Colorado SBDC Community,
With the recent State of Emergency declaration to combat COVID-19’s spread in Colorado, we are dedicating our outreach to support the health, safety and economic prosperity of small businesses across the State. The State of Emergency declaration is an important step to access key resources to protect Coloradans and our economy.
Our commitment is to share the most timely information, processes and resources available.
The first phase of the State’s response must be containment and that includes information sharing, preventative actions and resources to help.
What you should know:
The Colorado Department of Public Health and Environment (CDPHE) is leading the State’s multi-agency crisis response. We encourage you and all of your partners to stay informed with reliable, up-to-date information through CDPHE’s website: colorado.gov/cdphe/2019-novel-coronavirus and the Center for Disease Control .
Coloradans should stay informed and take simple preventive actions.
Frequently and thoroughly wash your hands with soap and water for at least 20 seconds. If soap and water are not available, use hand sanitizer with at least 60% alcohol.
Cover coughs and sneezes with a tissue, then throw the tissue in the trash, or use your inner elbow or sleeve.
Avoid touching your eyes, nose, and mouth with unwashed hands.
Stay home if you’re sick, and keep your children home if they are sick.
Clean surfaces in your home and personal items such as cell phones, using regular household products.
FEMA: Guidance for COVID-19 preparedness
CDC: Getting your household ready for COVID-19
Be calm and prepared.
Additional sources of information:
COVID-19 Hotline: Call 303-389-1687 or 1-877-462-2911
State public health web page: colorado.gov/cdphe/2019-novel-coronavirus
Facebook (facebook.com/CDPHE) and Twitter (@CDPHE)
CDC web page cdc.gov/coronavirus/2019-ncov
To limit virus transmission, meetings should be conducted via telephone or video conferences whenever possible.
Telecommuting: Where viable, the role of telecommuting should be discussed as a tool to maintain business continuity.
To best protect public health, the Colorado Department of Health and Environment is recommending that Coloradans follow the Center for Disease Control and Prevention (CDC) guidance released today (March 16, 2020). The guidance states that the CDC “recommends that for the next eight weeks, organizers (whether groups or individuals) cancel or postpone in-person events that consist of 50 people or more throughout the United States.
SBA Disaster Assistance in Response to the Coronavirus:
The U.S. Small Business Administration is offering designated state and territories low-interest federal disaster loans for the working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
Any such Economic Injury Disaster Loan assistance declaration issues by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by Coronavirus (COVID-19)
SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities as well as updated on our website: SBA.gov/disaster
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
SBA offers loans with long-term repayments in order to keep payments affordable, up to maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-1955 (TTY: 1-800-877-8339) or e-mail email@example.com
Please note that although there is a “How To Apply” button on the SBA link, it may not be activated yet for this situation, because the disaster declaration process isn’t completed yet. Again, we will communicate better information when available.
From our experience with the 2013 Northern Colorado flood, we do recommend you gather key financial documents, if you think you might need to apply for a loan:
· Last three years of federal tax returns for your business.
· Last three years of personal federal tax returns.
· A Personal Financial Statement.
· Articles of Incorporation.
· A Business Plan with Financial Projections might be helpful, but probably not required.
We are here to support our local businesses and entrepreneurs during these very challenging times. We will do our best to communicate useful business resources, and provide support, to mitigate the impacts of this health situation.
SBDC Centers Operation:
As there continues to be new restrictions and recommendations on travel, conferences, work from home policies, and social distancing in order to minimize the spread of the virus, we at the SBDC will continue to embrace these recommendations to help keep our clients, staff, and community healthy. As such, many face to face client meetings may be moved to a phone call or video chat, and trainings will move to online webinar formats.
The Colorado SBDC has compiled the appropriate resources for your business on our Disaster Preparedness and Continuity Page. We will continue to provide updates as they come in.