Employer/Business Resources

Contact Info

Eva Henson

COVID-19 Strategic Economic Response Team Coordinator and Housing Coordinator
970-668-4570
Email

Health and Safety Protocols for Businesses

Rental Assistance

Colorado Division of Housing Emergency Rental Assistance

In response to the COVID-19 pandemic, Colorado Department of Local Affairs’ Division of Housing (DOH) has launched emergency rental assistance programs for both landlords and tenants. Through the Property Owner Preservation Program, any business or its tenants have been unable to pay rent due to financial hardship caused by COVID-19 may be eligible for rental assistance from the state. Visit the Division of Housing’s Emergency Rental Assistance webpage for more information and to apply.

Frisco COVID-19 Business Assistance Grant Program

All of the funding for Frisco COVID-19 Business Assistance Grant Program has been distributed to local businesses, and the grant application process is no longer open.

During Frisco Town Council’s special meeting on Tuesday, April 7, 2020, Council approved $500,000 in funding for the Frisco COVID-19 Business Assistance Program to support Frisco’s independently-owned businesses, as they are a vital part of what makes Frisco such a vibrant and thriving community.

The purpose of this grant was to help businesses bridge the gap in funding, while waiting for Federal and State assistance, by providing immediate funds to pay for essential business-related expenses such as rent or mortgage payments, utilities, payroll, and other business expenses. Businesses were eligible to receive up to $10,000 in grants and payments were calculated based on one month of business rent or mortgage expenses.

State & Federal Financial Assistance (updated 10/26/20)

Energize Colorado Gap Fund Extended – Now live!

The Gap Fund will provide more than $25 million in small business loans and grants to boost small businesses impacted by COVID-19.

  • Applications for round two will close on October 28, 2020 @ 5 p.m.
  • Sole proprietors, businesses and non-profits with less than 25 full-time 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.
  • The application process is not first-come, first-served and will be distributed in phases. Applicants are encouraged to be thoughtful in their responses as not all applications are guaranteed approval.
  • Energize Colorado will provide interested applicants with assistance during the process through a mentorship program.
  • You can call the Energize Colorado hotline at 1-800-471-0628. It is open seven days a week from 6am to 6pm.
  • You can also email GapFundSupport@energizecolorado.com
Apply for the Gap Fund

Paycheck Protection Program (PPP) Loan

Current law dictates that the PPP close at the end of August 8, 2020. As such, the SBA is no longer accepting PPP applications from participating lenders.

Loan Forgiveness

If you’ve received a Paycheck Protection Program forgivable loan, we want to make sure you are making the best decisions for your business, whether it’s ensuring you are maximizing your loan forgiveness or deciding to return the loan.

Changes to PPP

On Friday, June 5, 2020, the President signed the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010), which made several changes to the Paycheck Protection Program (PPP). Here are a few of the enhancements made to the PPP: Learn More Here.

  • Extends the covered period from June 30, 2020 to December 31, 2020 for forgiveness of PPP loans.
  • Provides a safe harbor from reductions in loan forgiveness based on reductions in full-time-equivalent (FTE) employees for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020, due to compliance with new requirements.
  • Remove the limits on loan forgiveness for small businesses that were unable to rehire employees, hire new employees or return to the same level of business activity as before the virus.
  • Expand the 25% cap to use PPP funds on non-payroll expenses, such as rent, mortgage interest and utilities, to 40% of the total loan. The lowers the 75% requirement for payroll expenses to 60% of the PPP loan is used for payroll.
  • Extend the period for when a business can apply for loan forgiveness, from within 6 months to within 10 months of the last day of the covered period, before it must start making interest and principal payments.
  • You must keep your FTE count for either your 8 or 24 week period, which ever applies to you.
  • Individuals/businesses that have received funding are strongly encouraged to talk to their Lender or Tax Professional prior to making any changes to their loan.
  • You must check with your Bank/Lender to find out when they will be accepting the Loan Forgiveness Applications.(updated 6-16-20)
  • There are no amendments or corrections for the PPP Loan Forgiveness Application. Once it’s submitted, that’s it.

Small Business Administration Express Bridge Loans

  • If a Colorado small business already has a business relationship with an SBA Express Lender, they can apply for a loan for up to $25,000 with less paperwork, speeding up the process.
  • This loan can be used to bridge the gap while applying for an Emergency Injury Disaster Loan. Learn More Here.
Find a Lender Here

Employee Retention Tax Credit

  • This tax credit is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19.
  • This credit will allow employers to recoup up to $5,000 for wages paid to employees during the period March 12, 2020 to January 1, 2021.
  • It is available to any business that either fully or partially suspends operation during any calendar quarter in 2020 due to COVID-19; or experiences a significant decline in gross receipts during the calendar quarter.
  • The credit is taken against the employer portion of social security taxes.
  • The employer may not receive the credit if they also receive the Paycheck Protection Program (PPP Loan). Learn More Here.

SBA Economic Injury Disaster Loans (EIDL) and EIDL Advance

Many businesses that have initiated an Economic Injury Disaster Loan (EIDL) and EIDL Advance application are uncertain of their status and/or have received emails that leave their loan status in doubt. Learn More about SBA funding options.

  • The SBA is actively working to resolve the intake process challenges; however, the corrected process has inadvertently created duplicate applications in some cases and those duplicates may need to be reactivated in order to be processed. Doing so will not alter the place in line that your initial application secured but it is necessary to continue processing your application.
  • Businesses with an application number beginning with a “2” will need to reactivate their application in the SBA portal.
  • Businesses with an application number beginning with a “3” DO NOT NEED to reactivate their application as it is currently in the review process. EIDL Advances are automatically deposited into business accounts once they have been processed.
  • If your EIDL application was already submitted, check the status of your application by contacting the SBA at 1-800-659-2955 or disastercustomerservice@sba.gov

Debt Relief for Existing and New SBA Borrowers

  • The SBA will defer loan payments for existing SBA borrowers (Small businesses who already have standard SBA 7(a), 504, or microloans), including principal, interest, and fees.
  • This relief will also be available to new borrowers who take out an SBA loan within six months after the President signs the bill.
  • While SBA borrowers are receiving the six month debt relief, they may apply for a PPP loan that provides capital to keep their employees on the job. Read More Here

*The availability and administration of the Emergency Grant program, the PPP, and the Debt Relief for existing SBA borrowers could change based on the action taken at the federal level, but it is worth applying via SBA Emergency Injury Disaster Loans (EIDL) now to take advantage of this potential benefit.*

Alternative Funding Sources (Updated 10/16/20)

Colorado Office of Economic Development and International Trade Resource List

This Google sheet helps Colorado’s small businesses find alternative funding sources beyond the EIDL, PPP, and other federal loans and programs.

Colorado Lending Source – Small Business Emergency Loans

This new financing option is for rural-based Colorado businesses that have been impacted by COVID-19. Learn More.

Loan details of the Small Business Emergency Loan Program are as follows:

  • $10,000 loans;
  • 3.75% fixed interest rate;
  • Two year terms;
  • Payments deferred for six months

Main Street Lending Program

  • The Federal Reserve has created the Main Street Lending Program to provide a total of $600 billion in financing for small and medium-sized businesses.
  • This is a lending program separate from the PPP that is designed to assist small businesses through government-backed loans.
  • Here’s what you need to know to check eligibility and get ready to apply.

Legal Assistance

Colorado COVID-19 Legal Relief provides free legal support for businesses.

  • This organization connects attorneys with Colorado businesses in need to help them make informed decisions and get back on their feet.
  • From financial aid compliance to leasing arrangements and business liability, small businesses across our state face complex challenges and most small businesses need legal resources and expertise to make informed decisions.

More Information To Come

  • This page was last updated on October 26, 2020.
  • This page was created the same day that the 2 trillion dollar Phase 3 COVID-19 stimulus package was passed by the House and signed by President Trump on March 27, 2020. The Federal government continues to release information, and our Frisco SERT staff will continue to sift through and provide resources about these programs.
  • Please email us with more specific questions, and we will work on finding answers.

Helpful Regional and Local Resources

Colorado Small Business Development Center

Northwest Colorado Council of Governments

Summit Chamber of Commerce