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News Updates Tools for Financial Recovery

City of Wheat Ridge Announces Second Round of Small Business Stabilization Grants

WHEAT RIDGE, Colo. May 20, 2020 – The City of Wheat Ridge City Council has approved a second round of  Small Business Stabilization Program grants making an additional $250,000 in grants available to small businesses in Wheat Ridge who have been significantly impacted by the COVID-19 emergency. Businesses are eligible to receive funding from the grant program of up to a total of $5,000 combined from the first and second round of grants. Applications are available online and the deadline for submission is Friday, June 5, 2020, at noon.

“The City of Wheat Ridge is proud to announce additional grant funds to support our local businesses as the Jefferson County Public Health Safer at Home order continues to impact those not yet allowed to open or those operating with decreased opportunities for revenue,” stated Patrick Goff, Wheat Ridge city manager.

“The Wheat Ridge Small Business Stabilization Program is funded by the federal CARES Act approved by Congress and made available to the City from Jefferson County. Support to local businesses is one of the eligible expenses under the CARES Act. It is thanks to these additional financial resources that Wheat Ridge is able to dedicate these grants for use by our business community,” Goff continued.

Criteria for the Wheat Ridge Business Stabilization Program include: for-profit independently owned companies physically located in the City of Wheat Ridge, in operation as of Jan. 1, 2020, and in good standing with the City as of Feb. 1, 2020; businesses who have fewer than 25 full-time employees; and those who have a verifiable hardship directly due to COVID-19. Additional criteria are listed on the application which is available on the City’s website. In addition to the application, applicants must submit a W-9 form. The grant funds are intended to be used for operational needs, lease or mortgage payments, payroll, and/or supplies and services. Upon receipt, the applications will be reviewed by a Task Force including City Councilmember Zach Urban, City Treasurer Chris Miller, and representatives from the Wheat Ridge Chamber of Commerce, the Wheat Ridge Business Association, the Wheat Ridge Business District, and Wheat Ridge Localworks. The deadline for application is Friday, June 5 at noon. The Task Force will notify approved applicants by Friday, June 12, 2020. Applications are available on the City website and can only be accepted using this submission process. Questions can be directed to Steve Art, Wheat Ridge economic development manager sart@ci.wheatridge.co.us

In addition to the grants, the City of Wheat Ridge is providing face masks to critical businesses for their customers and created a Sales Tax Deferment program spring payments, Localworks offered an interest free loan program, and City staff and the Wheat Ridge Business Association created two websites; Biz-Ridge.com and Eat-Ridge.com as well as a business toolkit. The Small Business Grant application, Mask Request form and other information for businesses is available on the City website designated for Business Continuity and Support.

The City of Wheat Ridge, located west of Denver with a population of 31,000 residents, is home to a mix of retail/commercial businesses and unique residential neighborhoods. Wheat Ridge is a vibrant community in a prime location, providing easy access to the Denver metro area and to recreation west into the mountains. The City was recently ranked Top Smallest City by the Economic Development Council of Colorado. Info about Wheat Ridge ci.wheatridge.co.us

Categories
News Updates Tools for Financial Recovery

Update on EIDL Application – SBA

At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received.

Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.

We just received word that EIDL applicants with 2000 series app numbers should reactivate their applications now that the portal has reopened for Agriculture. Even though the website will say the EIDL App Portal Opening will be for NEW agriculture business applicants only, ODA has informed our field leadership that if someone who has a 2000 series EIDL loan number (meaning that they were in the initial group and need to reapply) they WILL be able to re-apply and have their new loan number tied to their original loan number so they don’t lose their place in line.

Go to EIDL information on SBA >>

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Tools for Financial Recovery

PPP Forgivable Loans & EIDL Applications Reopen

Yesterday Congress approved a second round of funding for Paycheck Protection Program (PPP) forgivable loans and Economic Injury Disaster Loans (EIDL). SBA is working on reopening the applications. We encourage you to prepare your application in anticipation of the reopening date.

Paycheck Protection Program loans have already provided Colorado’s small businesses, nonprofits and independent contractors with over $7B of payroll loans through its initial round of funds. EIDL recipients throughout the state have also secured critical low interest loans from the SBA. The second round of funding enables more Colorado PPP and EIDL applications to move forward.

The additional $320B appropriation for PPP includes specific allocations for small financial institutions and community credit unions while also providing funds for minority owned businesses. These forgivable loans will be awarded on a first-come, first-served basis and Colorado businesses are encouraged to apply promptly.

The additional $60B appropriation for EIDL also allows Colorado businesses to resume seeking low-interest recovery loans from the SBA.

Statewide, this program stands to benefit more than 600,000 businesses, nonprofits and gig workers so we encourage eligible program participants to seek these payroll loans at your local lending institutions.


Next Steps for Applying to PPP

Consider these next steps when applying for the Paycheck Protection Program:

1. Verify your business’s eligibility.
2. Review the application and gather the necessary materials such as payroll tax filings, proof of lease payments, proof of mortgage payments, and proof of utility payments.
3. Get in contact with your accountant and/or bank that pays out your business’s payroll. Ask your lender if it is authorized to process your Paycheck Protection Program loan. If you are not connected to an authorized lender, find an eligible lender here.


Next Steps for Applying to EIDL

Consider these next steps when applying for the Economic Injury Disaster Loan:

1. Verify eligibility through SBA’s online portal.
2. Gather necessary materials such as your business’s most recent tax return, owner’s/GP’s personal financial statement, and schedule of liabilities.
3. Apply through SBA. SBA put together an EIDL Application Guide to walk you through the application process.
4. To check the status of your application, please either call 800-659-2955 (800-877-8339) for the deaf and hard-of-hearing) or send an email to disastercustomerservice@sba.gov.

Categories
News Updates Tools for Financial Recovery

Currently Available Funding Resources as of 04/21/2020

Wheat Ridge Business Association is monitoring communications from many local and regional agencies so we can provide you with information needed for your business.

Our newsletter was sent out this morning with full of funding opportunities and other useful information on COVID-19 pandemic.

Read the WRBA Newsletter 4/21/2020 >>

If you wish to receive our newsletter directly into your inbox, please sign up here >>

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Tools for Financial Recovery

SBA’s $349 B Paycheck Protection Program Officially runs out of money

SBA announced on their website that they are currently not accepting new applications for their Paycheck Protection Program (PPP) as they have ran out of the fund appropriated.

The SBA website also states that they have stopped accepting applications for the Economic Injury Disaster Loan (EIDL) and Emergency Advance.

Read the article on Denver Business Journal >>

Visit SBA’s website regarding PPP >>

Visit SBA’s website regarding EIDL >>

Categories
Tools for Financial Recovery

City of Wheat Ridge Launches Small Business Stabilization Program

Update 4/17/2020 – Please note that this application is closed and the form in no longer available on the City website.


The City of Wheat Ridge City Council approved a new Small Business Stabilization Program providing $250,000 in grants to small businesses in Wheat Ridge who have been significantly impacted due to the COVID-19 emergency. Applications are available on the City website and the deadline for submission is Friday, April 17, 2020, at noon.

“This new grant program is just one of the ways Wheat Ridge is supporting our local businesses,” stated Patrick Goff, Wheat Ridge city manager. “We have created a Sales Tax Deferment program, Localworks has an interest free loan program, and City staff and the Wheat Ridge Business Association have created two websites; Biz-Ridge.com and Eat-Ridge.com as well as a business toolkit. More information for businesses is also available on the City website designated for Business Continuity and Support.

“We recognize the impact COVID-19 is having on all of us and wanted to do what we can to help our businesses remain viable until we have contained the spread of the virus and can return to business as usual,” continued Goff.

Criteria for the new Wheat Ridge Business Stabilization Program include: for-profit independently owned companies physically located in the City of Wheat Ridge, in operation as of Jan. 1, 2020, and in good standing with the City as of Feb. 1, 2020; businesses who have fewer than 25 full-time employees; and those who have a verifiable hardship directly due to COVID-19. Additional criteria are listed on the application available on the City’s website. In addition to the application, applicants must submit a copy of their current business license and W-9 form. Grant funds are intended to be used for operational needs, lease or mortgage payments, payroll, and/or supplies and services. Upon receipt, the applications will be reviewed by a Task Force including City Councilmember Zach Urban, City Treasurer Chris Miller, Wheat Ridge Economic Development Manager Steve Art and representatives from the Wheat Ridge Chamber of Commerce, the Wheat Ridge Business Association, Wheat Ridge Business District, and Wheat Ridge Localworks. The deadline for application is Friday, April 17 at noon. The Task Force anticipates notifying approved applicants by April 24, 2020. Applications are available on the City website and can only be accepted using this submission process.

The City of Wheat Ridge, located west of Denver with a population of 31,000 residents, is home to a mix of retail/commercial businesses and unique residential neighborhoods. Wheat Ridge is a vibrant community in a prime location, providing easy access to the Denver metro area and to recreation west into the mountains. The City was recently ranked Top Smallest City by the Economic Development Council of Colorado. Info about Wheat Ridge ci.wheatridge.co.us

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Tools for Financial Recovery

Gov. Polis Extends Emergency Disaster Declaration

Gov. Polis signed an Executive Order today extending the disaster emergency declaration for COVID-19 for an additional 30 days. 

The disaster declaration allows Colorado to access additional resources, temporarily waives procurement statutes for purchases related to COVID-19, and authorizes the implementation of the State’s Crisis Standards of Care plan (CSC Plan). 

The CSC Plan was recommended by the Governor’s Expert Emergency Epidemic Response Committee on April 5, 2020, and  verbally adopted by the Governor. Read more about the Crisis Standards of Care.

Read the Executive Order

The Governor also signed an Executive Order extending deadlines for state severance taxes. This is a one-time extension from April 15, 2020 until May 15, 2020. Read the Executive Order.

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Tools for Financial Recovery

To Help You Navigate

The State of Colorado established a Small Business Navigator Hotline and Email for businesses seeking general guidance and information on access to capital programs. The Hotline is available at (303) 860-5881 Monday – Friday; 8 am – 5 pm MT or at oedit_sbnavigator@state.co.us

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Tools for Financial Recovery

The Three Step Process of the SBA Disaster Loans

The U. S. Small Business Administration (SBA) provides low-interest, long-term disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters to repair or replace uninsured/underinsured disaster damaged property. SBA disaster loans offer an affordable way for individuals and businesses to recover from declared disasters.

THIS PDF explains the step very well. Hope you find this useful, too.

Categories
Tools for Financial Recovery

Updated SBA Paycheck Protection Program Form

Yesterday, the U.S. Small Business Administration (SBA) issued an interim final rule, providing additional guidance on the Paycheck Protection Program (PPP). 

Click the link below to learn more:

https://content.sba.gov/sites/default/files/2020-04/PPP–IFRN%20FINAL.pdf

The SBA has put out a new application to the Paycheck Protection Program to address the concerns which banks raised yesterday.

Access the new form from this link:

https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf

Click HERE for Paycheck Protection Program FAQ