Business Continuation/Cash Flow Resources
Update on SBA Paycheck Protection Program
4/6/20 - The U.S. Department of the Treasury issued guidance in response to AGC's concerns regarding the SBA Paycheck Protection Program eligibility criteria, found here.
4/2/20 - More information has come out on the new SBA Paycheck Protection Program. As such, AGC America has updated their analysis.
Also, the U.S. Department of the Treasury posted a summary and FAQs on the refundable tax credits from the new federal paid leave mandates for small and mid-sized businesses. You can find this information here: https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs
COVID-19 Small Business Guidance & Loan Resources
SBA Loans and Paycheck Protection Program
For more information on these two new lending programs, please share our CARES Act Analysis found HERE.
For the latest on SBA loans and the new Paycheck Protection Program, click HERE. At this moment there is little information from the SBA on this program. However, we expect more information and guidance to be provided shortly.
COVID-19 Relief Fund Accepting Grant Applications
Last week, Governor Jared Polis announced the launch of joint efforts to raise relief funds and volunteer efforts to address this public health crisis. Help Colorado Now has raised $7.7 million dollars from nearly 4,000 individuals, foundations and companies since the fund launched. More than 9,000 volunteers including 2,000 health care volunteers have signed up to date.
“This is exciting news at a tough time for our state, and this milestone could not have been achieved without the support and spirit of Coloradans,” said Gov. Polis. “This is an opportunity to reflect on what we can achieve when we work together and how we can help our fellow Coloradans and small businesses bounce back stronger than ever. I’m thankful for the support these efforts have received to date. Let’s all continue to rise to the challenge.”
The grant process has now begun and will be on a rolling basis. Those interested in applying for relief funds up to $25K can apply here.
Coloradans can donate or sign up to volunteer at www.HelpColoradoNow.org. The Colorado COVID Relief Fund's purpose is to raise funds and coordinate the allocation of those contributions. Funds raised will be used to support the needs of communities impacted by COVID-19 in both response and recovery. Organizations helping with the response to COVID-19 are now eligible to apply for funds.
The fund will support work in three categories: prevention, impact, and recovery efforts. This will include things like medical and cleaning supplies, food services, early childhood education, small business support, behavioral health services, and more. The fund will not provide direct assistance to individuals, but to community-based organizations providing direct assistance.
Coloradans who can’t donate money are encouraged to donate their time by volunteering. Many people have skills that can be applied during this time, especially former health care workers who could return to the workforce to assist with the demand. In addition to funding and volunteers, the Governor continues to encourage healthy donors to donate blood to prevent a shortage in Colorado. Coloradans can visit Vitalant.org or click here to find a blood drive or donation center in their area.
The Colorado COVID Relief Fund is hosted by the State of Colorado and Mile High United Way. The effort is co-chaired by Rick Sakpin and Roxane White. Additionally, the Colorado Health Foundation assisted in getting the application process up and running. The fund is overseen by a committee of community leaders from across Colorado and will be providing aid to support Colorado communities and organizations affected by the recent outbreak of COVID-19.
Federal Income Tax Filing and Payment Deadline Extension
The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.
SBA Section 7(b) Economic Injury Disaster Loan
AGC Colorado has worked with the State of Colorado to make Colorado businesses eligible to apply online for low-interest loans through the U.S. Small Business Administration (SBA).