CARES ACT FUNDING FOR BUSINESSES

04/07/2020 10:05 AM | Stephanie Owens (Administrator)

DCI had our third webinar of the series covering various topics on the response to COVID-19 and how people can support each other while maintaining the CDC’s recommendation of social distancing. Thursday’s webinar included a presentation from DCI partner Mike O’Donnell of Colorado Lending Source and Suzi Bahnsen of Boulder SBDC which focused on the emergency funding opportunities that are available for businesses during this time of COVID-19. 

Mike and Suzi gave insight into the intricacies of the Paycheck Protection Program and the EIDL disaster loans that are available to all businesses, independent contractors, self-employed, 501c3s and 501c19s. The application for the program is simple. Review the details below. The webinar was facilitated by DCI board member, Terri Takata-Smith of Downtown Boulder and her colleague Julia Simpson. 

Mike O’Donnell, Executive Director, Colorado Lending Source 
If you’ve met Colorado Lending Source’s Executive Director, Mike O’Donnell you know that he is fiercely passionate about the state of small business within our communities, and that he has a “Kansas” accent. What you may not know is that his influence is why Colorado Lending Source is who they are today. Mike’s entrepreneurial and ‘gnomerific’ spirit has been in the SBA lending world since the mid 90’s. Under his leadership Colorado Lending Source has transformed from an average SBA lender to an incredibly diverse, mission-focused, economic development organization with a team of people intent on helping small businesses startup and grow up.  
Colorado Lending Source Website

Suzi Bahnsen, Digital Marketing, Boulder SBDC
Suzi Bahnsen is a branding expert that helps companies strategize and leverage the most effective sales and marketing planning to capitalize on their time, money and resources. With over 20 years of experience as a sales and marketing professional, she has been a CMO, Director, Sales Executive and the owner of a Design and Marketing Agency. Her experience as a business owner, combined with her background overseeing marketing and sales teams, provides her with a unique understanding that comes through as she continues to share and grow. As a consultant and trainer for the SBDC, she lends her advice and support to businesses with a desire to thrive in a digital age.
Boulder SBDC Website


Paycheck Protection Program (PPP)
Application Open: Friday, April 3rd for companies and sole proprietors
                                  Friday, April 10th for self-employed
                  available until June 30th
Amount: Your average payroll cost multiplied by 2.5 
Interest Rate: 0.5% and a term of 2 years with no fee to the borrowers
Timeframe it will cover: 8 weeks and then the amount is forgiven if all staff are brought back, and paid the same as they usually are, most of loan is forgiven in 6 months
Timeframe for it to arrive: Can arrive as soon as same day 
Requirements: Tax ID number, some banks may have additional requirements  
Who it applies to: Companies, sole proprietors, self-employed, 501c3s, 501c19s
Lending Source: List of Colorado Lenders

Paycheck Protection Program Helpful Information from Colorado Lending Source

Paycheck Protection Program Application

Sample Paycheck Protection Program Application

EIDL Disaster Advance Loan
Up to $10,000
Close Date:  No closing date currently, but probably sometime next year
Funding Source: Government, through their website 

EIDL Disaster Loan Application


Gaps occurring 
Not much relief happening regarding developers and landlords with rent payments 

Questions
Can you get both EIDL and PPP?Yes as long as they’re not for the same purposes and you can refinance disaster loans into PPP loans

How do businesses that rent booth space access PPP?Similar to any other business, apply with the tax ID number and needed information

NEXT STEPS

  1. Add your contact and links to your resources to our state-wide Covid Response Spreadsheet. COVID-19 Resource Spreadsheet -- add your contact information

  2. Business Survey: DCI and NRC/Polco are working with the State of Colorado on a Business Survey. When ready, you can create a community profile on Polco. The community is able to see and keep their own results once they have at least 10 respondents. 

  3. Business Support Survey: DCI and NRC/Polco are working to create a comprehensive list of the organizations supporting business throughout the state to collect information about what is being done and how we can support local efforts.

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