Boulder County Small Business

COVID-19 Funding

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Description

On January 1, 2022, the President declared a major disaster for wildfires and straight-line winds for Boulder County and the contiguous counties of Broomfield, Gilpin, Grand, Jefferson, Larimer and Weld. The declaration makes federal low-interest loans available for business physical disaster; economic injury disaster and home disaster.

Eligibility
  • Must have suffered damages from the recent wildfire and wind event
  • Must demonstrate an ability to repay and a credit history acceptable to the SBA

We do not currently know the specific credit requirements, but recent history indicates that a credit score of 570 may be sufficient.

Funding Amount

Up to $2,000,000

For most business borrowers, these loans will have an interest rate of 2.83% and a payback term of 30 years. Non-profits will receive an interest rate of 1.875%.

Deadline to Apply
  • The deadline to apply for physical damage is March 1, 2022
  • The deadline to apply for economic injury is September 30, 2022

The SBA has opened a Disaster Action Center (DAC) at 1755 S. Public Road in Lafayette. The DAC will be open from 9 am-7 pm until further notice.

Description

EIDL is a long-term loan with favorable terms — 30 year maturity, 3.75% interest (2.75% for non-profits), no pre-payment penalties and no personal guaranty. The loan may be used for working capital and most normal operating expenses.

Eligibility
  • Expected to be paid back in full with interest
  • Loan will be underwritten by the SBA and the borrower must have sufficient strength to demonstrate the ability to repay the loan
Funding Amount

This is a damage loan and amounts are based on an estimate of the damage that the business has suffered due to COVID-19. The formula is generally the sum of the loss in revenue times the business’ cost of goods sold. The SBA recently increased the maximum amount of loans in this program to $500,000. Current borrowers will be contacted via email and asked if they want to apply for an increase.

Deadline to Apply

December 31, 2021

Closed

Economic Injury Disaster Loans (EIDL)

National Endowment for the Arts (NEA) American Rescue Plan Grants

Paycheck Protection Program (PPP)

Restaurant Revitalization Fund (RRF)
Applications are now closed. The RRF received over 360,000 applications for a total requested funding of $75 billion. Congress had allocated $28.6 billion for this fund.

Shuttered Venue Operators Grant

Targeted EIDL Advance

Tax Credit for COVID-19 Paid Leave Taken Between 4/1/21-9/30/21

Need help?

The SBDC has consultants available to answer your questions about COVID funding programs and help walk you through the applications. Request a virtual appointment below.

I'M NEW TO THE SBDCI'M AN EXISTING SBDC CLIENT

The COVID funding webpages have been created through a partnership between the Boulder SBDC and Boulder County Commissioners’ Office.

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ALERT!

DUPLICATION OF BENEFITS

Most of these programs have specific criteria on the allowed uses on any funds distributed. Businesses are advised to pay careful attention to these criteria. In addition, almost all programs do not allow a business to use funds from more than one program for the same expense or loss of revenue. This is known as “double-dipping” and may result in a demand for return of the funds along with penalties and interest.