Colorado Secretary of State Jena Griswold: COVID-19 Business Resource Update

Dear Colorado Business Community,  

 

Over the last two months, COVID-19 has impacted many aspects of Colorado life, including employment and the business community. As Colorado’s Secretary of State, it’s important to me to share economic programs with Colorado’s business community during this trying time.

 

In March, the U.S. Congress created the Paycheck Protection Program, which is a forgivable loan program to help small businesses, independent contractors, and nonprofits meet payroll and rent needs. Congress has just appropriated an additional $320 billion to this program.  These forgivable loans will be awarded on a first-come, first-served basis.

 

The Payroll Protection Program has already provided more than 600,000 Colorado small businesses, nonprofits, and independent contractors with over $7 billion of payroll loans through its initial round of funds. The second round of funding will enable more payroll loan applications to move forward.

Congress also appropriated an additional $60 billion for SBA Economic Injury Disaster Loans (EIDL), which are low-interest recovery loans available to Colorado businesses.

 

If your business is eligible, I encourage you to prepare now for when the loans reopen and promptly apply by working in partnership with your local lending institution. For more information, please visit www.choosecolorado.com/covid19 or https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program. You can also contact the Office of Economic Development and International Trade (OEDIT) Small Business Navigator COVID-19 Response Hotline at 303-860-5881.

 

Thank you, and please stay safe and healthy.    

 

Sincerely, 
  

Jena M. Griswold 

Colorado Secretary of State