As you may be aware, the funding for the Paycheck Protection Program (PPP) Loan has been fully expended to date. Current statistics show that the SBA PPP Loan has provided $6 billion in funding to our Colorado small business communities and we are hopeful that this number will continue to grow in the future.
As of now, the SBA is currently unable to accept new applications for the Paycheck Protection Program. The EIDL program is no longer accepting new applications and applications previously submitted for an EIDL Cash Advance and loan will continue to be processed on a first-come, first-served basis.
Both the U.S. Small Business Administration and the U.S. Treasury are urging Congress to appropriate additional funds into these programs so that every small business who is eligible will have the chance to participate and receive the funds they need.
Business owners should remain in contact with their lender and make sure they have the documentation necessary to complete the PPP application in the event congress appropriates additional funding to continue the program.
We will continue to provide updates and resources on our website with the relevant Federal, State, and local resources available to small business owners as we navigate and adapt to these changes.
The SBDC is your continued resource provider to navigate the loans and grants available to you, and your strategic business consultants with disaster relief expertise to ensure you are financially prepared during relief, recovery and business continuity phases.
The Colorado Office of Economic Development and International Trade and the Colorado SBDC have been consistently updating this list of additional available resources with available small business grants and loans for the Colorado small business community. If you are able, please take some time to research and review this list.