April 1, 2020
Dear Jefferson County Business Owner,
As we navigate another week of shutdowns and unknowns, we are here to provide you with the information you need to sustain your business through this difficult time. In this newsletter, we highlight financial resources for your business and services for your laid off workers. With on-line systems overloaded, we are bringing resources to you. Please see important new information below about the the Small Business Paycheck Protection Program's forgivable loans. Information on these and other loans will also be discussed during the Financial Resources for Jeffco Businesses Panel.
Please know, we are here to help. If you have questions please contact us at 303-271-4800 or [email protected]
COVID-19 Financial Resources for Jeffco Businesses Panel
Join Jefferson County Business & Workforce Center
For a virtual panel to discuss the resources available during this global pandemic.
When: Friday, April 3, 2020 from
9:00 am to 10:30 am
To register to attend click here
If you have questions please contact us at 303-271-4800 or [email protected]
Angela Atkinson - Director, Front Range Small Business Development Center
Steven White - Lead Lender Relations Specialist, Small Business Administration
Robyn Burnett - UI Re-Employment Program, Colorado Dept. of Labor & Employment
Lou Riverso - Business Adviser, Jeffco Business Resource Center
Jason Jacksack - Business Advisor, Business Acceleration Services Colorado Enterprise fund.
Co- Sponsored by the Jefferson County Business Resource Center
NEW! SMALL BUSINESS PAYCHECK PROTECTION PROGRAM
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Must Keep Employees on the Payroll—or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
All Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.
When to Apply
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
How to Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov. The
Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit www.sba.gov or www.coronavirus.gov for more information.
Tech Talent Panel
Tech Talent Denver (TTD) acts as a voice for the tech industry in the Denver Metro Area working to support a thriving information and technology industry. TTD is hosting a Virtual Panel focused on how COVID–19 and the related “Stay at Home order” is effecting the Tech industry. Tech Industry professionals will be discussing how their companies and employees are tackling these challenges.
Tech Talent Denver Virtual Panel – Tech during COVID-19
April 10th, 2020
9:00 am – 10:00 am
Contact Mike Aman at [email protected] to RSVP for the Virtual Panel or if you have any questions.
Critical Businesses and Jobs in the COVID-19 Coronavirus Pandemic
There’s a lot of information coming at us fast—hopefully, this saves you time sorting through sources. Colorado Governor Jared Polis issued a “Stay-at-Home” order beginning March 26th and slated to continue through April 11th; in this executive order, he outlines the critical businesses that may continue to run as normal, albeit with social distancing guidelines in place. To learn more about what’s considered a critical business, here are three resources along with recommendations on which may be most helpful for you:
- Jared Polis’ “Stay home except for essential needs” webpage provides an overview of the industries and occupations considered critical under this order. Here, job seekers, businesses, and others can find general information, and search for specific terms by holding down the “Ctrl” and then “F” keys and typing in their word or phrase. This may be the best site for those wanting general information: https://covid19.colorado.gov/stay-home-except-essential-needs
- The Colorado Department of Public Health & Environment (CDPHE) provides more detailed guidance for businesses who have consulted the above webpage and have further questions about the following: whether or not their business qualifies as a critical business; how to implement social distancing guidelines; and what operational limits still exist for those critical businesses. In their “Amended Public Health Order 20-24 Implementing Stay- At- Home Requirements,” there’s a section starting on page three titled “II. Business Requirements” (towards the bottom of the page) that talks about these critical businesses and outlines the social distancing limitations on them. In addition to these outlines, it provides industry-specific guidance, such as what social distancing looks like in early childhood education—e.g., new group-size requirements for classrooms. This resource includes day-to-day business operations considerations, such as travel guidelines: https://drive.google.com/file/d/1IzfYUaxEf-UFSVAzkY_b9Cf1OMPOdlxH/view
- Finally, the Colorado Department of Regulatory Agencies (DORA) has answers for job seekers, contractors, and businesses wondering if a specific job, occupation, or professional license is considered essential. In their “Critical vs. Non-Critical Professions List,” DORA differentiates between those two categories and lists specific healthcare and non-healthcare professional services and guidance. Also embedded throughout the document are links to resources for businesses making the shift to telework—for example, telehealth recommendations for healthcare providers. This can also be helpful for job seekers to see what kinds of jobs may currently be available: https://docs.google.com/document/d/1U9ALWArerRarC4lzVitAGcufjjClmn2IXO2boBxmNP0/edit
Alternatives to laying off your employees
The Work-Share Program
(from Colorado Dept of Labor & Employment)
Thinking of laying off employees? Consider the Work-Share Program.
The Work-Share Program provides an alternative to laying off employees by allowing them to keep working, but with fewer hours. While an employee is working fewer hours, he or she may be eligible to collect part of his or her regular unemployment benefits.
Requirements and qualifications for employers:
- You must have reduced the normal weekly work hours by at least 10 percent, but by no more than 40 percent.
- The reduction must affect at least two out of all employees in the business, or a minimum of two employees in a certain unit.
- You must have paid as much in premiums as we paid your former employees in unemployment insurance benefits. See the rate notice we mailed you in November.
Jefferson County Business & Workforce Center – Business Services
Business Services offers a wide array of services and resources to help businesses of any size.
Information about layoff assistance and layoff aversion programs are available, please contact Jill Howard at [email protected] or call 303-271-4768.
If your business is currently hiring, we can assist with job postings, marketing to job seekers and virtual job fairs. Contact the Business Services team at [email protected] or call 303-271-4800.
Jefferson County Business & Workforce Center website:https://www.jeffco.us/Business-Workforce-Center
Business Economic Injury Disaster Loans
As of March 23rd 2020, small businesses in all states may apply for Economic Injury Disaster Loans (EIDLs) to help offset the financial losses from the COVID-19 Coronavirus. The Small Business Administration (SBA), an independent federal government organization, offers up to $2 million in individual loans with long-term repayments—up to 30 years—and low interest rates: 3.75% for small businesses, and 2.75% for most private nonprofit organizations. In addition to those business categories, small agricultural cooperatives may also be eligible. We’re hearing back from Colorado businesses who have completed their application processes and are already in the initial loan assessment phases. During your application process, the SBA will ask for supporting financial information, which could include tax returns, balance sheets, and/or other forms. (If you’ve asked for a 2202 SBA Schedule of Liabilities, you can download a blank form here: http://sbaloanforms.com/blog/sba-form-2202-schedule-of-liabilities.html.) For more information, including the online application, visit the link below.
General Unemployment Insurance Information Related to Coronavirus
Up-to-date information for employers, employees and FAQ’s about Colorado Unemployment Insurance programs and other resources.
Colorado Unemployment Insurance Employer Services website
Information about layoffs, labor laws, incentives and tax credits, audits, posting jobs on Connecting Colorado and more.
Work Share Program
Alternative to laying off employees and unemployment insurance if an employee is still able to work part-time.
Businesses Responding to Job Separation
How and why it’s important to respond to the Unemployment Insurance employee job separation notices.
Unemployment Insurance Guide for Employers
Families First Coronavirus Response Act
Learn what it means for employers.
U.S. Department of Labor
The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) guidance for the workplace.
Jefferson County Small Business Resource Center
Non-profit organization supporting small businesses in the community including business plan development, brand and marketing material assistance, financing sources and more.
Small Business Guidance & Resources
Information about Economic Injury Disaster Loan Programs, Guidance for Businesses and Employers, SBA Products and Resources, Government Contracting and Local Assistance.
SBA Disaster Loan Assistance
Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners and Renters.
Jefferson County Economic Development Corporation
Jeffco EDC is an advocate for the county’s business community and is dedicated to building economic prosperity in the community. Current resources for businesses are included on the website.
Clear Creek County Economic Development Corporation
The CCEDC works to create and offer programs for Clear Creek County businesses. Information about emergency working capital loan program is on the website.
Arvada Economic Development Association
Arvada Economic Development Association has community, government, and civic partnerships which allow AEDA to provide your business with the latest business information and resources.
City of Edgewater
The City's economic development programs are designed to bolster the economic health and opportunity within Edgewater and the surrounding area for residents and businesses alike.
Golden Community & Economic Development Division
The City of Golden Community & Economic Development Division provides a network of resources to support existing and growing businesses including grant opportunities.
Lakewood Economic Development Division
The Economic Development Division of the City of Lakewood provides services to businesses, including business attraction, expansion, entrepreneurialism, marketing, communications and resources.
Littleton Economic Development Department
The Economic Development Department of the City of Littleton focuses on business development, retention and attraction by providing business resources for companies operating in or planning to locate within the city.
Westminster Economic Development Department
The City of Westminster Economic Development Division provides resources to existing and growing businesses.
Wheat Ridge Economic Development Division
The City of Wheat Ridge Economic Development Division is dedicated to both the businesses and citizens of Wheat Ridge by providing an array of resources for the community.
Colorado Office of Economic Development & International Trade
OEDIT has a hotline for small business owners to call with questions at (303) 860-5881 or email [email protected]
Chambers of Commerce
Chamber of Commerce associations promote and protect the interests of the business community in a local community, and offer valuable resources and education to businesses
West Metro Chamber
Wheat Ridge Chamber
Wheat Ridge Business Association