Boulder County Small Business

COVID-19 Funding & Resources

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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 disaster 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. This process will start on April 6.

Deadline to Apply

December 31, 2021

Description

PPP is a forgiveable loan based on historic payroll. Changes in round two greatly increased the amount of funding that many small businesses can receive.

Eligibility
  • In business on or before 2/15/2020
  • Less than 300 employees (with some exceptions)
  • Certify that the loan is a necessity for the business
  • For a second draw funding must demonstrate a decline in Gross Receipts of at least 25% for a calendar quarter and that the proceeds from a First Draw PPP have been spent
Funding Amount

For most businesses, the amount will be 2.5 times the historic average monthly payroll. For NAICS code 72**** businesses (primarily restaurants, hotels and certain other food and lodging businesses) the amount will be 3.5 times the historic average monthly payroll. Monthly payroll can be based on 2019 or 2020 levels at the discretion of the business. Loans are capped at $2 million.

Deadline to Apply

Currently we do not know of any local lenders who are still processing applications.  Eligible businesses can search for a lender using the SBA’s website.

Description

Established by the American Rescue Plan the RRF is budgeted with $28.6 billion for grants to restaurants, bars and similar establishments. This is a grant program. The SBA has opened a website page with details on this program, including an applicant’s guide and a sample application form. Significant additional guidance is expected during the week of April 18 and the program is expected to open during April. Applicants will NOT need a DUNS number or SAM.gov registration.

Eligibility
  • A restaurant, food stand, food truck, food cart, caterer, saloon, inn, tavern, bar, lounge, brewpub, tasting room, taproom, licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products, and other similar places where the public or patrons assemble for the primary purpose of being served food or drink.

Other rules to be announced.  Specifically excluded: publicly traded companies, franchises with more than 20 locations, businesses receiving and Shuttered Venue Operators Grant (SVOG) and businesses owned by state or local governments.

Funding Amount

Award amounts will be:

  • For applicants in operation prior to January 1, 2019: 2019 gross receipts minus 2020 gross receipts minus PPP loan amounts
  • For applicants that began operation partially through 2019: (Average 2019 monthly gross receipts x 12) minus 2020 gross receipts minus PPP loan amounts
  • For applicants that began operations on or between January 1, 2020 and March 10, 2021 and applicants not yet open but have incurred eligible expenses: Amount spent on eligible expenses between February 15, 2020 and March 11, 2021 minus 2020 gross receipts minus PPP loan amounts.
Deadline to Apply

The program will remain open until funds run out.

Description

The SVOG is a significant grant for venues that meet the criteria and can demonstrate revenue declines. With the passing of the American Rescue Plan on March 11, 2021 many of the rules that have been issued for this program are now under review. Significant changes are expected. Previously businesses had to choose between applying for a Second Draw PPP of the SVOG. This restriction has now been lifted and businesses should proceed with a Second Draw PPP application and apply for the SVOG when it becomes available.

Eligibility
  • Must meet the criteria established for each type of entity
    • Live venue operators or promoters
    • Theatrical producers
    • Live performing arts organization operators
    • Relevant museum operators, zoos and aquariums who meet specific criteria
    • Motion picture theater operators
    • Talent representatives
  • Have been in operation as of February 29, 2020 and demonstrate at least a 25% reduction in Gross Earned Revenue
Funding Amount

Funding is 45% of annual gross earned revenue up to $10 million. The original allocation for this program was $15 billion but with the passing of the American Rescue Plan this amount has been increased to $30 billion. Priority will be given first to business with a 90% or greater revenue loss, then businesses with a 70% or greater revenue loss, then all other eligible businesses.

Deadline to Apply

The SBA will receive and process applications on a rolling basis, and submission will remain available until funds become exhausted.

Description

This program will provide additional funding in the form of a grant to small businesses that received an EIDL Advance in 2020 but the amount was less than the full $10,000.

Eligibility
  • Must meet the definition of a targeted business which means they must be able to demonstrate at least a 30% reduction in revenue during an 8-week period beginning on March 2020 or later and be located in a defined low-income community
  • Businesses can use the mapping tool to determine if they are in a low-income community.
Funding Amount

Up to $10,000

Businesses that received a partial EIDL Advance in the amount of $1,000 per employee in 2020 may receive the difference between $10,000 and the amount received in 2020. Businesses that applied for an EIDL Advance, but did not receive any funding because the advance program had run out of money, may receive $10,000. Businesses that did not request and advance in 2020 will not be considered for the Targeted EIDL Advance.

Deadline to Apply

Business can apply by invitation only. The SBA is sending email invitations to potentially eligible businesses. The first round of invitations will be sent to businesses that received a partial EIDL Advance in 2020 (i.e. some funding but less than $10,000), The SBA began sending these in early February. The second round will be sent to businesses that requested an EIDL Advance but received no funding. This is the only way to apply and there is no mechanism for a business to request an invitation.

Description

The program is intended to lower the cost of providing COVID-19 leaves of absence for small business. This includes paid leave for receiving and recovering from vaccines.

Eligibility
  • Any business with fewer than 500 employees (self-employed individuals are eligible for similar tax credits)
Funding Amount

The paid leave credits under the ARP are tax credits against the employer’s share of the Medicare tax. The tax credits are refundable, which means that the employer is entitled to payment of the full amount of the credits if it exceeds the employer’s share of the Medicare tax.

The tax credit for paid sick leave wages is equal to the sick leave wages paid for COVID-19 related reasons for up to two weeks (80 hours), limited to $511 per day and $5,110 in the aggregate, at 100 percent of the employee’s regular rate of pay. The tax credit for paid family leave wages is equal to the family leave wages paid for up to twelve weeks, limited to $200 per day and $12,000 in the aggregate, at 2/3rds of the employee’s regular rate of pay. The amount of these tax credits is increased by allocable health plan expenses and contributions for certain collectively bargained benefits, as well as the employer’s share of social security and Medicare taxes paid on the wages (up to the respective daily and total caps).

Deadline to Apply

Employers should file for the tax credit quarterly when they file their Form 941, Employer’s Quarterly Federal Tax Return.

Coming Soon
Description

The $1.9 trillion American Rescue Plan was signed into law on March 11, 2021. This law has many provisions, including direct payments to citizens, tax revisions and credits, funding for state and local governments, extension of unemployment benefits and more. Provisions geared directly towards small businesses include:

  • Increased funding of $7.25 billion for the Paycheck Protection Program (PPP) — deadline has been extended to May 31, 2021
  • $10 billion to state governments to stimulate lending
  • $15 billion in additional funding for the Economic Injury Disaster Loans (EIDL) targeted towards underserved areas
  • $29 billion to create a grant program for restaurants
  • $15 billion in additional funding for the Shuttered Venue Operators Grants (SVOG)
  • $1.325 billion in additional funding for the SBA to administer the new programs

As details on these programs become available, we will update the information on this page.

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.

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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.