Boulder County Small Business

COVID-19 Funding

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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 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

Description

Eight million dollars in funding from the American Rescue Plan will be administered in two separate programs—one for nonprofits and one for local arts agencies.

Eligibility

The eligibility guidelines are detailed and can be reviewed on the NEA website.

Funding Amount

Grants in the amounts of $150,000, $250,000 and $500,000

Deadline to Apply

July 22, 2021

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.

Closed

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.

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.