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.
On May 1, Summit County released a Roadmap to Recovery, which outlines key dates for Summit County businesses and residents. The Roadmap is a 10-15 minute read. It does not replace Summit County Public Health Orders, but it is critical to understanding what the road forward might be for local businesses in Summit County.Summit County Roadmap to Recovery
Summit County is requiring that businesses fill out a Business Physical Distancing Protocols Form.
The Summit County Business Physical Distancing Protocols Form is intended to help businesses identify and implement strategies to protect the health of their employees and members of the public by reducing opportunities for disease transmission. This form should be filled out by every business, and businesses must:
* Display a completed copy of their Physical Distancing Protocol at each public entrance
* Distribute completed copies of their Physical Distancing Protocol to all employees
* Post a completed copy of the Physical Distancing Protocol on business website, if applicable
The form does NOT need to be submitted to Summit County or any other governmental entity or agency.Business Physical Distancing Protocols Form
Jessica Valand, of the Colorado Department of Labor and Employment, put together some great charts to help weigh pros and cons and summarize some of the complicated issues regarding employee retention such as:
The full SBDC webinar can be viewed here.
The Colorado Small Business Development Center (SBDC) has free, confidential one-on-one business consulting available for small business owners: Learn More
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 email@example.com
The SBA has resumed accepting Paycheck Protection Program applications from participating lenders as of Monday, April 27, 2020. In Round Two of the Paycheck Protection Program (April 27 – May 1, 2020), the SBA has guaranteed 2, 211,791 loans. Learn more here.
View PPP application here. This is a SBA Loan that provides small businesses with a loan that can be up to 2.5 times the borrower’s average monthly payroll costs for the prior year, with a cap of $10M. Borrowers are eligible for loan forgiveness for eligible costs incurred during the 8 week period following the origination date. Borrowers must certify that their business has been affected by the coronavirus slowdown and businesses must have been in operation as of February 15, 2020 to be eligible to apply.
Payroll costs include everything from salaries, bonuses, and retirement benefits to parental leave and health care benefits. Eligible payroll costs do not include annual compensation greater than $100,000 for individual employees. Loans may be forgiven if employers maintain their payroll during the covered period of February 15, 2020 – June 30, 2020.
As of May 5, 2020 the SBA, in consultation with the Dept. of Treasury, has updated guidance including Frequently Asked Questions (including Question 43 extending the safe harbor repayment date from May 7 until May 14, 2020).
The loan could be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll.)
Loan payments will also be deferred for six months. NO collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. The forgiven money will be reduced for employers that lay off employees or reduce wages by more than 25%. Laid off employees must be rehired by June 20 for companies to recoup their wages through loan forgiveness.
I have my PPP Loan. What’s next?
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.
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.
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.
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.*
This Google sheet helps Colorado’s small businesses find alternative funding souces 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:
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. While the program’s start date has yet to be announced, here’s what you need to know to check eligibility and get ready to apply.
Wages and benefit premiums paid under both laws can be immediately credited against a non-public employer’s payroll tax liabilities without needing to wait for quarterly filings. The law will be effective on April 1, 2020 through December 31, 2020. The U.S. Department of Labor has released guidance for both the employer and employees. Read the employer guidance here.
The EPSL Act requires employers to provide employees with two weeks of paid sick leave, paid at the employee’s regular rate, for that employee to quarantine, seek a diagnosis, or seek preventive care for Coronavirus.
If the employee needs to care for a family member for such purposes, or to care for a child whose school has closed, or the childcare provider is unavailable due to the Coronavirus, the employer is required to pay two-thirds the employee’s regular rate. These payments will be allowed to be used for tax credits.
The Family and Medical Leave Act provides employees who have been on the job for at least 30 days, with the right to take up to 12 weeks of job-protected leave that is not required to be paid by the employer, meaning the employee will be able to return to their job after the 12 weeks of leave.
Under the Emergency Expansion of Family and Medical Leave Act employees are now able to take leave to be used for self care and family care related to COVID-19.
Also under the Emergency Expansion of the Family and Medical Leave employers are required to provided up to an additional 10 weeks of paid leave at two-thirds the employee’s regular rate if the employee needs to care for a child whose school or child care provider is closed or unavailable for reasons related to COVID-19.
Small businesses with fewer than 50 employees may qualify for exemption from the requirement to provide leave due to school closings or child care unavailability if the leave requirements would jeopardize the viability of the business as a going concern. Read Additional FAQs from the U.S. Department of Labor Here.
The Colorado COVID Relief Fund, through Help Colorado Now, is committed to helping people who are disproportionately affected by the COVID-19 crisis. Eligible community-based organizations working on COVID-19 prevention, impact and recovery may receive unrestricted general operating grants of up to $25,000. Mile High United Way will disperse funds within 3 days. Check out the eligibility criteria and watch this step-by-step application guide.
The current Fund application deadlines are every two weeks:
This page was last updated on May 20, 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.