Resources for SMEs and Entrepreneurs to Weather the COVID-19 Pandemic
As the economic impact of the coronavirus pandemic continues to affect entrepreneurs and small businesses in Denver, we at Shift Workspaces have started compiling a list of local and federal aid available to our Members to help them weather this crisis successfully.
City and County of Denver Small Business Emergency Relief
This city-wide program is aimed at solving the immediate needs of the business community, giving priority to those industries that are most affected by the coronavirus pandemic. Up to $7,500 in cash grants will be made available in monthly phases. Applications for the first phase are due March 31, 2020.
Imagine 2020 Artist Assistance Fund
This fund was created by Denver Arts & Venues to support local artists affected by the COVID-19 pandemic. Denver Arts & Venues has allocated $130,000 towards grants of up to $1,000 for each individual artist whose incomes are being adversely affected due to cancellation of events, classes, performances, and other creative work.
Families First Coronavirus Response Act
This bill, which became public law on March 18, 2020, aims to help health care workers by providing paid sick leave and free coronavirus testing, expanding food assistance and unemployment benefits, and requiring employers to provide additional protections for health care workers.
Coronavirus Aid, Relief, and Economic Security Act or the CARES Act
Signed into law on March 27th, 2020, this bill addresses the economic impacts of, and otherwise responds to, the COVID-19 (coronavirus) outbreak. The bill authorizes emergency loans to distressed businesses. The bill also provides funding for $1,200 tax rebates to individuals, with an additional $500 payments per qualifying child. The rebate begins phasing out when incomes exceed $75,000 (or $150,000 for joint filers). The bill establishes limits on requirements for employers to provide paid leave
Small Business Guidance & Loan Resources
This government agency provides support to entrepreneurs and small businesses. They summarize their activities as the “3 C’s” – Capital, Contracts and Counseling.
As an entrepreneur or small business owner, you might want to look into their Disaster Loan Programs, which have been updated to reflect the latest developments with regards to the Coronavirus Pandemic and the impact it already has had on the economy.
Through their Economic Injury Disaster Loan Program, due to COVID-19, every small business owner is eligible to apply for a low-interest loan of up to $2 million in working capital.
The SBA also has several loan resources available, including express loans, microloans, exporting loans, and many more.
Head to the SBA’s website for more information.
