Summit County eases capacity (but not last call) restrictions; and if you’re stuck in PPP approval limbo thanks to a “hold code,” things may soon start moving faster. Plus: There are still grant monies available to small businesses in a handful of counties (Adams, Arapahoe, Boulder, Broomfield, El Paso, Logan, and Mesa) but application deadlines are rapidly approaching. And if you’re looking for additional relief funding, the state has compiled a list of resources that you may not have taken advantage of.
The following information comes from the CRA’s February 12 newsletter. Sign up to receive the full version here. And take a gander at its Coronavirus Resource Center and COVID-19 Reopening Resources for general info.
Update: Summit County 5 Star Program
Summit County 5 Star-certified restaurants were allowed to operate in Level Yellow beginning February 12. When 5 Star businesses are able to operate in Level Yellow, the capacity limit is 50% or 50 people per room, whichever is less, or up to 150 people using the space calculator. The County is planning to issue a revised Public Health Order that will require 5 Star businesses to hold last call at 10 p.m. and have drinks off the tables by 10:30 p.m. (as opposed to the State’s Level Yellow guidelines that allow last call at 11 p.m.) Businesses that are not 5 Star-certified will need to have drinks off the table by 10 p.m.
5 Star businesses do not need to be re-inspected before operating at Level Yellow, but the Town will be conducting re-inspections of all 5 Star businesses in the next week or so to ensure everyone is operating within the 5 Star parameters. Click here for more information.
Resolution of PPP Application Hold Codes from the SBA
New Small Business Administration (SBA) guidance allows lenders to submit information to resolve delays in application approval. This “backlog” of loan applications should be addressed soon, and we will continue to advocate for an efficient, unobstructed Second Draw process.
If the Lender’s Second Draw PPP Loan guaranty application cannot be processed because there is a Hold Code on the First Draw PPP Loan, the platform will provide the Lender an opportunity to submit information and documentation into the platform to support the resolution of the outstanding First Draw PPP Loan Hold Code.
The Lender must resolve the Hold Code by submitting information and documentation through the platform for SBA review and resolution. If SBA is able to resolve the Hold Code(s), the Second Draw PPP Loan guaranty application will be automatically submitted into the next stage of processing. If a Hold Code is resolved by SBA at this stage, the Hold Code will not require further SBA review at loan forgiveness. If SBA is unable to resolve the Hold Code(s), SBA will not issue a loan number for the Second Draw PPP Loan.
Learn more here.
We are here to answer your PPP questions, but cannot offer specific updates on your loans or determine if your loan application is subject to any Hold Code. Please contact your lender to check the status of your loan.
Reminder: DOLA Small Business Grants
$35.15 million has been allocated to the Colorado Department of Local Affairs (DOLA) Small Business Relief Program for grants to eligible local governments to disburse to restaurants and bars, including distilleries, wineries and breweries, small businesses across Colorado, struggling due to severe capacity restrictions from public health orders.
Businesses may find out more and apply directly through their county, municipality, or council of government.
Learn more here.
(ED: The following counties are still accepting Small Business Relief Program applications:
- Adams, through March 17 at 1 p.m.
- Arapahoe, through February 27 at 5 p.m.
- Boulder, through February 19 at 5 p.m.
- Broomfield, through March 15
- El Paso, through 5 p.m. on March 5
- Logan, through February 26
- Mesa, through 5 p.m. on March 10)
Check Out These Additional COVID-19 Resources
The Colorado Office of Economic Development (OEDIT) has built a comprehensive list of COVID-19 related funding opportunities for small businesses. You can find more information about the opportunities above along with other funding opportunities here.
Energize Colorado has built several programs to support businesses like yours through COVID-19 and beyond. Check out EnergizeColorado.com to access free mentorship from a network of 300+ mentors to coach your business on adapting to today’s market, free mental health support. Learn more here.
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