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As you consider applying for the different federal funding sources available for Colorado businesses, the following information can help you make the best choices for your situation:
1) Federal funds carry program-specific restrictions and it’s important to know and protect your options. Review each program thoroughly. Your approval and acceptance of a loan from one federal program may cause you to be fully or partially ineligible for other sources of federal funding.
2) Different federal funding such as loans and grants from multiple agencies will roll out at different times, so it’s important to consider the timing of the funding source.
3) Federal economic disaster recovery loans are accessible right now for qualified businesses; however, no federal economic disaster recovery grants have been announced. Unfortunately, for businesses seeking immediate help, there is no way to predict which future federal tools – including grants – may be employed as COVID continues to impact the US economy. This can place businesses in the challenging position of weighing an immediate federal tool against the possibility of future programs that may or may not be offered, with requirements yet to be determined.
We are committed to sharing news of all new economic recovery resources (both state and federal) as they become available and are here to be your guide through this challenging time.
Governor's Orders on Limitations
Small Business Federal Loans and Grants
If you have a student loan starting in a D or E, you can log into your account and request a Coronavirus Forbearance.
Deferred Student Loans
Due to the Coronavirus, an executive order from Governor Polis is limiting evictions, foreclosures, and public utility disconnections and providing support to unemployed Coloradans affected by the COVID19 pandemic as follows:
FORECLOSURE & EVICTION DIRECTIVES
SHORT TERM RENTAL AND MORTGAGE ASSISTANCE to low-income households facing financial hardship due to economic disruption associated with COVID-19, and prioritizing assistance to those who had continuous prior work history and lost employment;
BANKING & FINANCIAL INSTITUTIONS to suspend foreclosure notices 30 days;
STATE OF COLORADO COUNTY TREASURERSto suspend/delay delinquent interest on tax payments.
WORK WITH PUBLIC UTILITY COMMISSION (PUC) to suspend service disconnections for delayed or missed payments from residential and small business consumers related to the impacts of COVID-19.
WAIVE RECONNECTION FEES AND SUSPEND LATE FEES for all residential customers and small business consumers most significantly burdened by the impacts of COVID19.
DEVELOP PAYMENT ASSISTANT PROGRAMS to aid customers, particularly customers qualified for the Low Income Energy Assistance Program.
To expedite UI benefits claim processing and distribution of payments to ensure displaced workers as a result of the impacts of COVID-19 will begin receiving such payments within ten (10) days of the receipt of filing their completed applications.
Please review Governor Polis' full Executive Order for full knowledge.