COVID-19’s impact on Colorado has been widespread and its effects on our business community have been particularly profound. Many businesses are faced with finding ways to pay employees and expenses while remaining viable in the face of this major economic interruption.
The $2 trillion CARE Act is a major economic resource to help Colorado’s small businesses experiencing economic harm. A key portion of this act is the Paycheck Protection Program which allocates $349 billion in forgivable loans to help small businesses, independent contractors and nonprofits meet payroll and rent needs. This is a very important economic resource and Governor Polis and I strongly encourage you to review this federal program to see how it can help your business.
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 http://www.choosecolorado.com/covid19. OEDIT representatives are available to answer your questions through the COVID Economic Hotline at (303) 860-5881.
Colorado Creative Industries is committed to keeping you informed and connected as we face this shared challenge. Please stay safe.
Continue to be your most creative self!
Director, Colorado Creative Industries
P.S. Follow our Facebook Page for regular updates and information from across our industry.
● What You Need to Know
With the rapidly evolving efforts to combat COVID-19’s spread in the state, we have shifted our focus to understanding and supporting the health and economic prosperity of the arts and culture sector across Colorado.
We recognize this health concern presents special challenges for the arts sector, from closures to canceled programming, rentals and fundraisers. The impact of these closures and cancellations will have a disproportionate impact on artists, gig workers, and musicians, many of whom hold jobs in other highly-impacted industries, such as the service industry.
We are working with our federal, state, and local partners to secure potential recovery funding and technical assistance opportunities. As we work together to navigate this crisis, we will need arts and culture more than ever to inspire, lift our spirits and drive economic recovery.
We are currently working remotely and maintaining regular business hours. Please contact staff via email or phone with your questions and concerns. We would also appreciate hearing about your needs, along with local and regional responses. Click here for a list of staff contacts.
CCI UPDATES & RESOURCES TO SUPPORT THE ARTS
● Colorado Creates Grant Update
Are you wondering about the status of Colorado Creates? Due to changing priorities surrounding the impacts of COVID-19 on the arts and culture sector, we will not be offering the FY21 Colorado Creates grant, with a previously published deadline of June 1, 2020.
Don’t panic just yet… if you received a two year Colorado Creates grant in FY20, you will receive the second year funding after submitting your mid-year report, which will be available mid-April. The deadline for this report is June 1, 2020. Reporting should be completed as scheduled for existing grantees with upcoming final reports. The deadline for final reports is July 31, 2020.
LEARN MORE ABOUT COLORADO CREATES
● Introducing COVID-19 CO Creatives Relief Grant
In response to the COVID-19 crisis, we have launched the COVID-19 CO Creatives Relief Grant. The grant is a one-time payment for general operating support to non-profit arts organizations in Colorado with an annual operating budget of less than $1 million. Priority will be given to small and mid-size organizations, particularly those working in under-served communities. Applicants must have received funding from Colorado Creative Industries in the last 5 years.
APPLY FOR COVID-19 CO CREATIVES GRANT
Colorado Creative Industries is a division of the Colorado Office of Economic Development and International Trade
Colorado Office of Economic Development and International Trade | 1600 Broadway, Suite 2500, Denver, CO 80202