Our professionals continue to proactively advise clients on COVID-19 directives and opportunities. 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. You can also stay up-to-date via our BLOG.
DISASTER LOAN ASSISTANCE
Small Business Administration (SBA) Funding for Small and Medium-Sized Businesses. There are two programs available to help businesses with disaster relief – the revised Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP). Both programs can be used; however they are not intended for the same purpose. Additional conditions and amendments may apply.
The PPP program ended May 31, 2021. The below links are for information only.
PPP “2” PROGRAM (Consolidated Appropriations Act 2021)
The Consolidated Appropriations Act of 2021 includes additional PPP loan funding. Eligible borrowers should talk with their bank to ensure it is participating in the program and regarding the application process. Additionally, we encourage borrowers to consult with their accountant for proper calculations and proceeds usage per PPP application and forgiveness criteria. The below links are to assist with general information only.
PPP LOAN FORGIVENESS INFORMATION
There are three PPP Loan Forgiveness Application forms: SBA Form 3508, SBA Form 3508EZ, and SBA Form 3508S. Borrowers should check with their lender to ensure they have the most recent PPP loan forgiveness application and instructions. The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements. Your Lender can provide further guidance on how to submit the application.
The SBA has launched a streamlined application portal to allow borrowers with Paycheck Protection Program loans of $150,000 or less through participating lenders to apply for forgiveness directly through the SBA. Your lender must be participating in this program in order for you to apply for direct forgiveness using the SBA portal. If your lender is not participating in the portal program, you must still apply for forgiveness through your lender. The questions asked on the forgiveness form in the portal correspond to those asked on SBA Form 3508S.
Here are the access links for the program. (updated 08/02/21)
ORIGINAL PPP LOAN INFORMATION
The original PPP loan program closed August 8, 2020. The below links are for PPP/PPPFA loan rules and loan forgiveness information only.
SBA EIDL LOAN PROGRAM AND OTHER ASSISTANCE
This loan is only accessible through the SBA. The prior EIDL Advances are no longer available. Access the EIDL application and information HERE.
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.
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
- The American Rescue Act of 2021 – This link provides the full text of the House bill. For a summary, click HERE.
- The Consolidated Appropriations Act of 2021 – This link provides the full text of the House amendment. For a summary, click HERE.
- IRS Economic Impact Payments (aka Stimulus Payments) – This link provides information and FAQs for the first, second and third rounds of stimulus payments and 2020 Recovery Rebate Credit. 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.
- For Employers: Employer Paid Leave Requirements
- HR Update Webinar Presented by Employment Law Attorney Michael Santo: This webinar recorded on 08/13/2020 includes some FFCRA updates. Access the webinar and info HERE.
- 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
- For Employees
- Employees whose employers are closed or working fewer hours click HERE for information on unemployment benefits and how to file an unemployment claim.
- Colorado Healthy Families & Workplaces Act (HFWA) webinar hosted by Autopaychecks and presented by Employment Law Attorneys Michael Santo and Alicia Severn of Bechtel Santo & Severn. Access the webinar HERE and the slides HERE.