COVID-19 has changed America overnight. The stock market is volatile, people are being laid off, and business owners are trying to figure out how to stay afloat. Let us help navigate the available fiscal relief and advise on the applicability of recent public health orders to you and your business.
For Colorado Department of Health updates click here.
*The information on this page is for educational purposes only and is not legal advice.
For businesses under 500 employees, a new SBA loan and forgiveness program has been created by the CARES Act to pay rent, payroll, some employee benefits, mortgage interest, and utilities. The maximum loan amount is based on payroll and taking advantage of PPP precludes your business from electing to use the employment tax credit and deferral provisions in CARES. Reach out if you are interested in more information regarding this loan program.
Small businesses impacted by COVID-19 can seek individual small business loans up to $2M by applying for a Small Business Administration’s (SBA) Economic Injury Disaster Loan. Terms of the loan are 3.75% interest rate, no personal guarantees up to $200,000, unsecured up to $25,000, 30 year repayment period, and the first $10,000 is a grant. The grant is limited to $1,000 per employee. Unlike with PPP, businesses using the EIDL program are eligible for the payroll tax credit and deferral programs. Reach out for more information.
Whether a business should apply for the PPP, the EIDL, or both is a very business-specific analysis and a decision with wide-ranging implications. Check out our page comparing the details of the programs and reach out to discuss what will work best for your business. Note that there are limited funds available.
If you work for an employer that closed or reduced your hours to help stop the spread of COVID-19, you can file an unemployment claim through the Colorado Department of Labor and Employment. On March 20, Governor Polis has directed One Million Dollars to CDLE to expedite the unemployment process. Reach out today to discuss filing.
The Department of Education has announced that all borrowers of federal student loans will have their interest rates set at 0% for a period of 60 days, beginning March 12, 2020. The Secretary has directed all federal student loan servicers to grant a forbearance to any person who requests one, which will last until at least May 12, 2020. Borrowers will also have their payments automatically suspended if a payment is delinquent by 31 days. Reach out for more information. The Senate CARES Act will extend this deferment and interest waiver through September 30, 2020 if signed.
Colorado and the IRS have extended both the income tax filing and the payment deadline from April 15, 2020 to July 15, 2020 to alleviate the burden of tax payments during the pandemic.
Providing up to a $7,500 in cash grants, 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. Applications are due March 30, 2020.
Provides between $5,000-$50,000 in loans if doing business in target industries in city identified locations in Denver.
Polis and the CDPHE moved to safer-at-home level 2 on May 27. This new order will allow more businesses to reopen in phases while requiring restrictions. Reach out if you are confused as to how this order applies to your business.
Many counties have decided to follow this order entirely, while others have extended their orders or implemented changes. Reach out to discuss a particular county's order.
Executive Order Requiring Face Masks in Public Spaces
Governor Polis issued an executive order all members of the public to wear medical or non-medical cloth face coverings that cover the nose and mouth while in public places.
The Families First Coronavirus Response Act requires employers with less than 500 employers to provide certain employees impacted by COVID-19 paid sick leave (up to 80 hours or two weeks wages) and family and medical leave (up to 12 weeks- 10 which must be paid by the employer). Reach out to find out more about how this applies to your business and employees.
Local Public Health Orders
Counties and municipalities issued their own mask and "shelter-in-place" orders to residents and businesses. Reach out to discuss the nuances of these orders and how they apply to you or your business.
The Colorado Department of Labor and Employment (CDLE) have enacted laws which temporarily require employers in certain industries to provide paid sick leave to employees with flu-like symptoms while awaiting COVID-19 testing. Reach out to discuss compliance with these emergency rules, as failure to comply results in a finding of failure to provide wages and comes with legal sanctions.
On March 18, in accordance with CDC guidelines, the Colorado Department of Public Health issued a public health order prohibiting gatherings of more than 10 people. This order includes most business settings. Violations come with fines and potential imprisonment.
The IRS and Colorado have announced that the tax filing and payment due date has been moved from April 15, 2020 to July 15, 2020 for both personal and business income taxes.
Colorado has ordered the suspension of all non-essential visitation to nursing facilities in accordance with federal guidance. An exception is made for end-of-life circumstances.
Colorado has ordered the closure of all Colorado ski resorts until further notice. Resorts may apply for exemptions to this order.
Governor Polis has announced that along with allowing drive-thru and takeout service, restaurants and breweries with a sales room will be able to sell alcohol to go as well.
Colorado has temporarily suspended the ban on telemedicine for the purposes of recommending medical marijuana. This means that instead of going in-person to a doctor, patients may now apply for or renew their medical marijuana registry cards through remote means. Reach out for doctors accepting telemedicine patients.
Colorado has temporarily suspended the ban on online sales of retail marijuana to allow for pickup and shortening the time of exposure. Reach out for information on how to implement pickup services.