Paycheck Protection Program Resources Available for Colorado Businesses

The U.S. Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers.

Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.

This round of the PPP authorizes up to $284 billion toward job retention and certain other expenses through March 31, 2021. This round also allows certain existing PPP borrowers to apply for a Second Draw PPP Loan.

The first step in accessing these forgivable loans is to prepare the materials necessary to apply. That includes confirming your eligibility, gathering the necessary records (payroll, rent, utilities, tax and bank records) and estimating the eligible amount of your forgivable loan.

For additional details on the Paycheck Protection Program’s forgivable loans and a comprehensive list of state and federal resources available for Colorado’s businesses, visit https://oedit.colorado.gov/covid19#ppp. Please check the website frequently, as the Colorado Office of Economic Development & International Trade will be make updates as a hotline and new information becomes available.

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