The Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness.

• A borrower can apply for forgiveness once all loan proceeds have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan.
• If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
• First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
  • Employee and compensation levels are maintained
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60% of the proceeds are spent on payroll costs

• Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
  • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60% of the proceeds are spent on payroll costs.

The SBA’s Economic Injury Disaster Loan (EIDL) Program provides small businesses and non-profits with low-interest loans that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing due to COVID-19.

Small businesses that received a COVID-19 Economic Injury Disaster Loan won’t have to start making payments on the loan until 2022.

This loan may be used to:

• keep employees on payroll
• pay for sick leave
• meet increased production costs due to supply chain disruptions
• pay business obligations, including debts, rent and mortgage payments

The EIDL can be used to meet financial obligations and operating expenses that could have been met had the disaster not occurred, with the following terms:

• 75% for businesses (fixed)
• 75% for nonprofits (fixed)
• 30 years
• No pre-payment penalty or fees

More information and application here.

The Shuttered Venue Operators Grant program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance.

Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.

The U.S. Small Business Administration launched a splash page for the Shuttered Venue Operators Grant (SVOG) application portal today in anticipation of opening applications on Thursday, April 8, 2021. We encourage Colorado organizations seeking a grant to prepare well in advance and be ready to move swiftly once applications go live.

Who can 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
• Each business entity owned by an eligible entity that also meets the eligibility requirements
• Must have been in operation as of February 29, 2020

*To ensure eligible venues do not miss a window to receive assistance through the Paycheck Protection Program (PPP), the American Rescue Plan Act amended the SVOG program so entities that apply for a PPP loan after Dec. 27, 2020, can also apply for an SVOG, with the eligible entity’s SVOG to be reduced by the PPP loan amount. The PPP loan applications have been updated to reflect this.

• This tax credit has been extended through December 31, 2021, and is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, giving business owners access to as much as $33,000 per employee in incentives.
• Eligible employers can claim a refundable credit against the employer share of Social Security tax equal to 70% of a full-time employee’s qualified wages paid Jan. 1 through June 30. The maximum amount available is $7,000 per employee per quarter or $14,000 for eligible wages paid in the first half of 2021.
•  For the second half of 2021 businesses can claim a refundable credit against the employer share of employment taxes (including Medicare) equal to as much as $7,000 per full-time employee per quarter during the last half of the year.
•  Eligible employers must have experienced a full or partial shut down or at least a 20% drop in quarterly gross receipts in 2021.
• The employer may not receive the credit if they also receive the Paycheck Protection Program (PPP Loan). Learn More Here.

• Fully refundable employer tax credits included in the Families First Coronavirus Response Act will be extended through Sept. 30, 2021.
• These are credits against payroll taxes to compensate employers and self-employed for providing coronavirus-related paid sick leave and family and medical leave.
• The act increases the limit on the credit to $12,000 and increases the number of days a self-employed individual can take into account in calculating the qualified family leave.
• Paid leave credits also allowed for leave due to COVID-10 vaccination. The limit on the overall number of days taken into account for paid sick leave will reset after March 31, 2021.

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.