We understand there is a lot of information from various national, state, and local agencies being circulated. Our professionals are proactively advising clients to help navigate COVID-19 directives and opportunities. In addition, DWC wishes to help our clients and communities find valid information during the pandemic. We’ve gathered important COVID-19 business and employer resources to help you stay abreast of issues and directly access the most reliable sources. We will keep this page updated as changes occur.
DISASTER LOAN ASSISTANCE
Check with your banking relationship first. Many banks are ready and able to help businesses and individuals with short and long-term lending needs. Your bank may provide the quickest and most efficient way to attain a loan as others, such as the Small Business Administration, may be inundated with applications at this time, thus the process may take longer.
Small Business Administration (SBA) Funding for Small and Medium-Sized Businesses. The SBA has expanded its funding programs for the coronavirus pandemic. There are two programs available to help businesses with disaster relief – the revised Economic Injury Disaster Loan and Loan Advance (EIDL) and new Paycheck Protection Program (PPP). Both programs can be used, however they are not intended for the same purpose. Additional conditions and amendments may apply.
We are ready and available to help our clients provide accurate information for efficient processing of your PPP loan application through your bank. Contact your DWC representative if you are applying for the PPP.
PPP General Loan Information & Application for Funding
- Top-line Overview of the PPP
- PPP Lender Information
- PPP Borrower Information
- Federal Register – PPP Rules & Regulations
- PPP How to Calculate Maximum Loan Amounts – By Business Type
- PPP Interim Final Rule – Additional Eligibility Criteria and Requirements for Certain Pledges of Loans
- PPP Final Borrower Application Form
PPP Loan Forgiveness Application & Information
- PPP Loan Forgiveness Application & Instructions
- Interim Final Rule – Additional Requirements for Loan Forgiveness (New – Posted 05/22)
- Interim Final Rule – SBA Loan Review Procedures & Related Borrower & Lender Responsibilities (New – Posted 05/22)
Additional PPP Resources
- PPP FAQs
- Brief Summary and Comparison of the PPP and EIDL programs
- SBA Programs and Resources Page
- SBA COVID-19 Relief Options Webinar and Q&A for the PPP and EIDL – Still have questions? Check out THIS recorded webinar and Q&A presented by Timberline Bank and co-hosted by Autopaychecks and employment law attorney Michael Santo (recorded April 6th). HERE is the accompanying handout.
SBA is also providing assistance for those who already have an SBA loan and business relationship with an SBA Express Lender. You should contact your SBA lender for more information on these programs.
- Enhanced Debt Relief assistance. If you already had an SBA loan in place prior to the Coronavirus pandemic, SBA is providing Enhanced Debt Relief assistance. The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
- SBA Express Bridge Loan. This program is for those who currently have a business relationship with an SBA Express Lender and need up to $25,000 with less paperwork, or are waiting on EIDL loan approval.
TAX DEADLINES AND PAYMENT EXTENSIONS
The Treasury Department, IRS, Colorado and other states issued guidance on both tax filing and payment relief. Here are the summaries.
FEDERAL AND STATE RELIEF PROVISIONS
- IRS Economic Impact Payments (aka Stimulus Payments) – Use this link to find out if you are eligible to receive payment, how much, and FAQs. NOTE – BEWARE of scammers pretending to be the IRS asking for your personal information to “verify” for payments. This link also provides information on payment schemes.
- Families First Coronavirus Response Act – This link includes information about common issues employers and employees face when responding to COVID-19, and its effects on wages and hours worked under the Fair Labor Standards Act (FLSA), job-protected leave under the Family and Medical Leave Act (FMLA), and paid sick leave and expanded family and medical leave under the Families First Coronavirus Response Act (FFCRA). Additionally, it provides the Employee Rights Posters (and Poster FAQs) employers are required to display/provide to employees.
- Coronavirus Aid, Relief, and Economic Security (CARES) Act – Signed into law on 03/27/2020, CARES provides loan forgiveness, small business support, unemployment insurance enhancements, and federal loans to industries severely impacted by the pandemic. In addition, it provides tax relief and tax incentives for individuals and businesses alike. The majority of the tax relief is designed to increase liquidity in the economy, largely through the relaxation of limitations on business deductions and the deferral of taxes, but also with the introduction of recovery rebates for individuals.
- CARES Act and Tax Relief Webinar for Businesses and Employers – DWC professionals, Sarah Fischer, CPA and Associate Tax Principal and Chris West, CPA, and CEO and Principal, presented on the CARES Act and tax relief provisions for individuals, businesses, and employers. This informative webinar covers most of the provisions and we highly recommend you watch to hear of opportunities and benefits reap you may want to consider. Watch the recorded webinar HERE and access the presentation materials HERE.
STATE OF COLORADO
- COLORADO DEPARTMENT OF LABOR & EMPLOYMENT (CDLE) – The State has adopted temporary emergency rules for unemployment requirements. This site provides a variety of resources for workers and employers who are impacted by the Coronavirus. Here is some helpful information for those seeking unemployment or employers with questions from employees:
- For Employers
- The Colorado Health Emergency Leave with Pay (“Colorado HELP”) Rules provides paid sick-leave information, including which employees and employers are covered under the Rules and additional requirements per the State (versus Federal).
- Additional resources for employers from CDLE can be accessed HERE.
- For Employees
- For Employers
- Effectively Manage Your Business and People During COVID-19 Pandemic – This webinar (recorded March 24th) hosted by Autopaychecks and Employment Law Attorney Michael Santo overviews information and clarification for employers on employee and HR directives. Watch the recorded seminar HERE and download the accompanying handout HERE.
- Updates! Effectively Manage Your Business and People During COVID-19 Pandemic – This webinar (recorded April 9th) by Employment Law Attorney Michael Santo provides certain updates and guidance since his March 24th seminar posted above. Watch the recorded seminar HERE and download the accompanying handout HERE.
WE ARE HERE FOR YOU
Safety of our employees, families, clients, and community is still our first priority. While our physical offices will remain closed to the public through June 1st, we are still available to provide advisory support to our clients and businesses to help recover as quickly as possible. Please reach out to your DWC professional for questions. Our professionals are prepared to collaborate and work with you via phone, email, or video conferencing using our Zoom platform.
Additionally, we have secure and free ways for you to provide us needed tax or other documentation to work on your engagement. Along with mailing options, you may access our secure file transfer service (LeapFile) or upload the information to your DWC Client Portal (login credentials required for the Portal).
If you are not able to provide documents electronically to us per the above options, please call us and we will find the best way to exchange needed information. For Glenwood Springs and Grand Junction clients, we have a convenient and secure “drop box” located just outside the front doors of the building.