COVID-19 has changed a lot for all of us, including small business owners. There is some encouraging news coming out of Colorado with the state’s new “Safer at Home” order, though we still need to take the proper precautions to ensure everyone’s safety. Today I wanted to discuss that executive order and what it could mean for your business. I also want to provide you some resources for relief.
The State of Small Businesses During COVID-19
Relief for Your Small Business
The first thing I want to tackle is how you can get help if you need it. President Trump signed the Paycheck Protection Act into law, which allows the U.S. Small Business Administration (SBA) to guarantee loans of up to $10 million to eligible businesses in order to ensure that your employees can keep getting paid. These loans can be forgiven if businesses do these two things. One, they must keep up payroll for eight weeks at the normal salary levels. Secondly, they must use the loan proceeds for qualifying expenses. Forbes.com has compiled a list of banks providing Paycheck Protection Program loans.
On top of that, the Denver Small Business Emergency Relief program is offering up to $7,500 in cash grants to businesses that are especially affected by the Coronavirus. This includes businesses that aren’t able to operate because of the virus. To learn more, fill out an interest form.
There are also economic disaster loans that are provided by the SBA, but because they have been flooded with applications, the details are still uncertain.
What “Safer At Home” means for your small business
Colorado is implementing a slow opening so that the economy can get going again while keeping Coloradans safe. The state has provided a timeline that looks like this:
- April 27: Curb-side pickup for retail locations is allowed, real estate showings with limited personnel can begin again.
- May 1: Retail and personal services can reopen if implementing best practices such as frequently washing your hands, wearing a mask, and no gathering of more than 10 people.
- May 4: Non-critical offices can re-open if implementing best practices.
Keep in mind that certain counties have different guidelines than the state. I know that can be confusing, but you are only allowed to operate like this if your county is not still under a “Stay at home” order.
With that said, I encourage you to explore ways you can start to reopen your small business in a safe way.
Do you have any questions about how your small business can operate during this time? Leave them below!
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