigenous, People of Color, Veterans, or Women
In rural areas with a population of less than 50,000 people
In the tourism sector
With limited or no access to capital financing or other federal, state or local grants/loans

Energize Colorado will provide a mentoring program to assist in filing this application. If you have reviewed the information available online and still have questions, reach out to the technical assistance team for help. They are available to answer questions or help prepare documentation ahead of time for when the application is released.

1-800-471-0628 (7 days a week 6 AM- 6 PM)

Email: GapFundSupport@energizecolorado.com.

An applicant may apply for funding more than once. This may be considered if;

The financial loss from March 1, 2020 - time of application was less than $15k
Additional loan funds are desired

Office of Economic Development and International Trade (OEDIT) Alternative Sources of Funding List

OEDIT has provided a routinely updated Google Docs sheet of alternative sources of loans, grants, and other forms of financial assistance for Colorado businesses. The full list of resources can be found here.

There are hundreds of resources for all sectors of the economy, and from private and federal organizations, assisting in everything from credit card deferments to grants for restaurant employees and bartenders. Highlights of resources that may be applied for by Huerfano County businesses-

First Southwest Community Fund COVID-19 Response and Recovery Fund

Loans for rural businesses and non-profits affected by COVID-19.

Eligibility:

Rural Colorado businesses and nonprofits, in towns under 50,000 in population
Businesses creating impact through job creation and retention
Businesses that will need additional capital to survive and re-start
Women-owned, minority-owned and veteran owned-businesses are encouraged to apply

Loan Terms:

Loan Size: $10,000-$100,000
Interest Rate: 3.5%
Length of Loan: 7 years (6 month payment deferral)
Use of Capital: Working capital and operating needs

National Association for the Self-Employed Growth Grants

Available to business owners who are a member. Must be in good standing three months before applying, can apply immediately if an annual member, after 90 days if a monthly member. Annual membership costs $120 while monthly membership costs $11.95 monthly at the most basic plans. Applicants can receive a $4,000 grant if they

Demonstrate business need that can be fulfilled by grant
Provide detailed explanation of how they will us grant
Show how grant will improve business growth and success
Have supporting documentation such as a business plan

Grant funds can be used for:

The purchase of new equipment or software
The funding of advertising, marketing materials or training
Any specific business need that a business lacked the finances to fulfill

Become a member here

Rocky Mountain MicroFinance Institute Business Builder Loans

Offers four types of loans throughout the stages of a business being developed, higher amounts available on successful repayment of smaller loans.

Seed Loan (for feasibility testing): $500
Launch Loan: $2,500
Thrive Loan: $5,000
Growth Loan: $75,000

Eligible businesses have five or fewer employees and are in need of immediate capital of $15,000, household income must be less than sliding scale.

Interest rates between 8% and 12% with repayment periods of 6-24 months. Apply here

Colorado Lending Source and KIVA Hub Partnership

Provides 0% interest microloans up to $15,000. To apply, owners must-

Calculate monthly credit card payments, mortgage or rent, and other debt payments
Check credit score
Show proof of business-state filing or Employer Identification Number
Describe yourself and business
Outline what you will do with the funds and how it will help your business
Submit a photo of you and your business

Apply here

Farmer’s Emergency Fund:

Grant of $500 for small farms of less than 500 acres for immediate emergency expenses related to farm operations and daily necessities, including utilities, medical payments, farm labor, equipment repair, or purchase of seed if suffered crop loss recently. Apply here.

eBay Up and Running Program

eBay is offering a program to small businesses who transition into online retail with benefits including-

No listing fees on up to 200 listings per month. Pay fees only when you sell.
Exclusive access to webinars led by growth advisors, coaching from top sellers and other premium learning opportunities.
Free access to the eBay Community group
Powerful selling tools and insights.
Access to eBay's 170M+ buyers worldwide.

Access the program here.

Lowe’s-LISC Partnership Rural Relief Small Business Grant

The Local Initiatives Support Corporation (LISC) was provided $55 million for a grant fund through Lowe’s to provide grants for COVID-19 relief for small businesses, $25 million of which is for small businesses in rural areas-defined as communities with 50,000 or less people.

Grants from $5,000 to $20,000 for

Paying rent and utilities
Meeting payroll
Paying outstanding debt to vendors
Upgrading technology infrastructure
Other immediate operational costs

Applicants with multiple businesses must only apply for their largest business. May make separate applications for each round. Priority given to women, veteran, and minority owned businesses or businesses in underserved communities lacking access to flexible, affordable, capital.

Latest round opens Jan.26-Feb.2

Connect2Capital:

Connect2Capital is a platform that connects businesses in need with non-profit community lenders with flexible terms. Businesses can request a certain loan amount for purchasing capital, inventory, real estate, refinancing debt, etc. , describe their business's vision and growth plans and be paired with a lender that is suitable for their business. Connect2Capital will provide technical assistance for applying for loans, as well as guidance during the underwriting process and preparation of final documents. If you cannot be matched with a lender, one will be paired to consult with your business and provide you with resources to prequalify.

Find Assistance Here

Kabbage:

Kabbage is offering businesses the ability to create an account and sell gift cards from $5-500 for their business, with a unique URL to share to customers interested in purchasing one.

To create an account, go here

Opportunity Fund Small Business Relief Fund:

This program allows business owners to apply for loan payment relief for up to three months, obtain affordable capital investments, and receive free technical assistance to restructure debt, financial and tax advice, marketing strategies, and layoff aversion advice.

Apply here: Assistance for Small Business Owners Affected by COVID-19 - Opportunity Fund

USDA Coronavirus Food Assistance Program:

This program is intended to offset the increase in marketing costs associated with certain crops and livestock by a portion of their decline in revenue for each. The program was expanded on Sep.17, 2020 with a deadline of Dec.11, 2020. Applications were initially reopened until Feb.26, 2021 while the program was under review by the federal government, but that deadline has now been eliminated and applications may be received until the review is completed.

The program will provide payments based on rates of pay per acre or bushel or head of cattle, for row crops, wool, livestock, specialty crop, specialty livestock, floriculture and nursery crops, aquaculture, broilers and eggs, and tobacco, to allow producers to absorb increased marketing costs due to COVID-19. The maximum amount that an eligible individual or legal entity may receive is $250,000, unless-

Two different members of the legal entity each provide at least 400 hours of active personal labor, active personal management, or combination thereof with respect to the production of 2020 commodities, then an entity may receive up to $500,000.
Three different members of the legal entity each provide at least 400 hours of active personal labor, active personal management, or combination thereof with respect to the production of 2020 commodities, then an entity may receive up to $750,000.

Any individual or legal entity who shares in the risk of producing a commodity may apply for the program. Producers must be in the business of farming at the time of submitting their application to be eligible. Commodities grown under a contract in which the grower has ownership and production risk are also eligible. Producers can apply for assistance for only commercially produced commodities. To be eligible for payments, a person or legal entity must have an average adjusted gross income (AGI) of less than $900,000 for tax years 2016, 2017, and 2018. However, if 75 percent of their adjusted gross income comes from farming, ranching, or forestry-related activities, the AGI limit of $900,000 does not apply and the person or legal entity is eligible to receive CFAP 2 payments up to the applicable payment limitation. The Additional Assistance extension of the application period now allows contract producers to apply for livestock as well. Pullets and turfgrass sod are now also available expenses.

For information on calculating expenses go here- Coronavirus Food Assistance Program – Additional Assistance | Farmers.gov: Resources for Farmers and Producers, and here- Coronavirus Food Assistance Program 2 | Farmers.gov: Resources for Farmers and Producers.

Apply here- Apply for Coronavirus Food Assistance Program 2 | Farmers.gov: Resources for Farmers and Producers

Colorado Lending Source Small Business Emergency Loans for Rural Colorado

$10,000 loans at 3% interest rates and two-year terms. Businesses must be located in a rural community. Payments deferred for six months. Apply here

SBDC Business Resiliency Guide and Materials

Small Business Resiliency Guide that uses critical resources, alternative resources available to businesses as well as their emergency response plans to formulate a contingency plan for hazards such as COVID-19. All business resiliency materials can be found here

Business Interruption Insurance

This is insurance that covers business income lost due to a disaster and is generally an addendum to your property insurance. The coverage period is generally defined as the date the interruption began to the date normal business operations resumed. It covers operating expenses, a move to a temporary location, payroll, taxes, loan payments, and profits. Financial statements from previous months are used to justify amount of payout. Providers include Farmer’s Insurance, AP Intego, and Nationwide. Annual premiums are typically anywhere from $500-$1500. Unfortunately, business interruption insurance only covers physical disasters currently, but business interruption insurers are considering an option where by claims are made related to COVID-19 and are adjusted by the insurance provider to determine an appropriate payment. For example, the Hartford doesn’t specifically cover insurance claims related to COVID-19 but states “Every situation, however, will be evaluated on a case-by-case basis and reviewed based on the underlying facts, policy language and applicable law. If you believe you have a business interruption claim, you can file a claim online.

It is important to discuss business interruption insurance with your property insurer to see if some form of compensation can be obtained for COVID-19 business interruption.