We are pleased to report that the U.S. Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) will re-open this week for new borrowers and certain existing PPP borrowers.
To promote widespread community access to capital, initially, only community financial institutions will be able to make First Draw PPP Loans which started January 11th .
The PPP will open to all participating lenders shortly thereafter. 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 continues to prioritize millions of Americans employed by small businesses by authorizing 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.
Colorado’s Secretary of State’s Office is committed to keeping you informed and connected as we face this shared challenge. Please stay safe.
Colorado Secretary of State