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COVID-19 Business Resources

News April 2, 2020

We know this is a difficult time for many of your businesses as you balance the needs of your families, employees, and business operations. We’re partnering with the City of Pueblo, Pueblo County, Pueblo Department of Public Health & Environment, The Latino Chamber of Commerce, Pueblo West Chamber of Commerce, Pueblo Urban Renewal Authority, Pueblo Economic Development Corporation, Southern Colorado Community Lending, Colorado SBDC, Pueblo West, Pueblo County Sheriff’s Office, & Pueblo Downtown Association to assess the impact of COVID-19 on our local business community.   
  
We’re here to help you access the tools, information, and resources you need right now. Our growing list of local, state, and national business resources (below) are here to make things less painful for your companies and organizations. 

Small Business Loans:

There are three primary loans designed for small businesses included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act: 

  1. SBA’s Economic Injury Disaster Loan Program. 
  • The SBA assistance provides low-interest federal loans for working capital to small businesses that have realized economic injury from COVID-19. The maximum Economic Injury Disaster Loan (EIDL) is a $2 million working capital loan at a rate of 3.75% for businesses and a 2.75% for nonprofits with up to a 30-year term. Payments are deferred for up to one year. Learn more about the application process here and access the application here. 
  1. SBA Bridge Loan Pilot Program 
  • The SBA Bridge Loan is important for businesses that have an existing SBA loan and need short-term capital to maintain business operations, allowing businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans help overcome the temporary loss of revenue and can be term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If you have an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, you may qualify for an SBA Express Disaster Bridge Loan. 
  1. Paycheck Protection Loan Program 
  • The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses that maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. The loan can be up to 2.5 x your average monthly payroll costs, not to exceed $10 million. Review the loan checklist.Learn more and apply for loans here. Important dates:  
  • April 3: small businesses and sole proprietors can submit their applications 
  • April 10: independent contractors and self-employed can submit their applications 
  • Employee Retention Tax Credit 
    In addition to the loans, the CARES Act also created a new employee retention tax credit for employers who are closed, partially closed or experiencing significant revenue losses as a result of COVID-19. Learn more about the tax credit here. 

Pueblo Department of Public Health and Environment encourages residents to seek out credible, reliable sources of information on COVID-19: 

Unemployment  Resources:

The Colorado Department of Labor and Employment (CDLE) announced assistance for workers and employers during temporary closures as a result of the COVID-19 pandemic. Workers who have a reduction in hours/wages may file an unemployment claim at coloradoui.gov. A list of resources and FAQs on how to file is available on CDLE’s website at colorado.gov/cdle and clicking on “Coronavirus Information and Resources.” 

If you are laid off due to business closures related to COVID-19, you can receive unemployment benefits, provided you meet all other eligibility requirements. File a claim online at coloradoui.gov/fileaclaim. Indicate you expect to return to work and are job-attached to your last employer. 

Additional Business Resources: 

Additional Coronavirus Resources:

Pueblo WIC Open, Accepting New Appointments 
Pueblo Women, Infants, and Children (WIC) is open. Appointments can be made by telephone by calling (719) 583-4392. 

Colorado Center on Law and Policy Offers Resources 
Housing and rental payments here 
COVID-19 Resources for Immigrants (Spanish and English) here 

Local Mental Health Resources 
Mental Health Resources are available in Pueblo, contact your mental health care provider. Services are also available through Health Solutions at 719-545-2746 www.health.solutions.