Resources for COVID-19 Impacted Businesses
The Economic Development Department at the City of Loveland would like to provide tools and support for our businesses during this challenging time. All Loveland businesses will be impacted, and our goal is to meet this disruption with clarity, confidence and relative calm. Our suggestion is to start tracking coronavirus related costs for any potential stimulus programs that may be forthcoming.
We would encourage all COVID-19 impacted businesses to utilize the resources below to help stabilize your business in these uncertain times.
Partner COVID-19 Resource Pages:
- Colorado Enterprise Fund Larimer County COVID-19 Relief Loans – A new $5 million Larimer County Small Business Recovery Loan Fund will soon be available for impacted small businesses. CEF is offering COVID Relief Loans with a maximum loan amount of $50,000 to businesses located in Larimer County that were existing and generating revenue pre COVID.
- SBA Emergency Injury Disaster Loans (EIDL) Colorado small businesses impacted by COVID-19 can seek individual small business loans up to $2M as part of the Small Business Administration’s (SBA) Economic Injury Disaster Loan program. EIDL has a loan advance up to $10,000 that will not need to be paid back if spent correctly, but is a better program to cover lost revenue (besides payroll) to be paid back over a longer term (30 years at 3.75%).
- The Paycheck Protection Program (PPP), one of the largest sections of the CARES Act, is the most important provision in the new stimulus bill for most small businesses. This new program sets aside $350 billion in government-backed loans from private banks that can, in some cases, be converted to grants, which means that if you meet the requirements you won’t need to pay the loan back.
- Colorado Small Business Development Center COVID-19 has a hotline for small business owners to call with questions about how to apply: (303) 860-5881.
- Colorado Lending Source has partnered with Kiva to create new 0% interest, 0 fee loans through the Kiva platform for US small businesses. Learn more by clicking here. If you have any specific questions, you can reach out to Rachael Sall (firstname.lastname@example.org), who is the Kiva Hub Capital Access Manager.
- Facebook Small Business Grants Program – Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses
- Colorado Department of Labor and Employment (CDLE) published emergency rules which temporarily require employers in certain industries to provide a small amount of paid sick leave to employees with flu-like symptoms while awaiting COVID-19 testing. More information here.
The Larimer County Economic and Workforce Development Department (LCEWD) is counseling businesses that are laying off employees to encourage their affected staff to apply for Unemployment Insurance.
- LCEWD is also encouraging these employers to give their affected employees written documentation of their date of layoff and that the layoff is related to COVID-19. When/if the Federal government provides additional unemployment benefit-supports this documentation should help smooth the process for these workers.
- CARES Act COVID-19 Unemployment Scenarios And Benefits
- Additional Unemployment Insurance resources and a link to the application can be found here: https://www.larimer.org/ewd/job-seekers/unemployment-insurance
- CDLE Unemployment Insurance If you work for an employer that closed or reduced your hours to help stop the spread of COVID-19, you can file or reopen an unemployment claim through the Colorado Department of Labor and Employment.
- If your last name begins with the letter A – M, file a claim on Sunday, Tuesday, Thursday, or after 12 noon on Saturday.
- If your last name begins with the letter N – Z, file a claim on Monday, Wednesday, Friday or before 12 noon on Saturday.
- CDC Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease – Strategies for employers to implement now in the workplace, and how to plan for a potential outbreak
- Employer’s Council Coronavirus (COVID-19) Guide for employer information on human resources and other legal considerations
- Independent Insurance Agents & Brokers of America – Insurance-related Resources – Disaster planning toolkit, losses of business income implications, worker compensation, and more
- Know Your Finances Checklist that may help secure your business’ financial well-being – Have you thought about a line of credit for your business? What are your procedures to accommodate a potential business disruption?
- The IRS Coronavirus Tax Relief – IRS Disaster Assistance Hotline: (866) 562-5227
- Reduced Work Hours – Colorado Work-Share Program
- Larimer County Unemployment Insurance – Apply online – Employees may be eligible to collect partial benefits if you are working fewer than 32 hours per week.
- Colorado Department of Public Health and Environment – Official website of the State providing up-to-date information on novel coronavirus (COVID-19), including guidance for testing and the drive-thru testing facility
We will continue to share new information as it becomes available. Please support local businesses to the best of your ability. If you have questions or concerns, please contact any of the following individuals:
Kelly Jones, Economic Development Director, City of Loveland
Scott Schorling, Economic Development Manager, City of Loveland
Jack Hill, Business Development Specialist, City of Loveland