Government Loan Opportunities:
PPP and EIDL LOANS UPDATE
On April 23, the House voted to pass legislation providing roughly $484 billion in coronavirus relief for small businesses, hospitals, and expanded medical testing. This includes $310 billion to replenish the Paycheck Protection Program (PPP) of which $60 billion is earmarked for community banks and smaller lenders, who tend to serve smaller communities (Like in NW Colorado). It also includes $60 billion for the Economic Injury Disaster Loan (EIDL) program. If your organization plans to apply, please contact your local bank ASAP.
SBA Economic Injury Disaster Loan
On March 19, Governor Jared Polis announced Colorado’s application for federal disaster area designation has been approved. The SBA Economic Injury Disaster Loan application is now open to Colorado business owners and non-profits that have been severely impacted by the Coronavirus (COVID-19).
Eligible entities: Applicants must meet the SBA requirements of a small business (500 employees or fewer); Businesses directly affected by COVID-19; Businesses that offer services directly related to the businesses in the declaration; Other businesses indirectly related the industry that are likely to be harmed by losses in their community.
- The SBA put together a presentation to explain the loan program and answer common application questions.
- The Colorado Office of Economic Development & International Trade has an Economic Injury Hotline (303-860-5881), email and website to assist you in this process.
- The U.S. Chamber of Commerce Guide to SBA’s Economic Injury Disaster Loans
We strongly recommend contacting your local bank to apply.
SBA Paycheck Protection Program
The Paycheck Protection Program (PPP) prioritizes millions of Americans employed by small businesses (and nonprofits) by authorizing up to $349 billion toward job retention and certain other expenses under the CARES Act. Nonprofit organizations are eligible if they meet program size standards. Under this program:
- Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
- Loan payments will be deferred for six months.
- If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
- Contact your local bank to apply. Here’s a checklist of the financial information that will be needed and a sample application.
- We strongly recommend contacting your local bank to apply.
Funding Information Network – Use this from Home
You can access Candid’s (candid.org) Foundation Directory Online through the Bud Werner Memorial Library with a link provided by YVCF staff. Please email firstname.lastname@example.org for this information.
This Fund will offer general operating support for Colorado 501(c)(3) nonprofits whose work primarily benefits older adults (those 50+) and any 501(c)(3) organization who has previously received funding from NextFifty Initiative in any state.
- The WZ Giving Circle requests Letters of Proposal for their Spring 2020 granting cycle. This group of individuals is interested in learning more about the needs of Routt County in an effort to make an impact on our community. Through their charitable giving, a pool of funding will help individuals and families which have specific circumstances that require immediate financial assistance.
- The Women’s Giving Circle seeks proposals on a rolling basis for their year-round granting. This group of donors wishes to have an immediate impact toward improving the situation of women, children or the elderly in the Yampa Valley. They are requesting proposals from organizations, schools, and churches who may know of community members who could use a little boost from anonymous “angels” among us. If in your work, you are familiar with a family or individual (especially children) who needs some help, we invite you to submit a proposal.
- Basic Needs (food, housing, transportation, response to DV and child abuse, immigrant support)
- Access to & Affordability of Physical and Oral Health
- Access to and Affordability of Social-Emotional-Behavioral Health (including substance abuse services)
- COVID-19 Specific Response (testing, tracking, telehealth)
About the Initiative
The Fund has designated $325,000 for small, medium and large size grants, which will focus on emergent strategies and provide support via:
- “Learning dollars” for families facing economic hardship to expand access to summer learning. If you are a Colorado family interested in applying for this resource, please visit RESCHOOL’s website here.
- Funding for locally-driven efforts to design and test new models of learning.
- Funding to districts and others to develop strategies that address the systemic disruption of school and district operations due to COVID-19 for the summer and 2020-21 school year.
Individuals as well as formal or informal teams of people can apply for these opportunities. Eligible applicants include educators, school leaders, out-of-school/summer learning providers, families, school networks (district or charter schools), nonprofit organizations, superintendents, boards of education, or others partnering with districts, parents, entrepreneurs, and students.
Selection Process, Timeline & Parameters
- If you are a Colorado family interested in applying for “learning dollars”, please visit RESCHOOL’s website here.
- Applicants for the other two funding opportunities listed above are asked to submit Letters of Interest to email@example.com.
- Submissions may be up to two pages in length, or comparably brief if submitted in another format (such as PowerPoint, video, etc.)
- Letters of Interest will be reviewed twice monthly (June 1, June 15, July 1, July 15 and August 1) and funds distributed on a rolling basis from now through the beginning of the 2020/2021 school year.
- The Fund’s donors and partners will select grantees from submitted Letters of Interest; final selection will be guided by a desire to capture a diversity of approaches to improving educational opportunities for students in Colorado.
- The size of the award will be determined based on the potential scope of the project and projected cost for implementation. Most grants will be in the $1,000-$4,000 range but some could be as high as $50,000.
- The Fund plans to give grantees a great deal of flexibility over the use of grant dollars