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The impact that COVID-19 has had on small businesses in the Denver community cannot be overstated. Many businesses have been forced to close their doors, lay off employees, cut hours, or radically shift their day-to-day operations.
While it might not be enough to help everyone who is struggling, the local government and community has joined forces to provide additional resources for businesses in need.
Here are a few of the best local resources for Denver businesses during COVID-19.
In response to COVID-19, Denver Economic Development & Opportunity (DEDO) has opened a Small Business Emergency Relief program that provides up to $7,500 in cash grants to vulnerable businesses.
The highest priority will be the industries most impacted by the coronavirus pandemic, such as the food industry. According to DEDO, “this program is designed to assist eligible small businesses that may have had to temporarily close, have difficulty with paying their rent and utilities, or have had to lay off staff.”
The program is open to business owners within the City & County of Denver only. To submit your application, complete this online form.
After completing the application, DEDO staff will evaluate your information and help you identify the most appropriate support for you and your business.
DEDO provides a number of additional loans. For more information, check out the financing section of their website. For example, DEDO, in partnership with CEDS Finance, is refocusing their existing microloan program to support small businesses’ stabilization efforts.
Denver’s Microlending Program provides small loans of up to $50,000 to small businesses who “lack access to traditional and conventional capital sources.”
For more information about the Denver Microloan Program, visit this website.
In addition to new loans, current recipients of loans from DEDO will have the ability to temporarily defer loan payments due to the pandemic.
While it’s not just a local program, Denver businesses should also consider national programs offered by the Small Business Administration.
Businesses who believe their business has suffered substantial economic injury as a result of the Coronavirus outbreak can apply for up to $2 million through their Economic Injury Disaster Loan program.
It looks like the EIDL program is not currently accepting new applications, but businesses can also apply for an Economic Injury Disaster Loan Advance for up to $10,000. If approved, these funds can be used for payroll and other operating expenses and will be forgiven. If you do not qualify for the EIDL program, there are also Small Business Emergency Grants available.
You’ve probably also heard of the Paycheck Protection Program for small business owners. We recorded a video and wrote a blog post about the program here. As of now, the PPP is out of funds, but it is possible that additional resources will be added in the coming weeks or months.
Looking for more resources for businesses in Colorado? The Colorado Office of Economic Development & International Trade has compiled an excellent spreadsheet that outlines a number of additional funding options.
If you have questions about any of the resources outlined above, please contact us to see how we can help.
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