This program can offer assistance paying your employees, your rent, interest on your mortgage, or utility expenses. If you need help funding these expenses as a result of the COVID-19 pandemic, we are here to assist you with access to the new Paycheck Protection Program (PPP).
Coronavirus Aid, Relief, and Economic Security (CARES) Act
The following information is subject to change to the extent updated or further guidance is received from the SBA and the U.S. Treasury Department on program requirements.
The CARES Act enables a forgivable business loan program designed to help your business with payroll support, mortgage interest, rent and utility payments, all under a new program offered through lenders with existing delegated SBA loan authority. Community Banks of Colorado has that authority.
Who may apply:
Businesses (or eligible private nonprofits) that were in operation prior to February 15, 2020 that can demonstrate they have payroll and payroll tax expenses, provided they have 500 or less employees (or that they meet the applicable size standard for the NAICS-based industries as provided by SBA, if higher). Sole proprietors, independent contractors, and other self-employed individuals as defined by the SBA may apply beginning April 10, once further guidance from SBA is published. The CARES Act waives affiliation rules for businesses in the hospitality and restaurant industries, franchises that are approved on the SBA’s Franchise Directory and small businesses that receive financing through the Small Business Investment Company (SBIC) program.
What can you do?
- Fill out the contact form below and one of our dedicated bankers will reach out to you with an application and any other documentation you need to fill out the application.
- The required application form and information or documents are subject to change upon guidance from the SBA.