COVID-19 Resource Page for Business Owners in Colorado 

These are very trying times for small business owners. Many are facing very difficult decisions that even a few weeks ago weren’t imaginable. Because of the severe impact that our response to the coronavirus has, business owners need to act quickly to ensure the long-term survival of their business. 

The business coaches at Denver Business Coach work diligently with our clients to navigate the ever-changing landscape of executive orders and legislation and identify the right actions business owners must take. 

This page is intended to be a resource for our small business community. We will get through this crisis together. 

Government Announcements

Executive Order: Reducing workforce by 50%

The Executive Order requires Colorado employers, with some exceptions, to reduce in-person workforce by at least 50% by 8 a.m., Tuesday, March 24. It directs all employers to implement remote work solutions to the greatest extent possible and recommends employers stagger work schedules to reduce the proximity of workers if remote work is not practical or possible. The order extends through Friday, April 10.

 

DBC Newsletter: 

Weekly Insights on Current Events

Public Health Order: 20-22 Closing Restaurants, non-essential personal service facilities

Updated notice of public health order 20-22 closing bars, restaurants, theaters, gymnasiums, casinos, nonessential personal services facilities, and horse track and off-track betting facilities statewide.

Paid Sick Leave And Tax Credits

  • Paid Sick Leave for Workers

    For COVID-19 related reasons, employees receive up to 80 hours of paid sick leave and expanded paid child care leave when employees' children's schools are closed or child care providers are unavailable. 

  • Complete Coverage

    Employers receive 100% reimbursement for paid leave pursuant to the Act.

    • Health insurance costs are also included in the credit.

    • Employers face no payroll tax liability.

    • Self-employed individuals receive an equivalent credit.

  • Fast Funds

    • Reimbursement will be quick and easy to obtain.

    • An immediate dollar-for-dollar tax offset against payroll taxes will be provided

    • Where a refund is owed, the IRS will send the refund as quickly as possible.

  • Small Business Protection

    • Employers with fewer than 50 employees are eligible for an exemption from the requirements to provide leave to care for a child whose school is closed, or child care is unavailable in cases where the viability of the business is threatened.

New Tax Filing Deadline

  • The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

  • Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

Funding Options

Small Business Emergency Relief Program

Denver Small Business Emergency Fund

Denver Launches COVID-19 Business Relief Program 
Denver released more details of its business relief program, including $7,500 grants, on Wednesday. The Denver Economic Development & Opportunity (DEDO), in partnership with Mile High United Way, is making available one-time grants up to $7,500 for eligible small businesses with a focus on the following industries: 

  • Retail (storefront) 

  • Restaurant/food industry 

  • Personal care (barber shop, nail salon) 

  • Health care and social assistance services (childcare & home health care providers) 

  • Logistics  

  • Small manufacturing 

 

The program is intended to be available for four months and rolled out in monthly phases with the first applications due Tuesday, March 31.  
 
The grants cannot exceed more than 60% of a business’ revenue loss and must meet certain criteria including the following: 

  • Operate within the City and County of Denver 

  • Generate $2 million in annual revenue or less 

  • Have 25 employees or fewer 

  • Have experienced a 25% decline in revenue this year as a result of the COVID-19 pandemic  

 

The city will prioritize applications based on several factors including percentage of revenue decline, number of employees and proposed use of financial assistance. Grants can be used to fund payroll, fixed costs like rent and mortgages, marketing strategies, operating costs, implementing delivery services, installing better ventilation and other engineering controls, and sourcing alternative suppliers.  

 

SBA Disaster Loan Assistance  

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). 

Important to know: 

These loans are available directly through the US Treasury, not your bank. 

  • All loans require personal guarantees for any owner with more than 20% equity.

  • Loans over 25,000 require business collateral.

  • Loans over $350,000 will require personal collateral.

  • Rates are 3.75% for businesses and 2.75% for non-profits

  • Loan terms are up to 30 years without any prepay penalty. Also loans can be restructured later. 

  • It will take anywhere from 3-6 months for funding. 

  • Your business has to provide proof of economic injury from COVID crisis.

  • The application will take about 45 minutes to fill out. Make sure you have tax returns, P&L and Balance sheet available. 

Workshare Program

The Work-Share Program gives you an alternative to laying off your employees. It allows you to let your employees keep working, but with fewer hours. While they are working fewer hours, CDLE pays them part of their regular unemployment benefits.

KIVA 0% Interest Loans

KIVA, a nonprofit organization, provides 0% interest loans to small businesses worldwide. They are expanding eligibility and the amount of loans provided during this crisis.

 

Effective immediately, U.S. applicants for a Kiva loan will have access to the following:

  • Expanded eligibility: More businesses in the US will be eligible for a Kiva loan.

  • Larger loans: The maximum loan on the Kiva platform will increase from $10,000 to $15,000.

  • Grace period: New borrowers may access a grace period of up to 6 months for greater financial flexibility.

U.S. Orders Up To A Yearlong Break On Mortgage Payments 

Homeowners who have lost income or their jobs because of the coronavirus outbreakare getting some relief. Depending on their situation, they should be eligible to have their mortgage payments reduced or suspended for up to 12 months.

Federal regulators, through the mortgage giants Fannie Mae and Freddie Mac, are ordering lenders to offer homeowners flexibility. The move covers about half of all home loans in the U.S. — those guaranteed by Fannie and Freddie. But regulators expect that the entire mortgage industry will quickly adopt a similar policy.

Filing For Unemployment

People Filing for Unemployment Asked to Do So on Designated Days 
To support the significant number of individuals seeking to file unemployment claims online, the State of Colorado has asked people to file on certain days based on their last names.  

  • If your last name begins with A through M, you may file on Sunday, Tuesday, Thursday or after noon on Saturday. 

  • If your last name begins with N through Z, you may file on Monday, Wednesday, Friday or before noon on Saturday. 

You will need your Social Security number, valid ID and employer information, including hours worked and rate of pay. 

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