The Town of Frisco has 36 businesses that should qualify for this waiver.

• No action is required on the part of the eligible business to waive liquor license fees at the state level. They will automatically waive renewal fees once, for 365 days for on premise licenses beginning December 7, 2020
• The waiver is applicable to on premise consumption licenses such as restaurants, bars, breweries and distilleries, and not retail (liquor stores, grocery stores, convenience stores).
• Transfer fees, concurrent review fees, permanent modifications, manager registration fees are NOT being waived.
• Late fees and reissuance fees will be waived.
• If a licensee has already paid, it will NOT be refunded.
• The state is looking at application dates to determine if a fee qualifies for a waiver – If an applicant applied before December 7^th, 2020, they are processing the checks.  If an application is dated December 7, 2020 or later, they will shred the checks (but not return them).

• While Summit County is still finalizing the details of which licenses specifically qualify, restaurants and certain limited food service licenses, like bars will qualify. Convenience stores will not.
• The facilities that have fees waived will receive their license and no renewal notice with fee amount due issued.  Establishments that do not qualify will receive the normal renewal notice with amount they owe.
• Like the liquor license waivers, this is a one-time waiver.

$4 million  has been allocated for use by the Minority Business Office in the Colorado Office of Economic Development to provide direct relief payments, grants and loans, and technical assistance and consulting support to minority-owned businesses. Specific programs have not yet been announced in regards to this bill, however it is worth visiting the Minority Business Office website to see what ongoing programs and resources are available.

•  The federal Paycheck Protection Program reopened the week of January 11. If a lender previously said you didn’t qualify, you should try again because of the recent changes. To apply for this round, you do not need to have had the first round of your PPP loan forgiven. Clients should still consult with their lenders on when and how to apply. Lender Match can help you find a participating lender.
• SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
  • PPP loans have an interest rate of 1%.
  • Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.
• NEW – Businesses that use an agent to file their PPP applications will be responsible for covering the corresponding expense for their service, not the lender. Businesses cannot use PPP funds to reimburse themselves for that fee.
• For PPP applicants that have previously received PPP loans, the financial institution which processed last year’s loan is your best place for you to begin new inquiries.

Changes to PPP

To further promote equitable relief for the smallest of small businesses, the SBA announced that it will:

• allow 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
• eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
• eliminate 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
• ensure 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

The links below provide detailed information for each corresponding element of the federal stimulus:

• 1st Draw PPP Loans: For qualified recipients that have not previously received a PPP loan
• 2nd Draw PPP Loans: For qualified recipients that have previously received a PPP loan
• Eligible PPP expenses for forgiveness have been expanded
• Guidance on Accessing Capital for Minority, Underserved, Veteran
  and Women-Owned Businesses

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.

Small Businesses can still apply for the SBA Express Bridge Loan until March 13, 2021. This pilot program allows SBA Express Lenders authority to deliver expedited SBA-guaranteed financing on an emergency basis for disaster-related purposes to eligible small businesses, while the small businesses apply for and await long-term financing.

More information here.

The Restaurant Revitalization Fund, part of the American Rescue Plan Act, will provide $28.6 billion in grants to restaurants and bars in need.

• Grants will be based on lost revenue
• Five billion dollars of that total will be set aside expressly for businesses with 2019 gross receipts of less than $500,000.
• Funds may be used to pay for the following expenses incurred between February 15, 2020, to December 31, 2021:
  • payroll costs
  • principal and interest payments on a mortgage, not including any prepayments on principal
  • rent payments, not including prepayments
  • utilities
  • maintenance expenses including construction to accommodate outdoor seating and walls, floods, deck surfaces, furniture, fixtures, and equipment
  • supplies including personal protective equipment and cleaning materials
  • food and beverage expenses within the eligible entity’s scope of normal business practice before the covered period, which runs from Feb. 15, 2020, through Dec. 31, 2021, or another date as determined by the SBA
  • covered supplier costs
  • operational expenses
  • paid sick leave
  • any other expenses the SBA determines to be essential to maintaining the eligible entity

Eligibility

Most American restaurants and bars that lost revenue in 2020 versus 2019 will be eligible to apply for grants. These types are eligible:

• restaurants
• food stands, food trucks, food carts
• caterers
• bars, saloons, inns, taverns, lounges, brewpubs
• tasting rooms, taprooms, licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products

These are not eligible:

• any restaurant or bar that is part of a publicly-traded company
• any restaurant owned by a state or local government
• owners that operate more than 20 restaurants (if you are the owner of a franchise and you do not control more than 20 locations, you are likely eligible to apply)

How to apply:

The U.S. Small Business Administration (SBA) is targeting early April to launch a phased rollout. Steps to get prepared:

1. Make sure you are registered with the government using the System of Award Management (SAM). You will need to get a DUNS number. The DUNS number assignment is free, but it is required for all businesses who want federal contracts or grants. It typically takes 1-2 days to process.
2. Work with an accountant to prepare paperwork that clearly shows your gross revenue loss in 2020 as compared to 2019.
3. Keep checking SBA’s COVID-19 relief options web portal for upcoming instructions from the SBA. .

Applications will open on April 8, 2021.

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.

• 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.*

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.